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Must Have Info For First Time Buyers in Warren
If you happen to be a first time home buyer in Warren Michigan this should be a very exciting time for you. Real Estate prices have been declining consistently and mortgage rates are almost at all time lows. This creates a very lucrative opportunity for a first time home buyer in Warren Michigan such as your self.
Some first time home buyers are hesitant to move forward and jump into home ownership because they are concerned that property values will continue to decline. Recent data from Zillow.com supports the fact that home values are far from recovering which adds some weight towards that concern. While this is a valid consideration for anyone looking to purchase a home, there are other factors that must be taken into account.
Does it Make Sense to be a First Time Home Buyer in Warren Michigan?
First off, as mentioned before interest rates are at the lowest levels in years so it’s cheap to borrow money for the first time home buyer in Warren Michigan. This is important because the Federal Reserve has been manipulating the markets to keep rates as low as possible to stave off another recession. They continue to print money and this can’t last forever. As soon as this market manipulation stops, interest rates will have no where to go but up.
So, even if home values continue to fall, the mortgage rate at which you can qualify for today may offset the loss you would take if the home continued to lose value after the purchase. 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 Warren Michigan Today…
Loan Amount $150,000.00
Interest Rate 4.875%
Principal & Interest Payment $796.59
Becoming a First Time Home Buyer in Warren Michigan Later…
Loan Amount $140,000.00
Interest Rate 5.875%
Principal & Interest Payment $830.46
So, as you can see from the example above, even though you were able to purchase the home for $10,000 less, your monthly payment is almost $35 more per month. If you think about that extra $35 a month over the term of the mortgage, waiting to buy a home until values bottom out could end up costing you $12,000 more than buying a home today. That’s a lot of money to throw away waiting for the bottom to fall out not to mention the fact that lending guidelines are tightening all the time. There’s talk of only offering prime interest rates to those with 20% down payments which isn’t very many borrowers in this down economy.
If you’re a first time home buyer in Warren Michigan, we look forward to helping you achieve your dreams of home ownership and so much more.
Call 248-674-6450 If You’re a First Time Home Buyer in Warren Michigan!
Designed with ease of use and accuracy in mind
Most mortgage calculators force users to input unknown data like mortgage rates or mortgage insurance. Without the correct data these calculations become worthless. Our app populates this data for the user based on up to date mortgage rates and accurate mortgage insurance quotes based on loan product and credit score.
Buit-in convenience within the admin area
The app has a really cool admin area that allows you to securely scan and send important mortgage documents right from your phone. No need for a fax machine or a scanner when our app will do the job.
Install on your phone for easy access 24/7
Our mortgage app can be installed by simply entering your mobile number and opening a text. Once installed, you’ll have full access to the app and be able to perform unlimited mortgage calculations for any available mortgage product. This allows you to accurately compare different mortgage products on the go.
All mortgage calculations are saved
You can review any of your previous mortgage calculations from within the app. This makes it easier to compare different mortgage programs as well as other loan parameters. This can save you from running the same numbers over and over again.