Home purchase price often excludes recurring and one-time costs such as property taxes, homeowners insurance, private mortgage insurance, closing costs, and maintenance. Lender interest rates vary based on borrower factors like debt-to-income ratio, and small rate differences can create large lifetime interest cost differences. Government-backed loans such as FHA, VA, and USDA can offer lower rates or reduced down-payment requirements for eligible borrowers. Mortgage buydowns permit paying extra upfront to lower the interest rate temporarily or permanently, cutting interest payments over the loan term. Federal, state, and local programs can provide down-payment assistance for first-time buyers or qualifying professions, improving affordability.
Shop around for better rates: Different lenders offer varying rates based on factors like debt-to-income ratio. Even a small difference in interest rates can result in significant savings over the life of a mortgage. Explore loan options: Assess your eligibility for loans from FHA, VA, or USDA, as they may offer lower rates or require no down payment, potentially saving you a substantial amount over time.
Consider mortgage buydowns: Paying extra upfront to lower your interest rate through a temporary or permanent buydown can lead to substantial savings on interest payments throughout the loan term. Seek down-payment assistance: Research federal, state, and local programs that offer assistance to first-time buyers or certain professions. Borro
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