Buying your dream home is one of the most exciting moments of your life! Unfortunately, finding a mortgage can often be stressful and time-consuming. Our process makes choosing a lender, getting a mortgage, and purchasing a home simple. At Shop Your Own Mortgage, we put the power back into your hands.
Benefits of Purchasing a House
When you rent your place, you are restricted in many ways:
- No nails, paint, or redecorating of any kind
- Say goodbye to that rent check
- Pay more in the long run
- Live in close proximity to your neighbors
- Get used to moving every 1-2 years
- No financial opportunities
- Hide your pets and host zero parties
- Look into private storage solutions
When you buy your own place, you have much more opportunity:
- Have the freedom to design your own space
- Invest in your future and diversify your portfolio
- Save money in the long run
- Build your home equity with a long-term investment
- Avoid the headache of moving every year or two
- Increase your credit score
- Let your pets run out in the open
- Get more storage space
How Much Will Purchasing a House Cost?
The main costs you should consider are the down payment, monthly mortgage payment, and closing costs. In addition, there are other, smaller fees that may also come up when purchasing a house. For more information on costs, check out our blog post called What Are ALL the Costs of Buying a Home?
Before-Purchase Costs:
- Down Payment (as low as 3%)
- Private Mortgage Insurance (PMI) if your down payment is less than 20% or if you are getting an FHA loan (0.5% to 1% of the entire loan amount each year)
- Closing Costs (2 to 5% of the purchase price of the home)
After-Purchase Costs:
- Mortgage Payments – the average mortgage payment in the U.S. (principal and interest only) is $853 per month
- Homeowners Insurance – about $35 per month for every $100,000 of home value. This will vary from city to city and state to state
- Property Tax – this depends on your local tax rate and how much your home is worth.
- HOA, Co-op, or Condo Fees – this will vary based on the amenities available
- Maintenance and Repair Costs – about 1% of the price of the house per year
- Utilities – about $200 per month, but this will depend on your usage of electricity, heating, and air
What Can I Afford?
The best way to know what you can afford is to get your application verified. Fortunately for you, at Shop Your Own Mortgage, the verification process is completely cost- and risk-free. Rather than have your credit pulled multiple times by various lenders, when you work with us you will have the chance to choose between multiple offers with just one application. Additionally, because we don’t charge any fees, getting a mortgage through us will cost you absolutely nothing.
To get a more basic idea of how much buying a house could cost per month, check out our mortgage calculator.
How We Can Help
Spend less time at the bank, and more time on… well, everything else.
Streamline your experience by allowing our technology to do the work for you. Rather than apply at multiple locations, apply once through our innovative platform and have the lenders come to you. It’s a completely free service that will save you time, not to mention thousands of dollars! Additionally, when you apply for a loan through Shop Your Own Mortgage, you’ll also get access to other amazing opportunities such as:
- Programs for as little as 3.5% down payment
- First-time home buyer programs
- No bank fees, origination fees, processing fees or credit report fees
We have already helped thousands of people buy a home. Apply now and you could be next!