August 20, 2018
Orion’s valued brokers have helped thousands of families buy homes, and they try to treat each one individually to make sure their experience goes smoothly. Buying a home is the largest investment most people will ever make, and brokers know it’s a time of excitement and risk. Our brokers often provide money saving tips for first time homebuyers, especially as summer winds down.
They advise their clients to make sure they know exactly what other homes are listed and selling for in the area they are looking to buy. Some borrowers sign a contingency clause, also known as earnest money. In case the deal falls through, clients receive the money back that was used to secure the property. Clients should know their geography and taxes. Property taxes are assessed by the county and vary based on value. Pay for an inspection since expensive fixes such as roof, windows and appliances can add up.
Good brokers remind borrowers to consider ALL the expenses. Down payment, closing costs, fees, monthly payment, taxes and insurance, utilities, maintenance etc. Brokers sometimes help find out if there are HOA fees, and help clients learn about private mortgage insurance seen on some programs where the down payment is less than 20%. Make conservative income estimates based on stable income sources.
Many brokers usually advise their clients not to spend more than 30% of their monthly income on a house payment since it good to have money left over to enjoy hobbies or if unexpected bills arise. In terms of saving money, some borrowers explore bundling home insurance, auto insurance etc. Some can save hundreds of dollars a year with a good package deal.
Finally use your Orion Account Executive! We are at your service and will help choose the right mortgage for your borrower’s situation. As an individual, their finances and needs are unique, and there are plenty of options at Orion to choose from.