AFFORDABILITY is the biggest challenge you will likely encounter when buying a home and researching mortgage programs today.
Today’s affordability challenges mean following the status quo when home shopping and making an offer just won’t cut it. You need to use every tool at your disposal to help make your new mortgage payment as affordable as possible!
Knowing these challenges, I want to share three strategies I believe can help with affordability today:
- Negotiate with the seller to contribute towards making your mortgage payments for the first two or three years (this can be 500% more effective at reducing monthly payments than a price reduction).
- Use a concession from the seller to buy out monthly mortgage insurance. This can save you hundreds of dollars every month.
- Put forth a smaller down payment (or transition less of your current home equity) and instead use some of those funds to pay off all your non-mortgage, high monthly payment debts. This could easily amount to thousands of dollars saved each month.
Buying a home today may be more expensive than it has been in the past, but there are options available to combat affordability challenges and make your new mortgage payment less stressful on your wallet!
What questions do you have about these three strategies?
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