How Much Do You Really Need to Purchase Your First Home? – Stress Free Mortgage

If you are a first-time home buyer, this is a very important question to ask before you start looking to purchase a home. Stress Free Mortgage can help answer this no matter your situation.
Many first-time home buyers still believe they must have a 20% down payment to buy property, but there are other down payment options to consider. For example, if you are purchasing a property in Los Angeles County, you can put down as little as 3.5% without any down payment assistance!
Although we can dispel myths regarding the down payment amount, there are other costs associated with a home loan that buyers need to be aware of. For example, buyers will have closing costs which include paying for escrow, title, appraisal, credit, interest, and more. These numbers will vary depending on your property taxes and homeowners’ insurance costs.
As a buyer, you will also now need to be aware that you may need to pay your realtor directly for their services. Stress Free has written previous articles regarding this topic, please refer to our previous issue in May 2024 to read more about it. You may also find this article https://santaclarita.mydigitalpublication.com/publication/?m=7047&i=820577&p=84&ver=html5. So how much do you really need to purchase a home in today’s market? This is a question for each individual borrower and everyone’s situation is different. At Stress Free Mortgage, we are here to help you figure out how much you need to purchase your first home. Contact us today!