August 05, 2024
Join us in making a big impact in our community, one backpack at a time!
The Greater Albuquerque Association of Realtors (GAAR) is hosting its annual backpack drive to support the Title 1 Project for unhoused students in Albuquerque. This year, Directors Mortgage will match up to 100 backpacks dropped off at a Directors Mortgage Albuquerque location. With 5 locations across the Albuquerque region, we’re committed to giving back to the community in which we live, work, play, and serve. Together, let’s ensure all students have the tools they need to thrive in school.
Please consider dropping a backpack donation at one of the following locations during normal business hours:
- Directors Mortgage – Albuquerque North: 8210 Louisiana Blvd. NE, Suite C, Albuquerque, NM 87113
- Directors Mortgage – Albuquerque Northeast Heights: 6751 Academy NE, D Office Suite B, G, E Albuquerque, New Mexico 87109
The Title 1 Project provides basic services to children whose families are experiencing houselessness, donating backpacks is one easy way we can help keep these students in school. APS Title 1 estimates there are 2,000 homeless students currently enrolled in APS. (source: GAAR)
Donation count at Directors Mortgage locations as of 7/26/24:
75 Backpacks Donated dropped at Directors Mortgage by our Team Members & Community
75 Match Backpacks Donated by Directors Mortgage
Learn more about the GAAR & Title 1 Project Backpack Drive and how you can support this important initiative here: https://www.gaar.com/blog/article/Annual-Backpack-Drive-for-Title-1-Students-v2
Thank you GAAR & APS for being pillars of our community!
1. Down Payment Options
Saving for a down payment is a crucial step in buying a home. Contrary to the common belief that a 20% down payment is mandatory, your specific situation and goals determine the right amount. Collaborate with reliable real estate professionals to explore various loan types and down payment assistance programs tailored to your needs. We have debunked the myth that 20% is a requirement and emphasize the importance of aligning your down payment with your savings and goals.
2. Closing Costs Planning
Budgeting for closing costs is equally important, as they typically range from 2 to 5 percent of the mortgage. These costs include fees payable to different parties involved in the real estate transaction. To be financially prepared for this expense, partner with a reputable lender who can provide insights into the specific closing costs you may encounter. According to Bankrate, understanding these costs is vital whether you’re refinancing or buying a new home.
3. Earnest Money Deposit (EMD)
Consider saving for an earnest money deposit (EMD), an amount paid as a demonstration of your commitment when making an offer on a house. Realtor.com suggests an EMD is usually between 1% and 2% of the total home price, functioning as a credit towards your down payment and closing costs. While not mandatory, it signals to the seller that you’re a serious buyer. Working closely with a real estate advisor ensures you understand the local requirements and make informed decisions during the buying process.
Conclusion
Informed decision-making is crucial when it comes to saving for a home. Connecting with a mortgage expert will provide you with valuable insights and answers to guide you through the entire process. Stay informed, make the right moves, and feel confident about your home- buying journey.