Mayra Espino

REALTOR® | CA DRE# 02196424

(559) 708-0748

Mayra Espino

REALTOR® | CA DRE# 02196424

(559) 708-0748

Is this the year to buy a home?

(559) 708-0748

The answer is YES!

Every year, many renters ask themselves the same question: Should I continue renting, or is it time to buy a home? If you’re a renter, chances are you’ve asked yourself that question at least once, and it’s likely because you’ve faced an increase in your monthly housing costs over time. After all, according to Census data, rents have risen consistently for decades.

To make an informed and powerful decision, the first step is understanding what’s happening in today’s housing market so you can determine which option is the better long-term financial decision for you.

What You Need To Budget for When Buying a Home

Here are a few things experts say you should plan for along the way

Down Payment

As you set your savings goal for your purchase, your down payment is likely already top of mind. And, like many other people, you may believe you need to set aside 20% of the home’s purchase price for that down payment – but that’s not always the case. The National Association of Realtors (NAR) says:

“One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership. Having this knowledge is critical to know what to save . . .”

The good news is, you may be able to put as little as 3.5% (or even 0%) down in some situations. To understand your options, partner with a trusted professional who can go over the various loan types, down payment assistance programs, and what each one requires.

Earnest Money Deposit

Another item you may want to plan for is an earnest money deposit. While it isn’t required, it’s common in today’s highly competitive market because it can help your offer stand out in a bidding war.

So, what is it? It’s money you pay as a show of good faith when you make an offer on a house. This deposit works like a credit. You’re using some of the money you already saved for your purchase to show the seller you’re committed and serious about their house. It’s not an added expense, it’s just paying some of that up front.

Work with a real estate advisor to understand any requirements in your local area and what they’ve recommended for other buyers in your market. They’ll help you determine if it’s something that could be a useful option for you.

Closing Costs

The next thing to plan for is your closing costs. The Federal Trade Commission (FTC) defines closing costs as:

“The upfront fees charged in connection with a mortgage loan transaction. …generally including, but not limited to a loan origination fee, title examination and insurance, survey, attorney’s fee, and prepaid items, such as escrow deposits for taxes and insurance.”

Basically, your closing costs cover the fees for various people and services involved in your transaction. NAR has this to say about how much to budget for:

“A home costs more than just the sale price. For example, closing costs—which make up about 2% to 5% of the home’s purchase price—are a major added expense…Lenders provide a Closing Disclosure at least three business days prior to closing on a mortgage. But buyers will need to budget for these added costs ahead of time to avoid sticker shock days before closing.”

The key takeaway is savvy buyers plan ahead for these expenses so they can come into the process prepared.

What You Need To Budget for When Buying a Home

Here are a few things experts say you should plan for along the way

Down Payment

As you set your savings goal for your purchase, your down payment is likely already top of mind. And, like many other people, you may believe you need to set aside 20% of the home’s purchase price for that down payment – but that’s not always the case. The National Association of Realtors (NAR) says:

“One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership. Having this knowledge is critical to know what to save . . .”

The good news is, you may be able to put as little as 3.5% (or even 0%) down in some situations. To understand your options, partner with a trusted professional who can go over the various loan types, down payment assistance programs, and what each one requires.

Earnest Money Deposit

Another item you may want to plan for is an earnest money deposit. While it isn’t required, it’s common in today’s highly competitive market because it can help your offer stand out in a bidding war.

So, what is it? It’s money you pay as a show of good faith when you make an offer on a house. This deposit works like a credit. You’re using some of the money you already saved for your purchase to show the seller you’re committed and serious about their house. It’s not an added expense, it’s just paying some of that up front.

Work with a real estate advisor to understand any requirements in your local area and what they’ve recommended for other buyers in your market. They’ll help you determine if it’s something that could be a useful option for you.

Closing Costs

The next thing to plan for is your closing costs. The Federal Trade Commission (FTC) defines closing costs as:

“The upfront fees charged in connection with a mortgage loan transaction. …generally including, but not limited to a loan origination fee, title examination and insurance, survey, attorney’s fee, and prepaid items, such as escrow deposits for taxes and insurance.”

Basically, your closing costs cover the fees for various people and services involved in your transaction. NAR has this to say about how much to budget for:

“A home costs more than just the sale price. For example, closing costs—which make up about 2% to 5% of the home’s purchase price—are a major added expense…Lenders provide a Closing Disclosure at least three business days prior to closing on a mortgage. But buyers will need to budget for these added costs ahead of time to avoid sticker shock days before closing.”

The key takeaway is savvy buyers plan ahead for these expenses so they can come into the process prepared.

Mayra Espino

REALTOR® | CA DRE# 02196424

Meet Your Agent

Mayra has a passion for helping her clients in the Central Valley find their dream homes and will go above and beyond to meet and exceed her clients’ expectations. Before working with clients at Park Place, Mayra worked as a loan processor and property manager for a combined twelve years of experience which sparked passion for real estate and provided her with invaluable experience in the industry that she can bring to her clients. As a proud member of the Park Place family, Mayra carries the values of hard work, integrity, and outstanding client services into everything she does. Mayra is highly-motivated and ready to help make her clients’ dreams a reality. When Mayra isn’t making home ownership dreams come true for her clients, she enjoys spending time on home DIY projects, helping others with home interior projects and spending time in nature. Mayra lives in Fresno with her husband, two-year-old daughter and their two Boston terriers. She is ready to serve her local community with all of their real estate needs. Mayra is also bilingual, fluent in English and Spanish.

Our Team Would Like The Opportunity To

Help You Buy Your Home

We do more than help people buy homes. We solve problems. We create solutions. We connect the dots. We are the space between where you are and where you are going.Many agents think their most important job is satisfying the customer. We believe that satisfying the customer is simply the MINIMUM requirement for staying in business. We work constantly to improve our systems, processes, and services to go well-beyond the standard level of service provided by most agents.

We want to make sure you are so satisfied with your real estate experience that you gladly refer us to your friends and family. We are truly looking forward to working with you.