f you're like most to see how you really can:
renters, you feel trapped
within the walls of a house • save for a down payment
or apartment that doesn't feel • stop lining your landlord's
like yours. pockets, and
• stop wasting thousands of
It's a dream we all have - to own dollars on rent.
our own home and stop paying
rent. But if you're like most 6 Little Known Facts That Can
renters, you feel trapped within Help You Buy Your First Home
the walls of a house or apartment
that doesn't feel like yours. How The problem that most renters
could it when you're not even face isn't your ability to meet a
permitted to bang in a nail or monthly payment. Goodness knows
two without a hassle. You feel that you must meet this monthly
like you're stuck in the renter's obligation every 30 days already.
rut with no way of rising up out The problem is accumulating
of it and owning your own home. enough capital to make a down
payment on something more
Don't Feel Trapped Anymore permanent.
It doesn't matter how long you've But saving for this lump sum
been renting, or how doesn't have to be as difficult
insurmountable your financial as you might think. Consider the
situation may seem. The truth is, following 6 important points:
there are some little known facts
that can help you get over the 1. You can buy a home with much
hump, and transfer your status less down than you think
from renter to homeowner. With
this information, you will begin There are some local or federal
government programs (such as 1st
time buyer programs) to help Some sellers may be willing to
people get into the housing hold a second mortgage for you as
market. You can qualify as a a seller take-back. In this case,
first time buyer even if your the seller becomes your lending
spouse has owned a home before as institution. Instead of paying
long as your name was not this seller a lump-sum full
registered. Ensure your real amount for his or her home, you
estate agent is informed and would pay monthly mortgage
knowledgeable in this important installments.
area and can offer programs to
help you with your options. 4. You may be able to create a
cash down payment without
2. You may be able to get your actually going into debt
lender to help you with your down
payment and closing costs By borrowing money for certain
investments to a specified level,
Even if you do not have enough you may be able to generate a
cash for a down-payment, if you significant tax refund for
are debt-free, and own an asset yourself that you can use as a
free and clear (such as a car for down-payment. While the money
example), your lending borrowed for these investments is
institution may be able to lend technically a loan, the monthly
you the down-payment for your amount paid can be small, and the
home by securing it against this money invested in both home and
asset. investment will be yours in the
end.
3. You may be able to find a
seller to help you buy and 5. You can buy a home even if you
finance your home have problems with your credit
rating you a mortgage to the specified
level when you find the home
If you can come up with more than you're looking for. Consider
the minimum down-payment, or can dealing only with a professional
secure the loan with other who specializes in mortgages.
equity, many lend-ing Enlisting their services can make
institutions will consider you the difference between obtaining
for a mortgage. Alternatively, a a mort-gage, and being stuck in
seller take-back mortgage could the renter's rut forever.
also help you in this situation. Typically there is no cost or
obligation to enquire.
6. You can, and should, get There are many important issues
pre-approved for a home loan you should be aware of that
before you go looking for a home affect you as a renter. Why on
earth would you continue to lose
Pre-approval is easy, and can thousands by throwing it away on
give you complete peace-of-mind rent when with your agent you
when shop-ping for your home. could take a few minutes to
Mortgage experts can obtain discuss your specific needs so
written pre-approval for you at that you can stop renting and
no cost and no obligation, and it start owning.
can all be done quite easily
over-the-phone. More than just a This conversation costs you
verbal approval from your lending nothing. And, of course, you
institution, a written shouldn't have to feel obligated
pre-approval is as good as money to buy a home at the time you
in the bank. It entails a review this. But by taking the
completed credit application, and time to explore your options, and
a certificate which guarantees learn about the ways you can
afford to buy a home, think how important step.
prepared and relaxed you'll be
when you are ready to make this
About the Author:
Christine began her real estate career proving herself a top producer on a new high rise development. This experience gave her valuable knowledge of construction as well as the buying process and resulted in 4-million dollars in sales during her first year. http://www.getanewhome.net/
Source: www.isnare.com
