Homebuyer Spotlight - First-time Homebuyers No Longer Paying Rent

DDA Mortgage • October 26, 2022

DDA Mortgage Just Closed A Loan For These First Time Home Buyers - Paying The Mortgage Beats Covering The Rent!

It was a beautiful day in late fall when Robert and Stephanie bought their first home.


The couple had spent some time planning to buy a house, but struggled during the hot sellers market. Now that the market turned in favor of first time homebuyers, they were ready to turn that planning into something real. The two of them had been renting for years, but now they were ready to own their own place—to build equity and not pay rent anymore!

And let me tell you, it felt amazing to get financing for this couple!


We all know how much it stinks to pay rent every month. It's like throwing money away into thin air. Sure, you get some use out of your apartment or house while you're there, but after a while it just feels like an empty space where you sleep and keep your stuff… without any sense of ownership over it at all.

But buying your first house is different! It's like… breathing fresh air for the first time in months because it's so nice not having to pay someone else for their space anymore. You can decorate it however you want, paint the walls whatever color you like, buy new furniture if you want or need it… anything goes! And then there's that feeling when people ask where are you renting and you get to say, "I own my home."


We understand there is a lot more stress for first time home buyers. So, feel free to call at (727) 784-5555. We will show you all your options, not just the traditional ones.


If you have questions about mortgages and home loans, please ask using the form below.

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✅ the principal you borrowed ✅ all interest paid over the years ❌ It does NOT include taxes, insurance, or HOA unless noted. Because longer terms spread payments out more slowly, they lower the monthly payment but massively increase total interest paid. Below is a simple example to show how total payments change by loan term. ✅ Example: $300,000 loan at 6% interest 15-Year Mortgage Monthly payment: ≈ $2,531 Total paid: ≈ $455,682 Total interest: ≈ $155,682 30-Year Mortgage Monthly payment: ≈ $1,799 Total paid: ≈ $647,514 Total interest: ≈ $347,514 40-Year Mortgage Monthly payment: ≈ $1,650 Total paid: ≈ $792,089 Total interest: ≈ $492,089 50-Year Mortgage Monthly payment: ≈ $1,595 Didier Malagies nmls212566 DDA Mortgage nmls32432 Total paid: ≈ $956,140 Total interest: ≈ $656,140 ✅ Summary: Total Payments by Loan Term Term Monthly Payment Total Paid Over Life Total Interest 15-Year ~$2,531 $455,682 $155,682 30-Year ~$1,799 $647,514 $347,514 40-Year ~$1,650 $792,089 $492,089 50-Year ~$1,595 $956,140 $656,140 ✅ Key Takeaway A longer mortgage = lower payment, but the total paid skyrockets because interest accrues for decades longer. tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

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