Stop
Paying Rent!
It’s a dream we all
have - to own our own home and stop paying rent. But if
you’re like most renters, you feel trapped within the
walls of a house or apartment that doesn’t feel like
yours. How could it when you’re not even permitted to
bang in a nail or two without a hassle. You feel like
you’re stuck in the renter’s rut with no way of rising
up out of it and owning your own home.
6 Little Known Facts
That Can Help You Buy Your First Home
The problem that most
renters face isn’t your ability to meet a monthly
payment. Goodness knows that you must meet this monthly
obligation every 30 days already. The problem is
accumulating enough capital to make a down payment on
something more permanent. But saving for this lump sum
doesn’t have to be as difficult as you might think.
Consider the following 6 important points:
:You
can buy a home with much less down than you think. There
are some local or federal government programs (such as
1st time buyer programs) to help people get into the
housing market. You can qualify as a first time buyer
even if your spouse has owned a home before as long as
your name was not registered. Ensure your real estate
agent is informed and knowledgeable in this important
area and can offer programs to help you with your
options.
:You
may be able to get your lender to help you with your
down payment and closing costs. Even if you do not have
enough cash for a down payment, if you are debt-free and
own an asset free and clear (such as a car for example),
your lending institution may be able to lend you the
down payment for your home by securing it against this
asset.
:You
may be able to find a seller to help you buy and finance
your
home. Some sellers may be willing to hold a second
mortgage for you as a “seller take-back”. In this case,
the seller becomes your lending institution. Instead of
paying this seller a lump-sum full amount for his or her
home, you would pay monthly mortgage installments.
:You
may be able to create a cash down payment without
actually going into debt. By borrowing money for certain
investments to a specified level, you may be able to
generate a significant tax refund for yourself that you
can use as a down payment. While the money borrowed for
these investments is technically a loan, the monthly
amount paid can be small, and the money invested in both
home and investment will be yours in the end.
“If you’re like most renters, you feel trapped within
the walls of a house or apartment that doesn’t feel like
yours .” Don’t Feel Trapped Anymore It doesn’t matter
how long you’ve been renting or how insurmountable your
financial situation may seem. The truth is there are
some little known facts that can help you get over the
hump and transfer your status from renter to
homeowner. With this information, you will begin to see
how you really can:
• save for a down payment
• stop lining your landlord’s
pockets
• stop wasting thousands of dollars
on rent
:You
can buy a home even if you have problems with your
credit rating. If you can come up with more than the
minimum down payment or can secure the loan with other
equity, many lending institutions will consider you for
a mortgage. Alternatively, a seller takeback
mortgage could also help you in this situation.
:You
can, and should, get pre-approved for a home loan before
you go looking for a home. Pre-approval is easy, and can
give you complete peace of mind when shopping for your
home. Mortgage experts can obtain written pre-approval
for you at no cost and no obligation, and it can all be
done quite easily over the phone. More than just a
verbal approval from your lending institution, a written
pre-approval is as good as money in the bank. It entails
a completed credit application, and a certificate which
guarantees you a mortgage to the specified level when
you find the home you’re looking for. Consider dealing
only with a professional who specializes in mortgages.
Enlisting their services can make the difference between
obtaining a mortgage, and being stuck in the renter’s
rut
forever. Typically there is no cost or obligation to
enquire.
Please call if you need profession
representation in your real estate transaction.
John Chapman
702-374-4444 |
