Downpayment Options for Home Purchase
Why Rent When You Can Own?
The low low interest rates of 2016 and previous are gone. While interest rates hover around the 4% area, purchasing power is decreased as rates go up! So, why wait? Check out this video for a 1% downpayment option!
In fact, for every 1% in interest rate increase, $11,000 in purchasing power is lost! While home prices continue to be on the rise throughout Illinois, this means a smaller home or less desirable area which tends to pigeon-hole many buyers. Thus, the key is to educate yourself NOW for the spring market.
Understanding your options, as a home buyer, for mortgage financing, downpayment resources and grants, and being setup with a knowledgeable Realtor will be key to finding your dream home and putting yourself in a position of happiness.
Can I Really Own a Home with Only 1% as a Downpayment?
Yes! It is possible, but, it requires a keen mortgage lender like those at First Centennial Mortgage in Naperville, IL. Meeting the requirements for downpayment assistance, staying within location requirements, meeting credit score requirements, are key components.
Security deposit and monthly rent does tend to cost a tenant significant dollars. Purchasing a home CAN be less out of pocket and provide you two considerable benefits :
That means writing off mortgage interest, taxes, and other IRS recognized expenses. This also means that as prices increase in your neighborhood, so does your equity building and wealth!
Where to go from here?
Contact us today by registering here! Chicagoland Realty Group Partners LLC is a full-service real estate brokerage that can service real estate sales, leasing, and property management. We are based in Aurora, IL and service the western suburbs of Chicagoland.