Must Have Info For First Time Home Buyers in New Haven
If you happen to be a first time home buyer in New Haven Michigan this should be a very exciting time for you. Michigan Mortgage Solutions is dedicated to making your first home purchase as easy & stress free as possible! Real Estate prices have been on the rise and mortgage rates are still at historic lows. This creates a somewhat limited opportunity for a first time home buyer in New Haven Michigan.
Some first time home buyers are hesitant to move forward and jump into home ownership because they are concerned that a home purchase is no longer affordable. However, rental demand is also higher and mathematically it still makes sense to consider buying a home in New Haven. While this is a valid consideration for anyone looking to purchase a home, there are other factors that must be taken into account as well.
Does it Make Sense to be a First Time Home Buyer in New Haven Michigan?
First off, as mentioned before interest rates are still incredibly low so it’s cheap to borrow money for the first time home buyer in New Haven Michigan. This is important because the Federal Reserve has been manipulating the markets to fight inflation but they also don’t want to kill the housing market and begin another recession. Interest rates are likely headed up and inflation makes everything cost more including rent and real estate.
So, even if rates continue to rise, the mortgage rate at which you can qualify for today may be the lowest you are going to get for a long time. Plus, if this current sellers market continues, home values will also continue to rise. This means waiting to purchase could cost you a lot more.
Let me show you what I mean here using numbers. You can verify my math at BankRate.com or use the mortgage calculator below if you wish.
Becoming a First Time Home Buyer in New Haven Michigan Today…
Loan Amount $175,000.00
Interest Rate 3.5%
Principal & Interest Payment $785.83
Becoming a First Time Home Buyer in New Haven Michigan Later…
Loan Amount $180,000.00
Interest Rate 4.25%
Principal & Interest Payment $885.49
So, as you can see from the example above, buying now provides a lower rate and a more affordable home. The monthly payment is almost $100 less per month. If you think about that extra $100 a month over the term of the mortgage, waiting to buy a home could end up costing you $36,000 more than buying a home today. That’s a lot of money to throw away by waiting and it gets even worse if you decide to rent over buying a home of your own.
If you’re a first time home buyer in New Haven Michigan, we look forward to helping you achieve your dreams of home ownership and so much more.
Your 5-Star Mortgage Experience Includes…
- A no-cost/no-obligation pre-approval…
- Find out how much you can borrow…
- Start house shopping today…
- Answers to all your questions 24/7…
- Access to the lowest rates possible…
- We help buyers with credit issues…
Call 248-674-6450 If You’re a First Time Home Buyer in New Haven Michigan!
Cheryl S05/01/2024Jason was phenomenal to work with during my mortgage process. He guided me with ease from beginning to end . He had patience when I had questions and explained everything so clearly. I am thankful to Jason and the entire team for making this a pretty stressful free experience!! New Year, New Home! Thanks Jason!!
miss renee03/01/2024Trevor was very knowledgeable and his expertise was Super helpful in putting me in the right direction!
Jillian Mitchell17/11/2023Great experience all around. Jason, Trevor and Yolanda are a great team and always are reassuring and helpful.
Reel Champs23/10/2023Jason and the Michigan Mortgage solutions team was amazing. I ran to them out of desperation because I had a terrible experience with a bigger mortgage company. It was the best decision of my life and Jason worked with me seamlessly and got my family into our dream house in less than 45 days. Highly recommend them as your FIRST STOP, you won’t regret it.
Michael Cordell17/10/2023I had a wonderful experience. The communication at every step along the process was exceptional. My contact went above and beyond and answered my questions at all times. Thank you,
Sanya Ross29/09/2023Jason was knowledgeable and always available. Made me feel at ease with such a huge purchase, I asked tons of questions and he never made me feel like it was a problem. I appreciate everything he did to make my first home purchase a success and I will refer all my friends and family to Michigan mortgage solutions!! Thank you again!
Jack Condrige26/09/2023Great experience. Very personal service.
Kyla Wilberding20/09/2023Can't say enough good things about Jason and his team. They made my first home buying experience quick, easy, and stress free. They communicated flawlessly and explained every step of the process, would recommend to anyone! Closed on my house in less than a month.
Tony Pliva25/08/2023Worked with Jason and his team for about a year before we found a home we wanted. The whole process was smooth and easy. Definitely recommend to anyone getting a mortgage!
