Posts with tag 'home buying costs'
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Down Payment: How Much Should You Save for a House?
Buying a home is a significant investment. However, before investing in a house, you must save up a down payment to qualify for a loan. Our real estate agents understand that this can be a daunting prospect, and yet it's not insurmountable. With careful planning, a little research, and strategic use of your money, you can reach your down-payment goal and step into the home of your dreams.
• The 20% Myth
You've likely heard that you need to save 20% of the home's purchase price as a down payment. That's not accurate. You can purchase a home with as little as 0%-5% down for most loans. However, until you've paid down 20% of the loan, you must pay for mortgage insurance. For this reason, most homeowners strive to pay off at least 20% of the loan as quickly as possible.
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What You Need to Know About Financing a Home in 2022
Our real estate agents know financing is a home is one of the biggest concerns a new buyer has. Even experienced buyers who've been through it before can find the financing process a bit intimidating. That's one reason it's critical to have a trusted agent on your side.
Morgantown homes for sale are as enticing as ever, but many would-be buyers wonder what the future holds. 2021 saw housing market conditions unlike anything in living memory, which offered opportunities for both buyers and sellers. But as we write this, it's clearly a "seller's market."
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Mortgages - Six Things You Need to Know to Save Big Money
Most of us make our house payment every month without ever thinking about how we are really spending our money. The fact is, if you purchase a $200,000 house January 1, with zero down, at 5% interest, on a 30-year fixed note, you'll be making a monthly principal and interest payment (not counting PMI, property taxes, and homeowners' insurance) of about $1,073. Some $833 of that monthly payment will go toward interest, and only about $240 to your principle balance. The first year alone will cost you almost $10,000 in interest. Over the life of the loan, you will pay some $186,511 in interest – almost double the cost of the home.
THE TAX DEDUCTION MYTH
What they say: "But...
27
Closing Costs: What's that Set of House Keys Going to Cost Me?
"Closing costs" is a confusing term. Depending upon who you're talking to, it can encompass various monies which will be required of a buyer in order to get up from a closing table with a new set of keys (hopefully with a 
Heritage Real Estate keyring attached). There are numerous charges and fees involved and buyers frequently get the terms mixed up. More often than not, neither lenders nor Realtors thoroughly and clearly explain things to the buyer.
Firstly, there is a difference between "closing costs" and "down payment," something first-time buyers frequently misunderstand. I recently had a deal go south because the buyer's agent didn't bother to explain to him that "zero down" didn't mean there were no costs involved. Imagine his surprise when, two weeks into our contract, he learned he had to come up with $4,000 in closing costs.
Your "down paymen...
Bill Porter, Broker
(304) 612-3746207 Aurora Dr
Morgantown, WV 26508
WEST VIRGINIA LICENSES BROKER WVB240300963
AGENCY 010271-00
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Office License No. 010271-00