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Ray Bennett

Raymond A. Bennett
TREC Lending Inc

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TREC Lending Mortgage Services

Reverse Mortgage

10 Must Read Facts! Before Getting A Reverse Mortgage

Buying a New Home?

Here are a few things you should know

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Specializing in Reverse Mortgage, FHA, VA, Conventional, Harp, & First Time Buyer Programs

Thinking About Buying A New Home? Here Are A Few Things You Should Know.

Buying a new home is one of the biggest decisions you’ll ever make, but it’s also a lot easier than you might expect.


This may surprise you, but a monthly mortgage payment is often less than what you might pay for rent. In fact, with just 1% down, you could save more than $600/month on a $250,000 home purchase and avoid monthly mortgage insurance.

  • PURCHASE A $250,0000 HOME
  • BUY: $1,597.85* (30-YEAR FIXED)
  • RENT: $2,200 MONTHLY

*With the 1% Down program, the borrower put down 1%, the lender contributes 2%, giving the borrower 3% equity at closing. Assuming monthly taxes and insurance of $315.50, the monthly payment on a $242,500 30-year fixed-rate loan at 4.625% and 97% loan-to-value (LTV) is $1,597.85 with -1.153 points due at closing. The annual percentage rate (APR) is 4.624%. Taxes and insurance are estimated and may vary with each loan. Pricing current as of March 31, 2017.


There are a lot of myths about buying a home that are easy to bust. Here are a few of the big ones:

  1. I need a 20% down payment. This goes back to the days when lenders had far fewer options. Now, you can get a mortgage for as little as 1% down and still have a low monthly payment.
  2. I have to dig up a lot of paperwork. A lot goes into qualifying you for a mortgage, but these days much of the verification process — like collecting pay stubs, bank statements and tax information — can be done automatically by your mortgage broker and lender.
  3. It will take a lot of time. A good mortgage broker can take your application and give you a pre-approval letter in minutes. Many even let you do it yourself online.
  4. My bank is the best place to get a mortgage. Banks don’t offer many mortgage choices. An independent mortgage broker in your local community can help you find the best options and the lowest rates.
  5. I need to be “settled down” first. Even with a low down payment, monthly mortgage payments are often lower than rent prices. Plus when you buy a home, you’re paying yourself, not your landlord.

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