Do you have enough money to buy your first home? What are today’s rates?

ken lewis house living roomOne of the things many of us think about as children is growing up and buying a house. It seems like the crux of reaching adulthood. But if you take the leap into homeownership before you’re ready, it’s possible you could fall into a financial disaster that may take years from which to recover.

So, before you make any decisions, take a look at some things that can determine whether or not you really have enough money to buy a house. For starters, there is the down payment plus additional closing costs involved in your home purchase. The down payment amount can vary from 3.5% with FHA to 20% with a conventional loan.

The best way to discover your options for financing, including using a fixed or variable interest rate, is to sit down with a competent mortgage broker who can explain the differences between loan programs. 

After you purchase your home

Then after you purchase your home, there are maintenance and upkeep dollars you will need usually on a monthly basis for items such as utilities, taxes, and yard care. And, lastly, how reliable is your income — not just now, but about 5, 10, 15 years from now?  How do you feel about your job? Do you plan to switch jobs or careers anytime soon? What about the health of your company? Have you seen any warning signs for cutbacks?

Considerations such as these aren’t meant to deter you from realizing your dream of owning a home, but rather to help you decide if you’re financially ready to own a home right now. If you take time to prepare for the above, then you will feel confident that you are ready for an exciting new chapter in your life.  For more follow this link.  


Interest rates Mar 22, 2013

Program* Conforming Up to $417k
30 year Fixed 3.50%
15 year Fixed 2.75%
5 yr ARM 2.375%
FHA / VA / USDA 30 yr 3.25%
FHA / VA 5 yr ARM 2.75%
Program High Balance up to $567,500
30 year Fixed 3.75%
15 year Fixed 2.875%
5 yr ARM 2.75%
FHA / VA  30 yr 3.625%
FHA / VA 5 yr ARM 2.875%
JUMBO 30 yr FIXED*

3.75%

Rates for 3/22/2013 *Conforming rates based on 25% down purchase, 740 or higher credit score. FHA/VA based on 660+ credit scores, 3.5% down payment. Jumbo rate based on single family residence, 760+ credit score, 25% down, debt-to-income-ratio under 35%, 30 day close. Other rates available based on credit score, down payment, debt ratios, property type, etc. These are not quotes or promises to lend or loan approval. Subject to change without notice.

Compliments of Mary Black, Home Street Bank425-765-6156, Email: mary.black@homestreet.com

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