How long should you own a Starter Home?
Nationwide Home Loans is a fully-licensed mortgage lender in Florida. With years of extensive industry experience, we continue to turn homeownership dreams into realities. With NHL lending, you get the top-rated loans – at the best rates – from top-rated lenders. Our lending specialists also stay abreast of all the latest industry trends and developments. This allows us to connect you with loans that will meet all your financing, mortgaging, and even re-mortgaging needs. We also offer convenient mortgage calculators at our sites, which are instrumental in helping you, find the right loans for home purchases.
Starter Homes –The Essentials
When it comes to buying your first home, should it be a starter or forever home? This is a common question that continues to be a staple in this challenging and ever-changing industry. Like the name suggests, starter homes are essentially temporary homes that families buy for short-term needs. Their long-term goals are usually to sell off starter homes and move into larger and more convenient properties. With this mind, here are some things to consider – as you weigh your options – on a short-term starter or long-term permanent home purchases:
Mortgage rates are significantly lower across the industry. However, there is no telling how long this trend will last. With real-estate markets booming across the nation, purchasing a starter or permanent home now may be a great option. This, of course, is a good time to invest before prices may get higher.
Location of Property
Buying starter or permanent homes also depends on where you want to reside. For example, you may want to live in the suburbs for a few years before moving to another area that is more affordable. It also depends on your budget, as well as which properties you can afford in both the short and long-term.
As mentioned above, it is important to work within your budget and means. In fact, we offer home affordability calculators at our site – which can help you determine your monthly mortgage payments.
Type of Homes to Consider
For starter homes, it may be best to consider townhouses, condos or even apartments. These should be in areas that you can afford – and if thinking of a home – it can be a single-family detached or house with land to build additions on later. The latter can be expensive so it’s best to weigh your options carefully.
Costs of Getting Out Early
It is also important to consider the costs of getting out early. If you get a starter home now – and if you get married or have kids later – chances are you would want to move to a new property quickly. However, you may face penalties – such as capital gains tax.
When it comes to a starter or permanent homes, you should consider VA loans in Fort Lauderdale. These loans are backed by the Federal Government and available at Nationwide Home Loans. VA loans protect borrowers and lenders across the board –, especially from typical mortgage risks. Similarly, your loan includes low-interest rates on long-term and fixed-rate borrowing. You even get access to credit – that is not typically extended to you – via traditional avenues or large corporate banks and financial institutions.
Additional Benefits of VA Loans
Here are some more additional benefits of VA loans in Fort Lauderdale for you to consider:
- The potential for no down payments and no mortgage insurance requirements.
- Limits to closing costs which help meet your budgeting and financial concerns.
- VA loans can eliminate previous cash-on-hand barriers or obstacles.
- VA loans can be part of a comprehensive mortgaging package, including refinancing and other types of loans.
- Nationwide Home Loans handles all VA loan applications and particulars from start to finish.
With our helpful and dedicated team members, you are always guaranteed timely and professional assistance. In fact, we can help you determine which loans are perfect for your short-term or long-term borrowing needs. It’s as simple as visiting our site or contacting us today to discuss your options and goals.