Buying a new home is an exciting milestone- and it’s not just because you can stop paying rent for an over-priced apartment. If you’re in the market for a new home in Tampa Bay, there are a few factors you should consider before you apply for a home loan.
Types of Traditional Loans
When you’re applying for a home mortgage loan, consider whether you want to apply for a 15-year or a 30-year mortgage.
With a 15-year fixed loan, you will have a higher monthly payment, and the interest rate on your loan might be lower. Plus, a shorter payback period means you build equity in your home twice as fast as you would with a 30-year mortgage.
With a 30-year mortgage, your monthly payment will be lower. You will still build equity in your home, but your interest rate might be higher compared to the 15-year mortgage option.
Understanding Down Payments
A common misconception is that you must put down 20% of the home’s cost for a down payment. If you don’t have that saved, don’t worry! There are plenty of other loan options that allow for a smaller down payment. Check those options out here.
Resources for First-Time Homebuyers
Take advantage of resources and programs to help ease the uncertainty of the homebuying process! Make Your Move is a great program with quarterly workshops designed to educate and empower young professionals with the knowledge they’ll need to feel confident in their homebuying decision.
No matter the length of your mortgage or the size of your down payment, you’re sure to have questions about the home buying process. With that in mind, Lennar is presenting the Make Your Move workshop series. This program has been designed to provide young professionals with the keys to homeownership. At each workshop, a panel of experts is there to offer answers to any questions you may have about buying a home. RSVP for the next event or follow Make Your Move on Facebook and Instagram for relevant tips, real estate news and more.
