The Money-Saving Secrets of the Home Purchase

If you’re tired of throwing rent toward the landlord, you can keep some of that money by putting it toward the principle of your very own home mortgage. Why bother? Here are some of the money-saving secrets that homeowners can enjoy:

Locking in favorable terms with a fixed-rate mortgage. As of this writing, interest rates are at their historical rock-bottom. Receiving a fixed-rate mortgage lets you potentially lock in the most affordable terms we’ve seen.

Get pre-approved for a mortgage to do your research first.​ Ready to shop around? There’s no pressure. Get pre-approved for a mortgage and find out how much home you can afford—these are essential next steps that convince a home seller that you mean business.

Buy the home you can afford. When you know your total monthly liabilities, your income, and your credit rating, you can easily calculate just how much home you can afford. This will help ensure that you buy a house that remains a long-term blessing and not a strain on your budget.

The Stats: What You Need to Know Before You Buy a Home

​Homeownership is common. In fact, statistics from 2019 show that the homeownership rate was a staggeringly high 64.8%, which means the majority of people have gotten out of the rent cycle and into their own home.

You don’t need experience. First-time home buyers constitute one-third of all home buyers, which means that you don’t have to feel intimidating by the home buying process, even if it’s your first time. It’s far more common to be going through this process for the first time than you might imagine.

The average length of time is low. Have house fever? You’d be surprised how quickly things can move. The average length of time between someone visiting a potential home for purchase and the closing date was only 73 days, or two and a half months.

Are you interested in finding out if a home purchase makes sense for you? Are you ready to join the ranks of homeowners and lock in potentially low rates?

2 Ways to Use Your FHA 203(k) Loan

Buy a Fixer-Upper (and Fix It Up)

Or... Renovate Your Current Home!

Recommend anyone buying or refinancing to reach out Abdel. He was so great to work with explained everything little detail. Had a quick smooth process.

- Nadin Awad

Wonderful lender to work with as an agent! Always responsive and on top of every transaction! Highly recommended

- Spero Kaly

Abdel and his team when above and beyond with helping me purchase my first home! Abdel walked me through every step of the way and explained everything clearly. Extremely professional with his work and would definitely recommend to anyone that purchases a home !! Thank you

- Mohammed Khawatmi

I have had a great experience working with PRMG group! Abdel has helped me and guided me through out the process. For first time home buyers, it's not just finding the right house but also navigating through the entire home buying process. If you have Abdel by your side this entire process would be a cake walk. He has been really proactive and been in touch with everyone involved in the deal. He has answered and explained each step in a detailed manner and has been a great support all along. He has been fully transparent in providing the accurate interest rates and also framed out the right strategy for me to save my cost. I would definitely recommend PRMG group as direct lenders and Abdel Khawatmi in specific to work on your file. Happy home buying!

- Yug Shah

What can we say, Abdel & his team are the best of the best. From the moment we knew we were on the search for a home all the way through the very end, Abdel has been on top of the game - providing constant updates, communicating with all partners & 3rd parties, answering all of our questions to clue us in in exactly what was going on with our loan and closing. Abdel & his team are top notch, made this home buying process so much easier on us.

- Natalie Barone

As an agent, I worked together with Abdel and his team to help our clients secure their first home. This was my first time working with Abdel. Me being an agent, they are all that you can ask for - knowledgeable on the client and their finances, excellent communication, and making it a worry-free process all the way through closing. Best of all, we were able to stay on target with our 31-day close.

- Stephen Tavarez

Search no more, Abdel and his team are absolutely amazing. This is my 3rd home purchased and never has the process been as smooth as it was this time around. They are very professional and work hard to anticipate what’s needed to make the process as easy as possible. This team’s legit with no surprises and we are very happy to have chosen them! We highly recommend Adbel!

- Amit Shah

What can I say about PRMG that others haven’t? Abdel, Pam, Josh, Kelly, Traci and Re-Max realtor Christina Kaplun-Grande, literally answered my hundreds of texts, emails, and phone calls promptly and did their best to put me at ease when I was stressed out or worried we weren’t going to have something done in time. Abdel and Pam particularly worked relentlessly for my husband and I, explained everything as detailed as possible, and “left no stone unturned” when it came to getting us the best deal. There’s a reason they have all 5 star ratings. Thanks so much to you all!!

