Spring is coming! Get in financial shape!
Even if the thought of buying a home seems more like a dream than a reality, it’s never too early to start getting your financial situation in shape. The spring market is strong so your finances should follow suit! Brian Cavanaugh, Sales Manager/Mortgage Lender from Mortgage Network believes it’s never too early to get your financial life in order and he’s here to help get them in tip top shape! (Think of him as your financial personal trainer. No matter what your financial shape looks like, he’s here to guide you!)
Sounds good! Where do I start?
First, let’s figure out what you can afford. One popular rule of thumb is the ‘28/36 rule.’ That’s when you spend no more than 28% of your monthly gross income on housing costs and a max of 36% on debt payments. There are online calculators that can help you with this task.
How much of a down payment will I need?
20% seems to be the magic number. There are benefits to putting 20% down – for one it means you own more of your home right from the start and it can possibly help you get a better interest rate! “You can purchase a home with as little as 3% down and you can get creative with funding a down payment through a gift from a family member or a loan from your 401k,” says Brian.
Speaking of Interest Rates? What’s the rate right now?
Mortgage rates are at a 50 year low!
What about my credit score?
Credit scores can affect the interest rate you receive. Your credit score is a three-digit number between 300-850. Ideally you should try to get to 750. That’s the gold star of credit scores and you could qualify for special rates.
Brian will guide you through the home financing journey and find the right program that’s best for you. He’ll be your new best friend when it comes to walking you through the process, offering his expertise and advice along the way! Brian is also giving back to our community! For every loan closed through July 4, he’s making a $25 donation to the Greater Boston Food Bank. Ready to get in homebuying financial shape? Reach out to Brian today! 617-771-5021 [email protected]
We have partnered up with Brian + Deirfiur Home to give away a festive basket of home goods and St. Patrick’s Day decor! Make sure to follow us for details!
Brian Cavanaugh is a Mortgage Lender guiding clients every step of the way with individualized mortgage financing and refinancing solutions. With over 20 years of experience in Boston and Massachusetts’ South Shore, Brian and his highly-rated team have secured home financing for thousands of first time homebuyers, families, and experienced investors, all while providing the best rates with exceptional service and a personal touch. He makes the home financing process easy for you!
Please call/text/email anytime 617-771-5021, [email protected]