What a First Time Reno Home Buyer Needs to Know
By Charlene Hamilton, Reno Relocation Real Estate
(Keller Williams Group One Reno)
All across the country, including right here in our Reno community, we are seeing more and more Millennials entering the home buying market. Rents are beginning to creep up. When you couple that with 30 year FRM rates hovering just below 4%, it makes sense to look at purchasing property rather than renting. Buying a Reno home can feel overwhelming, especially when you have never done it before. Here is what a first time Reno home buyer needs to know. Downpayments - The bigger your downpayment, the lower your monthly mortgage payment will be. That is because you won't have to borrow as much to purchase your Reno home. If you have 20% or more of the purchase price to put down on your home, you will avoid having to pay PMI (Private Mortgage Insurance). This is a mandatory fee that l...
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