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 2022 show that the homeownership rate was a staggeringly high 66%, 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?

Taylor was fantastic to work with! She was always there for every single question along the way and a lot of fun. If you are looking for a lending company, give Taylor a call and she (and of course the whole team too 😁) will help you.

- K Frith.

Lee came recommended by high school friend & local Portland realtor, Joel Turgo. She was patient, kind, and thorough with representing us. Working with Lee Boone and Acadia was an exceptional experience, she answered our questions promptly, even though there was a time difference (we are CDT). We were most impressed, in-spite of COVID-related challenges, she managed to organize/file our paperwork in such a way that we were able to close two weeks early. Thanks Lee, you're a saint!

- Jon Youngflesh.

I can't say enough great things about working with Lee Boone! She was absolutely fantastic! We initially worked with her on a refinance of a second home, she was incredibly responsive, day or night and very knowledgeable. I had delayed refinancing because I was worried about all the "work" that went into a refinance, but the online portal for docs, paired with Lee and team's efficiency made this a 5 star experience. So much so, that just 1 month after we refinanced, we purchased another home and financed through her. She had all my documents already, and it was even easier. Don't hesitate to call Lee and work with Acadia!

- Caitlin McCown.

This was our second time working with Lee and the team at Acadia Lending. Lee provides exceptional communication, seemingly 24/7, and the team is well prepared at every step of the process.

- Shane Tyack.

Kristeen was great to work with, she worked on my loan diligently ensuring I was treated fairly, got the best loan possible, and did every step fast. I used Acadia Lending for an investment property loan and would recommend them to anyone looking for a cabin or any property loan in Maine. Thank you to the whole team at Acadia, and thank you Kristeen for working so hard on my loan.

- Isaac S.

Heather and her team at Acadia have now helped with our financing on two Investment Properties. Heather’s level of communication is exceptional. Always timely and with enthusiasm despite the volume she handles. She is nimble and calm when faced with unforeseen challenges. I feel safe knowing she will never advocate for something beyond my reach but will deliver when it makes sense. 10/10 would highly recommend!!

- Nicole C.

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!