Tag Archives: planning for homeownership

De Young Mortgage Celebrates 10 Years of Making Homeownership a Reality!

De Young Mortgage is excited to celebrate being in business for 10 years! This last decade approached us quickly, and we’ve enjoyed helping families in California finance the American Dream of home ownership. De Young Mortgage, a local Central Valley home mortgage broker, is a one-stop financing resource for all homebuyers and homeowners, which aims to make the home loan process both simple and satisfying.

Brandon De Young, President of De Young Mortgage

“We are so excited to reach the 10-year milestone for De Young Mortgage! It means a great deal to us to have helped so many families in the Central Valley not only purchase, but finance, their dream homes,” said Brandon De Young, President of De Young Mortgage. “With a home being the most significant purchase of one’s life, we take this responsibility very seriously. To know so many families have trusted our amazing team of professionals to be their financing source is very humbling.”

De Young Mortgage was created in 2003 with the goal to streamline the process of obtaining a home loan – making the experience simple, convenient and as stress-free as possible. Now, 10 years later, De Young Mortgage is expanding to offer its financing resources to the broader community.

“Our loan officers have over 50 years of combined experience in the real estate and financing industries, providing the expertise and high level of service homebuyers want and need. We continue to offer a tailored experience to ensure each customer receives the perfect financing for their unique needs. We’re grateful for the wonderful feedback we have received from our customers throughout the years for our approach and performance,” continued Brandon.

At De Young Mortgage, its team of dedicated professionals are able to help with resale home loans, loan refinancing, home equity lines of credit or home equity loans and more. With a range of great lender partners, the loan products De Young Mortgage offers cover a wide spectrum of customer financing needs.

“We are very proud that our mortgage team has helped families navigate the process of obtaining a loan to achieve the American Dream of home ownership,” said Jerry De Young, CEO and Founder of De Young Mortgage. “De Young Mortgage has financed over 1,500 loans for families in the last decade, a number we are focused on growing in the future.”

With years of combined experience, mixed with our high level of customer service and a home loan process both simple and satisfying, it comes to no surprise that De Young Mortgage was voted no. 1 as Best Mortgage Company in The Fresno Bee Best of Central California 2022 People’s Choice Awards!

Let De Young Mortgage guide you home! Click here to learn more and to schedule an appointment with a De Young Mortgage Loan Officer.

Renting vs. Buying: Planning for Homeowner costs you did not have as a renter

Your loan has funded, your closing costs have been paid and you’ve received the keys, marking the end of the home buying process. It’s official, you are a homeowner. Congratulations!

While home ownership comes with undeniable rewards, it also comes with newfound responsibility that often includes unexpected costs. Unlike the previous property you rented, lawn care, home maintenance, property taxes and homeowner’s insurance will now fall on you, the homeowner.

A common misconception is that your mortgage payment will cover the cost of your home each month, but cheap nfl jerseys that’s not the case. In fact, you the mortgage payment is just one portion of your homeownership costs. A budget can help you determine exactly how much you should plan to spend on your home each month, and prevent a situation in which you are spending a majority of your income on your home.

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Your budget should include the following expenses:

  • Property taxes… If not included in the mortgage payment
  • Home maintenance
  • Emergency funds

Add all of the above together with your monthly mortgage payment to determine your true cost of living. Knowing this amount prior to purchasing a home will help alleviate stress and anxiety that comes with unexpected home maintenance. We’ll discuss how much you should budget for each of películas, these costs below.

Ownership costs to plan for
Property Tax

Property tax is an annual tax based on the market value of your home. Depending on the loan program you chose when purchasing your home, the lender may require the establishment of an escrow account to pay your property tax bill.  If so, the lender will then collect one-twelfth of the total amount each month, along with your mortgage payment, in order to pay the annual tax bill.

Should you choose to pay the property tax on your own, it lang would be wise to set aside one-twelfth of the total bill in a separate bank account every month. us! That way, you’ll have the funds readily available when the annual tax bill is due.

Home maintenance

As a new homeowner, you will also be responsible for maintaining your house and yard, including repairing any damages as well as regular wear and tear.  The average homeowner spends roughly 1.5 percent of their home value on maintenance per year. For example, if your house is $200,000, you might anticipate spending $3,000 on home maintenance annually. Because of this, it is also wise to deposit one-twelfth of this amount into a separate home maintenance fund every month.

Emergency Funds

Although we don’t often plan for them, emergencies are bound to happen. Creating a reserve of funds specifically for an emergency is critical and must be taken into account when developing a budget. If you were to get laid off or become too ill to work, would you have enough funds in savings to make at least three mortgage payments? Having world! a three month cushion will allow you the stress-free feeling of independence in the event you experience any life changes. This amount should equal three times your monthly salary.

Remember, your mortgage payment is not the only cost to consider when purchasing a home. Based on your chosen property, determine the right amount to save each month in order to cover your property tax, home maintenance and all bills for three months in case of an emergency. Although this can seem like a lot to take in, remember you now have equity in your home and gain more with each mortgage payment!

Author: Brandon De Young, President of De Young Mortgage