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What to know before buying your first home

Posted at 1:16 PM, Jul 30, 2021
and last updated 2021-07-30 13:16:52-04

Deciding to purchase your first home is a huge decision that can be a little daunting but exciting at the same time and Primary Residential Mortgage is here to help you every step of the way. Branch manager Aaron Swenson has some tips on how to ease some of the stress of the home buying process.

Buying a home can actually be relatively easy if you have the right people to work with. Make sure you're working with someone who is there for you and prepared to answer any questions you have about the process. This is the key to a successful and stress-free buying experience, says Swenson.

When it comes to down payments, make sure you know your benefits. For example, veterans can get 100% financing, so they don't need to put any money down. There are also first-time homebuyers programs that allow you to put down as little as 3%. This can create down payments as low as $6,000.

If you're worried about credit, don't be. Swenson says you can buy a home with a credit score as low as 580. You can still get rates as low as 3.5% down even with this score.

Still contemplating buying or renting? Swenson says in South Florida, you're better off buying. With a $1,800 monthly rent payment, you could have a mortgage for close to $250,000. With renting, you won't get any equity, but when you buy you have a chance to earn back some of your money.

If you still have some lingering questions, feel free to visit https://www.prmihome.com/

Inside South Florida

10:49 AM, Jul 26, 2019

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