Monthly Payments Less than Rent?
Mortgage rates are near an all-time low, which is a big money-saving opportunity for potential home buyers. When mortgage rates drop even a small amount, it can mean hundreds of dollars in monthly savings over the life of a 30-year mortgage.
Here’s an example payment using a sample purchase price at our RM Homes communities –
Example Payment:
Based on a purchase price $599,950 and a credit score of 740 or better; with 30 year conforming loan rates averaging around 3.0% your payment with 20% down and good credit may look like this:
Principal and Interest: $2,023.53
This will vary by purchase price, credit score, mortgage rate and other factors, and there may be other monthly fees like homeowners dues.
Taxes: $499.96
Insurance: $60
Total monthly payment: $2,584
How does that compare to your rent?
The purchase price of $599,950 is an example price for RM Homes’ 2431 sq.ft. four bedroom, 3.5 bathroom detached single family home. The example monthly payment of $2,584 is comparable to the rent of a 850 sq.ft. two-bedroom apartment in the Seattle-Bellevue area. How does that compare to your rent and living situation?
Down Payment Options as Low as 3%
If you don’t have 20% down for a home purchase, there are conventional loan options as low as 3% down, and FHA-backed loans are available for as little as 3.5% down. Down payments of under 20% will require an additional monthly fee for private mortgage insurance which will add to your monthly payment until you accrue 20% equity in the home.
Get Pre-Qualified Today
If you are thinking about buying a home soon, one of the first recommended steps is to get pre-qualified by a mortgage lender. This will give you an idea of how much you can spend on a home and what your monthly payment will be. This is determined by things like your credit score, current mortgage rates and loan options.
For more information, the best next step is to contact a mortgage lender. Our preferred lender, Christine Madrid ( NMLS 177035 ) of Caliber Home Loans is available to consult with you. Get more information on her website, www.christinemadrid.com, or email c.madrid-wynecoop@caliberhomeloans.com .
For more information on new, move-in ready homes at our three current communities in Lynnwood and Everett, click through or call:
Harbour Crossing – Doug Gordon, 425.286.4883
Lake Stickney Parkway – Maggie Rossetti, 206.351.2776
Stratton Crest – Kim Martinez, 425.417.3115