HOW TO STOP PAYING RENT AND OWN YOUR OWN
"Everyone buys a home….Some buy it for
themselves and some buy it for their 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 in a place that doesn't feel like
your own. Why should it when you're not allowed to bang in a nail without
a hassle? You feel like you're stuck in the renter's rut with no way of getting
So - you've always wanted to own your own home but you feel trapped in the rat
race called "renting" . You feel limited in making your place look like home
because you might get charged for a nail hole or a colored wall. Is there a way
to escape this circle?
FIVE LITTLE KNOWN FACTS
THAT WILL HELP YOU BUY YOUR FIRST HOME
The first problem most renters
face is saving enough money for a down payment. Here are five facts that many
renters don't know:
As you can see, there are many important steps that can take you from renter
to homeowner. Why pay thousands to someone else and miss the
rewards of owning your own
home? Take a few minutes to talk to Barb about your specific needs and
she'll set up a plan to guide you towards
home ownership. This conversation is free and you are under no obligation
whatsoever. Do yourself a favor and learn about renting versus buying!
- It takes less money than you think.
Government loan programs such as FHA allow down payments as low as 3%!
Many veterans can buy a home with zero down payment. There are
programs from local and federal agencies that provide special rates for first
time home buyers. Newly introduced programs allow borrowing 100% of a
home's value for buyers with good credit history. Barb can help you find a
mortgage company with the right plan for you.
- Many sellers are willing to
help with financing, including your down payment and closing costs.
Seller financing becomes more readily available during certain times of the
year and during uncertain economic conditions.
This technique may allow you to afford a larger home than would be possible
with conventional methods. Even in an active market, there are sellers willing
if their home has proven difficult to sell. Barb can help you find a home that
may offer creative financing.
- Some buyers can use existing
retirement accounts to partially finance their home. You may be able to
borrow against retirement funds (IRA, 401k, etc.) to fund your down payment. This option
is available due to the strong investment value of most real estate.
- Buyers with past credit issues
can buy a home. Due to current low interest rates, even "high
market" rates can be very attractive. You can refinance at a lower
rate after you've improved your credit rating by making regular payments on
the initial loan.
- Getting pre-approved for your
mortgage is a critical first step. Lending instituitions will issue a
written pre-approval that certifies your credit and your pre-approved lending
limits, which strengthens your negotiating position with many sellers. There
is usually no cost or obligation for pre-approval.
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All rights reserved