Why would anyone want to pay their mortgage off early? Well, for starters, your monthly payments are lower than they would be had you waited until your loan was fully paid off. You get to enjoy the benefits of being debt-free sooner. And what’s even better is that getting pre-approved for a mortgage may actually save you money over the long run.
Here are some reasons to consider asking Chad Piwinski from PRMG Mortgage about a down payment assistance program:
- Lower Monthly Payments
If you have good credit, you might qualify for a low rate and no PMI (Private Mortgage Insurance). This means you won’t have to pay insurance on your mortgage for the life of the loan. If you don’t qualify for that type of option, however, you still can benefit from a down payment assistance program. These programs allow you to make smaller monthly payments for a period of time, typically three to five years, while your total principal balance remains the same.
- Tax Benefits
You can deduct the amount you put toward your down payment from your income taxes. So, you could potentially receive a tax deduction worth tens of thousands of dollars.
Things you’ll want to know if you’re going to be moving to Phoenix
If you’re planning to move to Phoenix, having the help of Chad Piwniksi from PRMG Mortgage is definitely the best option. Besides knowing the area, Paramount Residential Mortgage Group, Inc. has been a leader in mortgage banking for well over a decade.
Have a professional guide when looking for the right mortgage loan for you, with manageable mortgage rates. Allowing
- Find out what your credit score is before buying a house. This can help determine whether or not you qualify for a loan. Your score determines how much interest you’ll pay on a mortgage, as well as the length of time that you may have to wait to buy a home.
- Know where the water supply is located. If you are planning on installing a swimming pool, look into the distance from your house to the city’s water system. Water needs to flow freely through pipes; if your house is too far away from the water source, this could cause problems.
- Learn about Arizona weather. Just like with real estate, knowing Phoenix weather can really affect your decision to buy a home. In addition to being able to determine the temperature outside, learn about the different seasons.
- Get a good idea of how much property you need. Think about the size of your family, your lifestyle, and what amenities you would enjoy having around you. Then, check out the area where you intend to purchase a house.
- Shop for the right home insurance. When looking for a home, make sure that you have adequate coverage. Homeowners’ insurance policies vary greatly, so ask your agent for advice. You should also consider getting flood insurance if your home is near a coastline or river. And always read your policy carefully before making any claims.
- Determine how much you can afford. Before purchasing a house, figure out exactly how much money you have available for monthly payments.
You can count on PRMG Mortgage to help you calculate your mortgage payment and manage other possible expenses with their financial services. Ask if they have first-time homebuyer programs available.