Don’t Pay Another Cent in Rent To Your Landlord . . .
If you’re like most renters, you feel trapped within the walls of a house or apartment that doesn’t feel like yours.
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 a renter’s rut with no way of rising out of it and owning your own home.
Don’t Feel Trapped Anymore
It 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:
- Save for a down payment
- Stop lining your landlord’s pockets
- 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 their ability to meet a monthly payment. Goodness knows, they 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 isn’t as difficult as you might think. Consider the following six important points:
1. 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), your lending institution may be able to lend you the down payment for your home by securing it against this asset.
2. 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 the seller a lump sum full amount for his or her home, you would pay monthly mortgage installments.
3. 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.
4. 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.
5. 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 shopping 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 requires a completed credit application, and provides 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 renter’s rut forever. Typically, there is no cost or obligation to inquire.
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 of dollars by throwing this money away on rent, when you could take a few minutes with your agent to discuss your specific needs? Stop renting and start owning!
By taking the time to explore your options and learn about the ways you can afford to buy a home, you’ll be prepared and relaxed when it comes time to take this important step.