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First-Time Home Buyers


Right Key Mortgage LLC, provides low mortgage rates for refinancing and home buying loans coupled with great customer service and care. Our mission is to provide the best customer service and secure the lowest mortgage interest rates from our lending partners!

First-Time Home Buyers
As a first-time homebuyer, how can you be sure you’re making a smart home purchase? 

Is It Cheaper to Buy or Rent?

As you evaluate whether to rent or buy a home, here are some things to keep in mind:

The lower your mortgage rate, the less interest you will pay over the term of your home mortgage (assuming you have a fixed rate mortgage)
The more rents go up, the more you may save by owning a home (with a fixed rate mortgage)
The longer you plan to stay in your home, the more likely it is that you would benefit by buying rather than renting.

The interest you pay on a mortgage may be tax deductible as well. Consult your tax advisor about the deductibility of mortgage interest.

What Other Costs Should I Consider?

When comparing the cost of buying versus renting, also consider:

Monthly costs of owning a home, such as routine maintenance and repairs, additional utility bills, homeowners insurance and property taxes
One-time costs (down payment, closing costs)

If your home is part of a development, you may also be required to pay homeowners association dues and special assessments to cover unexpected costs of snow removal, etc.

What Are the Other Benefits of Homeownership?

Homeownership may open up new opportunities for you.

Build credit – as a homeowner, you may be able to improve your credit profile if you keep current on your mortgage payments
Build equity – with many loan types, you will soon be paying off part of your principal balance and, if property values stay stable or increase, you can start building equity

You may want to discuss these benefits with your tax accountant or financial advisor.

How Do I Get Started?

Check your credit report and score.

Your credit score is based on several factors, including how much debt you have, whether or not you pay your bills on time and your credit history
Your credit score can affect whether or not you will meet the requirements for a mortgage loan and, if so, what types of loan programs you would qualify for.

Next, estimate the maximum home loan you can afford. Our Affordability Calculator can give you a rough estimate of how much you can afford to pay each month on a mortgage. For a more precise estimate, call Right Key Mortgage to get pre-qualified.

What Else Do I Need to Know?

It helps to get familiar with mortgage terminology such as principal, interest, points and amortization. We offer resources to help you learn more about the home buying process and the loan types that are available to you.

Call Right Key Mortgage to help you achieve your dream of owning your own home. Right Key Mortgage has a team of qualified professionals ready to speak with you now.

Please contact a Right Key Mortgage representative.

Questions? Contact us.

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