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Blog Category - New Home Costs

How To Budget for a New Home Down Payment

Categories: New Home Costs | Posted: June 26, 2020

First-time homebuyers typically begin the purchase process with one question: Can I afford the deposit and down payment? There’s no single way to map your finances toward a home purchase – a few useful tips include backtracking from your down payment, preparing for future expenses beyond your initial expense, and working with a trusted lender.

Most lenders will recommend a down payment of about 20% of the home’s full price, though the percentage can range from 5%-25%. It is essential to calculate a realistic figure early and stick to it. Once this amount feels like a manageable cash expense for you, you’ll want to start mapping out the maximum combined cost of your down payment, mortgage, and interest so that you can align upcoming expenses with your sources of cash flow. Can your monthly income support your recurring costs? If so, you are on the path to homeownership!

When you are ready to meet with a lender, bring your concrete budget plans and a credit report. Lenders will help you determine the best down payment and mortgage rates for you, and they’ll be on the lookout for loan options. Our preferred lenders are here.

Our team of Online Sales Counselors is here to help if you have questions in the early stages. Get in touch today!

 

Buying A New Home? Here’s The Team of People Who Can Support You.

Categories: New Home Costs | Posted: March 20, 2020

When it comes to building and buying a new home, it takes a village. There is a variety of options when it comes to cultivating a team around you to support you through the process. First and foremost, work with a trustworthy financial lender to help vet your timeline, your budget and to guide you through the preapproval and loan creation process. Many new buyers will seek opinions and consultations from a few lenders before moving forward. A realtor and attorney are additional parties you may want to worth with at various stages of the process, from discovery to contract. On our end, H&H Homes is here to support you from the beginning. We have skilled New Home Sales Counselors who can offer you detailed information on the best home for your unique needs. You can also communicate with builder representatives for updates on construction, quality assurance, and inspections.

Looking for more new home purchase tips? Read our essential checklist for home buyers now!