buy a home. Consider closing costs, property taxes, homeowner’s association and homeowner’s insurance. Pay closing costs up front as it saves you money on the back end.
Another way to decrease your costs is to put 20 percent down on the selling price of a home. If you don’t, you pay the additional fee of PMI or private mortgage insurance over the life of a loan. This insures the lender if you default on your loan.
If coming up with a high down payment on a house is difficult for you, check out FHA. They offer lower down payment options. They also prepare you for home ownership and can help you work on improving your credit to get an optimal interest rate.
BlackDoctor.og: Any final words of advice for first-time homebuyers?
Minnie: Be a smart and informed consumer. Do a rent vs. buying analysis before purchasing a home. The whole point of ownership is to come out ahead. If you don’t, buying a home should be delayed until it does.
Learn more about Minnie and how her firm helps people obtain their financial dreams at www.oink-group.com