In reading an article from realtor.com about buying your first home, I was appalled at the scary down payment numbers they are giving people. The old and tired 20% down payment advise just doesn’t apply in this low interest environment. Many people are shocked to find out after years of saving for this goal that it wasn’t the smartest thing to do.
Most people can get loans for their first home with no more than 5% down payment. Waiting for years to save up the extra money to meet that 20% goal on homes that are rising in value means that you lost out on the equity increase that comes with home ownership (in most cases). You might find out that after years of saving the house you wanted cost a lot more and interest rates have increased, making your house payment higher that it would have been if you had financed it with a lower down payment years earlier.
Be smart, call Larry Brewer, I’ll help you buy your first Nashville home, and probably your second one down the road. Buying a home can be an easy process if you have a professional on your side.
And in my opinion you should consider buying a home if you’ve been renting for more than one year. It’s not for everyone, but in most cases it’s more economical than renting.
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