powerpoint assignment

Placer Hills Real Estate

Prepare to Buy Your First Home

Fixed rate mortgage

The same interest rate for the life of the loan

Adjustable rate mortgage (ARMs)

Very low introductory rate for 5-7 years

Much higher rate after 5-7 years

For short-term buyers or those planning to “flip”

Can be dangerous

Learn About Mortgages

Fees paid to the lender

One point equals 1% of mortgage value

Required if buyer has less than 20% down payment

Can be used to buy down mortgage rate

Mortgage Points

Fixed Mortgage Rate Averages

Sample Fixed Rate Payments

Buying Is a Huge Decision

Be patient

Be sure you are ready

Determine how much house you can afford

Get your credit in shape

Save for your down payment

Get mortgage pre-approval