Buying Your First House
Over 60% of all households in the United States own their own homes. There are a number of financial rewards to be achieved from owning your own home. But, buying and maintaining a home is also an expensive undertaking.
Deciding how much to spend for a home can be complex. You probably want to purchase as nice a home as possible, but you want to be able to afford it too. What you can afford depends on the size of your mortgage, mortgage rates, costs of home ownership, your other expenses and your income. One rule of thumb to consider is that the total of your mortgage payment, property taxes and insurance should be no more than 28% of your household income.
In order to buy a home, you will need funds for a down payment (perhaps 20% of the purchase price) and any mortgage closing costs before you buy. After you buy, you will have monthly mortgage payments, property taxes and insurance, in addition to other expenses like utilities and maintenance.
If home ownership is part of your own American Dream, let MCU get you started. We have a number of flexible mortgage options to help you realize your goal of home ownership.