Saving Money on Housing and Building Equity?
It’s Possible, We Checked.
Let’s See How You Could Save $210+/Month While Building Equity
Many families are looking to save money anywhere they can. With the HomeReady program, we can help interested home buyers get access to low-down payment options without breaking the bank on PMI. In fact, HomeReady PMI is lower than Conventional and FHA loans for the same LTV.
Let’s look at a specific example of two properties within 2 miles of each other located in Tumwater, Washington.
4 Bedroom, 3 Bathroom, 2,200 sq.ft.
Monthly Rent: $2,250 vs. Monthly Mortgage: $2,039.52
Savings: $2,525.76+ Per Year!
$2,250/Month Increasing 3% Per Year
Five Years of Rent Payments: $143,347
Purchase Price: $299,950
Down Payment: $9,000 (3%)
Loan Amount: $290,950
Five Years of Mortgage Payments: $122,375
Money Saved on Monthly Payments Over Five Years: $20,972
Equity Growth From Loan Paydown: $25,968 ($34,968-$9000 Down)
Total Savings: $46,940
Buying a Home and Building Equity Doesn’t Have to be Difficult! We Can Help Save You Money!
Call Us Today Or Click to Have a Lender Call You!
Tumwater, WA for comp’s ($299,950), HomeReady 30-Year Fixed Rate Mortgage
Rate: 4.625%; APR: 5.385%. Rates Available as of 4/25/2018. Income Qualifications apply. 700 FICO score used for qualifying. Mortgage payment includes taxes assessed for 2019 and estimated insurance.
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