Rent vs. Buy
"If you're like most renters, you feel trapped within the walls of a home you don't own."
It's a dream we all have - to own our own home and stop paying rent. Buti if you are like most renters, you feel trapped with in the walls of a house that doesn't 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 renter's rut with no way of rising up out of it and owning your own home.
Stop Feeling Trapped...
It doesn't 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 could help you get over the hump and change your status from Renter to Homeowner. With this info, you will begin to see how you can:
- Save for the down payment
- Stop Lining your landlords pockets
- Stop wasting thousands of dollars in rent.
6 Know Facts that can help you buy your first home
The problem that most renters face isn't your ability to meet your monthly payment. God knows you must meet this monthly obligation ever 30 days already. The problem is accumulating enough down payment for something more permanent.
But saving this lump sum doesn't have to be as difficult as you think.
- You can buy a home with much less down than you think.
There are some local and federal government programs (Rural Development, FHA, etc..) to help people get into the housing market. Ensure your real estate agent is informed and knowledgeable about these important programs.
- You may be able to get your lender to help you with your down payment and closing cost.
Even if you don't have enough money saved for the down payment. There are additional Government programs your lender can help you apply for that include down payment and closing cost assistance programs.
- You may be able to find a seller to help you pay for your closing cost.
Some sellers may be willing to help a buyer pay for additional closing cost. It is not uncommon for a seller to help a first time home buyer cover some of their closing cost.
- 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 the complete peace of mind when shopping for your home. Mortgage experts can obtain a written pre-approval for you at no cost and no obligation. A pre-approval entails a completed credit application, and a certificate which shows the seller that you are a serious buyer and have taken the proper steps to obtaining a home loan. Consider dealing only with a professional who specializes mortgages. Remember its free to see if you qualify.
There are many issues you should be aware of that affect you as a renter. Why would you want to continue to lose thousands of dollars by throwing it away on rent to pay someone else's mortgage. It only takes a few minutes to discuss the home buying process with your agent so you can stop renting and start owning.
This is a no cost and no obligation conversation, and of course, you shouldn't have to feel obligated to buy a home at the time you review this. But taking the time to review your options, and learn about the ways you could possibly qualify for a mortgage and purchase your own home. Think of how prepared and relaxed you will be when you are ready to make this first step..