Less Money Down & Lower Payment
Today let’s talk about creative ways to buy long-term real estate with less money down and still have a lower payment. So most lenders don’t tell you that you can choose from a range of interest rates. If you’re planning on keeping a home for shorter term, you want to pick the higher rates because you can get the lender to give you money towards closing costs. Who cares if your payment is 20-30 buck higher if it saves you a few thousand dollars in closing costs. But with clients who are worried about their payment and who plan to keep the house for a longer term, the better move may be to not put so much money down, and use that money to lower the rate so you save more over the long-term. For example, instead of putting 20% down, you can put 15% down and take some of the down payment money to lower the rate and since our PMI is so cheap, in most cases, you’ll still have a lower mortgage payment than the 20% down option. Want some advice? Talk to a pro. DM us or give us a call!!!