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Payment vs Price Tag

Why is talking to your agent about monthly payment important?

Unless you are a cash buyer, your monthly PITI (Principal, Interest, Taxes & Insurance) payment is likely the most important discussion you should be having with your agent. It goes without saying that what you are looking for in a house and property is paramount to the success of your home buying journey, but payment is important. It is actually more important than discussing price! How so you ask?

While price and payment go hand in hand, there are some other factors that impact your payment as well. When your agent knows what you want your payment to be, they can actually use that information to access some pretty cool things.

  • Special Programs
  • Loan Products
  • Incentive Financing
  • Known New Construction Incentives
  • & more!

While your agent isn’t a lender, and our lender partners are the ultimate source for the full legal details of mortgage financing, our agents know enough to help get your home search pointed in the right direction. Knowing your payment preference allows an agent to introduce things like first-time homebuyer programs, No Down Payment Loan Products, special low interest rates with specific lenders, and new construction deals that aren’t advertised online! If your agent only knows that you want a house for $300,000 but doesn’t know what payment you are comfortable with, they may not send you a home for $325,000 with special financing and incentives available that actually makes your monthly payment more in the ballpark of a $300,000 home without the incentives.

So if you are financing a home, make sure you talk with your agent not only about price, but also about payment!

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