Let Us Help You Buy Your New Home!
Purchasing a home is a very exciting time, and being well
prepared will help you make better decisions. Take this
opportunity to learn more about home buying and the mortgage
process. Below and throughout this site you will find
information that will help you with the purchase of your new home.
Am I ready to buy?
Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your situation.
How much house can I afford?
The first step toward finding the right home is to
quickly compute your purchasing power and determine how
much you can afford to pay each month. This saves you
time by allowing you to focus on homes in your price range.
In addition, in the planning stage, you should consider both the up-front and ongoing costs associated with purchasing a home.
Some up-front costs include:
Down payment: Typically ranges from 3-30% of
the cost of the house. The more you can put down, the
greater equity you will have in your home and the lower
your monthly payment will be. For down payments, less than
20% you may also need to pay mortgage insurance.
Closing Costs: Typically range from 2-6% of the loan amount depending on your area.
On-going Costs: Your housing costs can include the following:
Monthly mortgage payment
If applicable - Flood Insurance
If applicable - Property taxes
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Our Happy Clients
"We have been working with Mike Ruffalo and The Mortgage Store for over a decade. He helped us buy our first house and continuously monitored our loan so we could take advantage of refinancing (several times) to save a substantial amount of money… Even though I am a financial professional myself (and work for a bank), Mike’s advice has been invaluable in helping us attain our goals. I know our best interests are his number one priority."
"The Mortgage Store helped me get into my new home – even though my situation would have scared away other banks. Not only did they find the right bank for my situation… I was able to get a very low down payment (5 percent down) and a low interest rate with no monthly PMI. The service was above and beyond, and there were no surprises – the amount of “cash needed to close” that I was told I would need was dead on."
"Michael took a very complicated situation [including no recent credit history]… and made it all super easy for me. Add the fact that I was traveling out of state most of the week and was home only on weekends. Michael was the 2nd broker I contacted… The other one ghosted me after a while when my situation became clear. Michael was not only a great broker but he was a good friend through this very complicated and stressful process. I would not be a happy homeowner today if it weren't for him."