“Stop Paying Rent and Own Your Own Home”
Don’t Pay Another Cent in Rent To Your Landlord…
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.
Don’t Feel Trapped Anymore
I t 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:
1. save for a down payment
2. stop lining your landlord’ s pockets, and
3. 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 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:
“If you’re like most renters, you feel trapped within the walls of a house or apartment that doesn’t feel like yours.”
❶You 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 1st 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.
❷Your lender can 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.
❸The seller can 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 installment.
❹You can create a 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.
❺You can buy a home with a “less than perfect” 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.
❻Get preapproved for a home loan before looking for a home.
Preapproval is easy, and can give you complete peace-of-mind when shopping for your home. Mortgage experts can obtain written preapproval 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 preapproval is as good as money in the bank. It entails a completed credit application, and a certiﬁcate that 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.
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.
Call Adam Hopkins at (434) 444-7136 for more information.