The Convenience Of Owning A Home

There is a lot of responsibilities that comes with owning a home but it also comes with advantages that makes it all worth it!

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    Your home could appreciate in value.
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    You may be able to save money with lower monthly payments vs Paying rent.
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    Your home is YOURS. You can do whatever you like with it to improve your lifestyle and possibly increase the value.
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    You could save money during tax season by deducting mortgage interests and property taxes.

Advantages & Costs Of Owning A Home

A break down of the costs and the advantages you will encounter.

Costs of Home Ownership

  • Monthly mortgage payment
  • Your down payment – as low as 3% of the sale price
  • Closing costs – typically 3% to 5% of the loan
  • Taxes & insurance
  • Utilities
  • Repairs & maintenance
  • Homeowner association dues or assessments

These costs will vary from home to home, and you will know what they are before making a final purchase offer.

Benefits of Home Ownership

  • A home offers a stable place to start or grow a family, getting involved in a community, along with major privacy.
  • Your home is YOURS. You can do whatever you like with it to improve your lifestyle and possibly increase the value.
  • You may increase your net worth by building equity through:
    1. monthly principal reduction payments
    2. your home potentially increasing in value over time
  • You may be able to deduct your interest and property tax.
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Calculate How Much You Can Afford

Important things you should know before purchasing your home.

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Calculate Your Expense

Depending on the amount you have saved for a down payment, your mortgage payment should typically be no more than 28% of your monthly income, and your total debt should be no more than 36%, although debt ratios have some flexibility, depending on the mortgage type you choose.

You can calculate your monthly housing budget by taking your total income, then subtracting:

  • Fixed expenses (car payment)
  • Variable expenses (credit cards or utilities)
  • Monthly savings

The result is the money you could have available to budget for housing.

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Increase Your Credit Score

The better your credit score the better your interest rate will be. Your credit score has an impact on your monthly payment. Even the slightest increase will improve your rate.

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Save for Extra Costs

You will need to save for extra costs such as your down payment and closing costs.

  • A down payment of 20% or more helps you avoid PMI (Private Mortgage Insurance) and lowers your monthly payment.
  • Closing costs are typically 3% – 5% of the total home cost.

You can count on us to help you simplify the refinancing process

Refinancing is an option to lower your monthly payments, pay off your loan quicker, and reduce your overall interest expense . Always make sure to analyze the costs and benefits before you apply.

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When you refinance, you replace your current mortgage with a new mortgage with a lower rate. With a traditional refinance, you can typically expect:

  • Lower interest rates
  • Lower monthly payments
  • Longer or shorter minimum loan terms
  • More fixed-rate options
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Your Mortgage Options

  • Fixed-Rate Mortgage: interest rate never changes
  • Adjustable-Rate Mortgage (ARM)[1] : lower starting rate that may increase or decrease over time
  • FHA Loans for expanded eligibility and low down payments
  • Veterans Affairs Mortgages for U.S. military service members
  • Affordable lending products that offer low down payment options
  • Government Loan Options (FHA and VA)
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Ley Capital Lending experts will guide you through the necessary steps to purchasing your dream home in a hassle free and effective manner.

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120 S Olive Ave., Suite 308 West Palm Beach, FL 33401
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