The United States of America has given people reasons to look for new opportunities for having a successful and happy life. For the past few years, states like Colorado have been witnessing an influx of a large number of veterans and military professionals, willing to consolidating their place as citizens. The reasons being the booming real estate industry and the number of government schemes and policies that have been launched in the interest of eligible military professionals and veterans. In the current period, the industry is experiencing historically low interest rates and high home prices. If you are thinking about investing in homes and wish to save up for down payments, you would have to get in touch with a reliable mortgage broker who would surely help you with the same.
How does the home buying market in Colorado look?
The market in Denver is really worth your home ownership aspirations. It has been noticed that a renter spends an average of 35% of his earnings on housing, whereas it is considerably different for home buyers who spend at least 21% of their monthly income on mortgage payments. This tells that home ownership in Denver is less expensive compared to home renting. Let us tell you how.
Suppose you opt for renting a place that charges you $1800 per month. If you look at a nice house that costs around $250,000, we would suggest you to give up on the idea of renting and instead purchase the house. You would probably ask why. In most cases, people opt for an FHA loan for home purchase that asks for a minimum of 3.5% down payment along with a little mortgage insurance premium. If a rate of interest of 3.875% is levied for a 30-year loan, you would soon find yourself paying monthly taxes of $150, loan insurance of $125 and a monthly mortgage of $170.89. Your total monthly mortgage payment would round up somewhere around $1,600.19. That implies that you would be saving around $200 every month, even when a market is potentially appreciating!
Home ownership in Colorado - your go-to!
Buying a home for yourself is not only the best decision one can take for himself, but also one of the smartest investment decisions that he can take in the current period. For those who are thinking about securing an VA loan in Colorado, they can arrange for building equity and saving on rent. In addition, gaining tax advantages by deducting mortgage insurance from federal taxes is also possible. If you are completely serious about investing in home ownership, you should get in touch with a VA loan consultant in Colorado, at the earliest.
EmoticonEmoticon