When you are getting ready to buy a
home and deciding what your monthly payment will be, the best financing options
may be overlooked in the excitement of touring homes and neighborhoods.
The Connecticut
Housing Finance Authority provides some of the most competitive home ownership
opportunities in the state for individuals who make less than $89,000 per year and
want to buy homes under $281,000. In target cities like New Haven, house prices
and incomes go up, as in Fairfield County
As your
exclusive Fiduciary Buyer Representative, I will help you understand options
that will save you money every day.
Remember, if
you spend $4000 extra on origination fees of a thirty year 4% fixed rate mortgage,
you will pay around $160 extra interest per year to borrow those higher fees. Multiply
that by 10 or twenty years, and you see how much the right decisions are worth.
Saving a
half, or a whole percent can change your costs on a $200,000 mortgage
$500-$1000 per year, enough to make extra principle prepayments, or have some
extra cash on hand for steak and lobsters.
If you skip
the lobster and steaks, choosing an extra principle (no extra interest) payment
per year, you can pay your 30 year mortgage down in about 23 years. Make two
extra principle payments per year and pay off in about 17 years. If you double
your principle only payments you can pay off a 30 year mortgage in about 10
years! You have to decide if that cash is best invested paying off this debt, investing
in a higher yield investment, or just having more steak and lobster parties.
Since 1996 I
have maintained my commitment to helping my clients build wealth with the
leveraged power of home ownership, delivering “the Foundation of Your Success
in Real Estate” since 1996
Sincerely,
David Carr Berkshire
Hathaway Home Services New England
203-877-2704 Extension 400826 “On the Green” in
Milford Connecticut
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