Don’t Pay Another
Cent in Rent To Your Landlord – How To Get A Loan For Your First Home –
Financing Real Estate and Houses
July 30th 2006
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Financing |
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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 the renter’s rut with no way of rising up 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, and
• 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:
1. You 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 first 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.
2. 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 for example),
your lending institution may be able to lend you the down-payment for
your home by securing it against this asset.
3. 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 this seller a lump-sum full amount for
his or her home, you would pay monthly mortgage installments.
4. 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.
5. 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.
6. 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
shop-ping 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 entails a completed credit application, and 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 mort-gage, and being stuck in the
renter’s rut forever. Typically there is no cost or obligation to
enquire.
T here 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.
Christine Hancock
Christine
Hancock 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.
www.getanewhome.net chris@getanewhome.net
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