Home Buying Essentials
In this section you will find articles to help guide you through the home buying process, with some helpful hints to use before and after you purchase your home. There are many steps in buying a new home. Doing your homework before you begin can help make the decision-making process much easier, not to mention suggesting ways to save you time and money!
THE MONTHLY PAYMENT DILEMMA
How to overcome this obstacle to homeownership
One of the main things that holds some potential buyers back is the adjustment to a higher monthly payment. The cost of living continues to rise, and it is essential that you adjust your budget so that you can comfortably afford your new Mattamy home.
Your Downpayment Choices
Depending on how much of a downpayment you can afford, here are your mortgage options:
| Purchase Price |
Loan Amount |
Term |
Interest Rate* |
Estimated Monthly Payment* |
| $140,000 |
$133,000
(95% financed) |
30-year |
6.5% |
$841 P&I |
| $250,000 |
$225,000
(90% financed) |
30-year |
6.5% |
$1423 P&I |
| $350,000 |
$315,000
(90% financed) |
30-year |
6.5% |
$1991 P&I |
Disclaimer: Interest rates are effective as of June 17, 2008 and are subject to change. This information is provided for illustration purposes only. Quoted rates are based on a 30-year amortized loan and are subject to buyer credit qualification. Please contact Mattamy Home Funding or your preferred lender for more information.
How to Save
Consider the following possibilities to help you save what you’ll need to enter the new home marketplace.
- Simply start saving by having a pre-determined amount of money transferred from your checking to your savings account each month.
- Consider moving to a less expensive rental unit and save the difference each month toward your downpayment.
- Consider a second job with the income going directly toward saving for your downpayment and increased monthly payment.
- Borrow from family; relatives may be happy to help.
- Pass up luxuries such as movies and eating out, and deposit the money you would have spent into savings..
HOW TO CHOOSE A NEW HOMEBUILDER
A little "home" work can go a long way
A home is the largest investment most Americans make in their lifetime. When you decide to purchase a new home, the reputation of the builder is one of the many items you'll want to consider. Buying from a builder with a solid reputation for providing quality and excellent service brings you peace of mind.
How can you find out about a builder?
- Ask people who have purchased from the company previously about their home and their buying experience.
- Take a drive through completed neighborhoods by that builder and look at the architecture and streetscapes.
- Tour model homes whenever possible for a first-hand look at design, quality and craftsmanship.
- Visit the builder's website and read about the company's history, accomplishments, awards, etc.
- The U.S.-based consumer research firm J.D. Power and Associates now offers ratings on new home builders in some areas — you can access these findings at www.jdpower.com
NEW HOME BUYING PROCESS
What to Expect During Your Exciting Journey
At Mattamy Homes, we thought it would be helpful to outline the major steps in the order they will occur as you advance from purchaser to homeowner.
