Do Not
Pay Another Cent in Rent
To Your Landlord . . .
If
you are like most renters,
you feel trapped within the walls of a
house or apartment
that does not feel like yours .
It is a dream we all have... to own our own home and stop
paying rent. But if you are like most renters, you feel trapped
within the walls of a house or apartment that does not feel like
yours. How could it when you are not even permitted to bang in a
nail or two without a hassle. You feel like you are stuck in the
renters rut with no way of rising up out of it and owning your
own home.
It does not matter how long you have 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 landlords pockets, and
- stop wasting thousands of dollars on rent.
6 Little Known Facts That Can Help You Buy Your First Home
The problem that most renters face is not 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 does not have to be as difficult
as you might think. Consider the following 6 important points:
1. 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.
2. 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.
3. 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.
4. 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.
5. 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
take-back mortgage could also help you in this situation.
6. 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 shop-ping 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 renters
rut forever. Typically there is no cost or obligation to enquire.
There are many important issues you should be aware of that
affect you as a renter. Why on earth would you continue to lose
thousands by throwing it away on rent when with your agent you
could take a few minutes to discuss your specific needs so that
you can stop renting and start owning.
This conversation costs you nothing. And, of course, you
shouldn’t have to feel obligated to buy a home at the time you
review this. But by taking the time to explore your options, and
learn about the ways you can afford to buy a home, think how
prepared and relaxed you’ll be when you are ready to make this
important step.
Click Here to Rent to Own a San Diego
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