Thursday, January 9, 2025 / by Joyce Dungca
Knowing what to budget for when buying a home may feel intimidating — but it doesn’t have to be. By understanding the costs you may encounter upfront, you can take control of the process.
Here are just a few things experts say you should be thinking about as you plan ahead.
1. Down Payment
Saving for your down payment is likely top of mind. But how much do you really need? A common misconception is that you have to put down 20% of the purchase price. But that’s not necessarily the case. Unless it’s specified by your loan type or lender, you don’t have to. There are some home loan options that require as little as 3.5% or even 0% down. An article from The Mortgage Reports explains:
"The amount you need to put down will depend on a variety of factors, including the loan type and your financial goals. If you don’t have a large down payment saved up, don’t worry—there are plenty of options available . . .. ...
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team raj jaggi, buyers, sellers, downpayments
Friday, January 3, 2025 / by Joyce Dungca
Some Highlights
If buying a home is on your goal sheet this year, here’s how to make it happen.
Focus on improving your credit, planning for your down payment, getting pre-approved, and prioritizing your wish list.
But first, let’s connect so you have expert advice every step of the way. ...
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team raj jaggi, buyers, sellers, downpayments
Wednesday, January 1, 2025 / by Joyce Dungca
This is the time when a lot of people take a moment to reflect and set their goals for this year. And as you picture what you want your 2025 to look like, one thing that may pop into your mind is the vision of you in a new home. But how do you get there? And where do you start?
Here’s some advice that can help you get the ball rolling.
Focus on Your Why
To lay the foundation, you need to focus on your why. While the dollars and cents are important, so is the driving force behind your desire to move. Maybe you need more space for a growing family, want to sell so you can downsize, or are finally ready to buy your first home. Whatever your reason, it’s important to keep it front and center.
Your why is what helps you stay focused. Share your motivation with your agent and they’ll use their expertise to help support that goal, no matter what the market looks like. With a great agent by your side, you’ll have someone to guide you, problem-solve, an. ...
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team raj jaggi, buyers, sellers, mortgage, downpayments
Monday, October 28, 2024 / by Joyce Dungca
Some Highlights
There are a number of scary myths about homebuying in today’s market. Here’s what you need to know.
Prices are not expected to crash, it is possible to buy even with student loan debt, and there are programs that can help you save for a down payment.
Don’t let scary myths delay your homebuying plans. Let's connect so you have a pro to help you separate the facts from your fears. ...
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team raj jaggi, buyers, sellers, housing market, home prices, downpayments
Wednesday, October 16, 2024 / by Joyce Dungca
Did you know? Homeowners are often able to put more money down when they buy their next home. That’s because, once they sell, they can use the equity they have in their current house toward their next down payment. And it’s why as home equity reaches a new height, the median down payment has too.
According to the latest data from Redfin, the typical down payment for U.S. homebuyers is $67,500—that’s nearly 15% more than last year, and the highest on record (see graph below):
Here’s why equity makes this possible. Over the past five years, home prices have increased significantly, which has led to a big boost in equity for current homeowners like you. When you sell your house and move, you can take the equity that gives you and apply it toward a larger down payment on your new home. That’s a major opportunity, especially if you’ve had concerns about affordability.
Now, it’s important to remember&nb. ...
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team raj jaggi, buyers, sellers, equity, downpayments
