In today's episode, Joe Harris, Chief Operating Officer of Morgan Financial is addressing a crucial question for homebuyers and real estate agents who represent them: 'Would you rather choose a lower purchase price or direct money towards closing costs?'
Picture this: you're on the brink of finalizing your home purchase, and you're offered a seemingly enticing lower purchase price, which could potentially save you about $45 per month. On the other hand, you have the option to put money towards closing costs and buy down the interest rate.
At first glance, this may seem less appealing, but our calculations show that this route could save you a whopping $192 per month! Make sure you're looking at the whole picture including principal and interest, not just the ticket price of the house.
The choice is of course always yours, but be sure to always check in with your trusted Mortgage Loan Originator (MLO) to make sure you know all of your options. Sometimes if you don't plan on staying in the home for too long, buying down the rate doesn't make sense, your MLO can help you calculate your recoupment time frame.
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Morgan Financial
Residential Mortgage Lender
Equal Housing Lender
NMLS ID: 318525
321-757-3570
www.morganfinancial.net
1441 N. Harbor City Blvd. Melbourne, FL 32935
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