Marc Viana

How much of a down payment do you have? The mortgage industry standard is a 20% down payment. However, you may be able to get a conventional mortgage with significantly less money up front -- as low as 3% of the purchase price in many cases. A higher down payment will lower your monthly housing costs. However, you can buy a home with a small down payment if necessary.

Closing costs don't have to add to your out-of-pocket expenses. Generally speaking, you can expect closing costs to be in the neighborhood of 2%-3% of your mortgage principal amount. So, on a $200,000 mortgage, you can expect a bill of up to $6,000 that must be paid when you get the keys. However, it's perfectly acceptable to work seller-paid closing costs into your offer in order to reduce your out-of-pocket expense. In other words, if you want to offer $195,000 on a h...ome, you can offer $200,000 and ask the seller to pay up to $5,000 in closing costs for you. This can be an excellent strategy for first-time buyers with limited savings to improve their ability to get a mortgage. #lovemyclients #clientsforlife #blessed #realestate #realestatesuccess #kickass #slaydragons

Reduce or Eliminate Your Mortgage Insurance Some homebuyers are required by their lender to purchase private mortgage insurance (PMI). This may be your situation if you put less than 20 percent down on your home or refinanced with less than 20 percent equity. PMI typically costs between 0.5 and 1 percent of your entire loan amount with a $200,000 loan, you could be spending $2,000 per year on this insurance. Luckily, you can reduce your PMI costs or remove them entir...ely if you meet certain conditions. Two ways to do this include paying down your mortgage balance to 80 percent of your home’s original appraisal value, or getting a new appraisal. #lovemyclients #clientsforlife #blessed #realestate #realestatesuccess #kickass #slaydragons

#lovemyclients #clientsforlife #blessed #realestate #realestatesuccess #kickass #slaydragons

It does not matter how slowly you go as long as you do not stop. #lovemyclients #clientsforlife #blessed #realestate #realestatesuccess #kickass #slaydragons

Wave goodbye to the old and embrace the new with hope, dreams, and ambition. Wishing you a Happy New Year full of happiness! #lovemyclients #clientsforlife #blessed #realestate #realestatesuccess #kickass #slaydragons

Refinance to a Lower Interest Rate One popular way to reduce your mortgage payment is to refinance to a lower interest rate. With a reduced rate, you will have lower monthly payments, which come with less interest. One downside to refinancing is that you can expect to spend three to six percent of your loan principal on closing costs. Make sure refinancing will lower your interest rate enough to cover your closing costs and save you money in the long run. ... #lovemyclients #clientsforlife #blessed #realestate #realestatesuccess #kickass #slaydragons

What Is a Reverse Mortgage? Like a traditional mortgage, a reverse mortgage uses your home as collateral, but these loans are different in a couple of important ways. You don't have to make monthly payments to your lender to pay the loan off. And the amount of your loan grows over time, as opposed to shrinking with each monthly payment you'd make on a regular mortgage. #lovemyclients #clientsforlife #blessed #realestate #realestatesuccess #kickass #slaydragons