Since now is such a great time to buy with interest rates still low, there are many people asking, can I buy even though I don't have that much saved? The short answer is YES! There are a few programs out there that you can qualify for, but the cost to get a loan is still there.

The lenders will always get their money when it comes to letting people borrow money, but what most people don't realize is that the lender fees are paying for the appraisal of the home, loan origination, title search, and the title insurance premiums. Those are things we can not avoid, but how we pay for them we have control over. 

Lender can offer two ways to pay for their fees at closing of buying a home. The first is to pay the closing cost out of pocket and receive a lower interest rate on your home loan. The second, is to take a higher interest rate on your home loan. 

Therefore, make sure to do the math. Figure out when you'll hit your break-even point. Ask yourself, how long are we going to stay in this home? May I need to move in a few years? Is this big enough for our growing family? Then calculate the cost of the lender fees versus the cost of the higher interest rate for the years you'll be in the home. 

Most people don't think these things through, and this is the biggest financial decision of your life. Make sure to choose the right Realtor and lender who have experience and understand the "savings" side of buying your new home. 

Contact us today! we'll be able to guide you through the process that best suits you.