- Kristin Hoesly

Abdel really takes care of his clients. He and his team are dedicated and always available to help. We just had a successful refinance, and they got it done quick, easy and painless.

- Dario B.

Abdel is not only my partner lender but I also had the pleasure to see first hand what great service he provides when purchasing my investment property. He is fantastic with the communication and made sure all parties were always informed throughout the transaction. Definitely a top notch mortgage lender!

- Sharif Hatab

Your Renovation Wish List Could Include...

Increase window size

Bring in more natural light

Finish a basement or attic

Create a mother-in-law apartment or guest space

Correct foundational issues​

Protect your investment for the long-term

Add a detached garage when one does not exist​

There’s room for everyone

Knock down walls​

Open up the floor plan to create versatile, welcoming spaces

Flood-proof your property​

Add a retaining wall to prevent expensive damage

Repair the pool​

Tired of leaks and cracks? Fix the pool & start enjoying it

Expand or refresh the kitchen​

Cooking is just more fun in an updated kitchen

Add square footage​

Growing your family? Grow your home alongside it!

And so much more! ​All funded by your single, convenient FHA 203(k) Renovation loan.

And start planning your renovations now!

After remodeling, ​74% of owners have a greater desire​ to be in their home, and ​65%​ ​have increased enjoyment​ in their home.

Source: National Association of Realtors® 2020 Remodeling Impact Report

How Does a Renovation Loan Work?

Depending on the types of repairs you plan to do, ​you have two options​ when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.

The Limited 203(k) loan

The Limited 203(k) loan is for non-structural or “cosmetic” repairs. It covers up to $35,000 in renovation costs. With a Limited loan, you can do nearly anything that doesn’t affect the home’s structure! ​Think kitchen and bathroom remodels, carpet and flooring replacement, painting, appliance replacement, and much more.

The Standard 203(k) loan

The Standard 203(k) loan is a loan for projects with repair costs over $35,000. It can be used for structural or non-structural repairs. With a Standard Loan, you have even more flexibility. ​You can expand the home’s footprint, improve accessibility for differently abled people, and even move the home to a different site.

START HERE.Find out what you qualify for in 1 minute. Discover what you can do with an FHA Purchase or Renovation loan!

What You Need To Know About A Home Purchase

Why should I buy a home rather than rent?

Everyone’s situation is different. However, in the era of low interest rates, a new home purchase can make financial sense for a lot of people. Locking in these low interest rates can mean paying less for more square feet in some cases. That said, every person’s situation is different, and your motivations for buying a home (including the need for more space or privacy) may differ from other people.

How do I start the home buying process?

One of the best ways to show that you’re serious about buying a home is to get pre-approved for a mortgage. This will give you some leeway when it comes to making offers when you view homes. And in some cases, it’s viewed as a necessity when you go out shopping for homes. In many cases, the process is as simple as finding out what you can afford given your current income, levels of debt, and financial obligations. The good news: it’s a lot simpler than you think!

What kinds of financial commitments do I have to make?

There are a lot of options for financing when you make a home purchase, so don’t feel that you have to commit to any particular one at this point. You’ll find that it’s possible to make a 20% downpayment, for example, but there may be types of financing available that require far less—as low as 3%, depending on your situation.

Why is now a good time to buy a home?

Although every situation is different, low interest rates tend to mean generous financing terms for people taking on a home mortgage. Having a mortgage with low fixed interest rates, for example, can be a powerful hedge against inflation in periods of higher inflation—where in the interest rates are typically higher. But we should reiterate that every situation is different, and you should do what’s best for your situation and your own family.

What is the next step?

Click through our buttons above to find out whether you qualify for great terms on a new home purchase!

START HERE.Find out what you qualify for in 1 minute. See if you’re eligible for your first home loan in 60 seconds or less!