Online real estate giant, Zillow Group launched its latest real estate search site this month – RealEstate.com. The site is designed specifically with Millennials and first-time home buyers in mind. Making the page unique is allowing potential buyers to find a home using desired monthly payment as a search criteria.
The idea behind the approach is to give inexperienced buyers a guage of how much homeownership will actually cost. Zillow reports that studies have shown that homebuyers say a comfortable monthly mortgage payment is their top concern.
First-time home buyers often seek out alternatives to the conventional home loans – typically ones that require small down payments. FHA loans, backed by the federal government, allows borrowers to make a purchase with as little as 3.5 percent down.
Today, conventional conforming no-point 30-year fixed rates are averaging 4.125 percent while 15-year rates are near 3.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.