Choose the mortgage strategy that’s right for your life with these tips.
Whether you’re in your 20s and just starting out or you’re in your 60s and you’re looking to retire, it’s important that your mortgage strategy fits your stage in life. Different lifestyles require different mortgage strategies. Ensure that you’re going about homeownership the right way. Find the mortgage that works best for your lifestyle with these tips.
Young & Just Starting Out.
When you’re young and just starting out, finances are usually tight. You haven’t had time to save for a hefty down payment. While 20 percent down is the norm when it comes to buying a home, if you’re short on cash it doesn’t necessarily disqualify you from homeownership. You can still buy a home with as little as three percent down. Choosing a smaller down payment helps to make homeownership more attainable sooner than later. However, it’s important to consider that your monthly mortgage payments are going to be much higher than if you were to put down a higher down payment.
When it comes to the Gen X, choosing the right mortgage options can be a little more tricky. You’re more established in your career, but you have the financial stressors of a family as well as saving for retirement. Making large monthly payments isn’t ideal for these individuals. Making a larger down payment can help to offset these costs so that you have more flexibility with your monthly budget.
As you get ready to buy a home, it’s important that you iron out the details of your mortgage. But, it’s also important that you get through the escrow process just as easily. Dedicated service paired with top-tier escrow services are a must when closing an escrow deal. Contact Brighton Escrow for assistance! Our Hermosa Beach, California team is committed to helping you make the most of your escrow process.