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You may not know this but Big Wally is a NYS Licensed Real Estate Sale Associate for ERA Decker Real Estate. And Each Friday we answer your questions on local Real Estate issues. So if you have any, you can fire em off by emailing me at wally@eradecker.com.
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So you don?t think you can afford to own your own home?
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You may want to rethink that thought!
With interest rates as low as they are, and many banks offering first time home buyers incentives, there?s never been a better time than now to buy your first home.
The first thing I recommend you do is to find yourself a realtor.? A realtor will be the one to guide you by the hand, step by step, through the whole process, starting with getting pre-qualified through a trustworthy and experienced lender.
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The Lender will then sit with you and talk about your loan options upon reviewing your financial circumstances. The Realtor will pick things up once you know how much you?ve been pre-qualified for and things begin from there.
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M&T Bank and The Federal Home Loan Bank of New York are working together to provide grant funds to qualified first-time home buyers. The First Home Club provides down payment and closing cost help by granting four dollars in matching funds for each dollar saved in a dedicated account (up to $7,500 in matching funds) to an eligible first-time home buyer purchasing a home through M&T Bank. And people who have not owned a home of their own for three years are considered first-time home buyers
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So back to the main question? CAN YOU AFFORD TO BUY YOUR OWN HOME?
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The home featured here is located in Marathon. It?s got 3 bedrooms and 2 baths, is located on 5 acres of manicured lawn, overlooking a gorgeous pond. Wow,? this is nice!
But it?s listed for $138,400??..?????? YIKES!
WAIT? don?t close this page yet.
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With 5% down (that?s $ 6025) and at 3.4% interest over 30 years your monthly mortgage loan amount would be $583.07 a month.?? Add another $300 a month for taxes and insurance and your total monthly payment for your new home is?. roughly $883 a month.
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How much are you paying in rent now for your current 3 bedroom apartment? $750 or $800 a month. If you are renting a house, you are probably paying more. And you have no equity. It?s like throwing money out the window!!
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If your credit is decent you CAN own your own home! If it isn?t, you have time to fix it, while saving up for your down payment with a bank like M & T,? who is willing to give you 4 dollars for every one dollar you save.
You can and should buy a home based on what payment you can afford, and there are home to fit everyone?s taste and budget. So give a realtor a call.. and congratulations on taking your first step to becoming a homeowner
Source: http://991thewhale.com/greater-binghamton-real-estate-buying-your-first-home/
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