Don’t Pay Another Cent In Rent To Your 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 within the walls of a house or apartment that doesn’t feel like yours. How could it be when you’re not even permitted to bang 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 makes no difference how long you’ve been renting or how difficult your financial position appears to be. The truth is that there are several little-known facts that can assist you in making the transition from renter to homeowner. With this knowledge, you’ll be able to see how you can:

• Save for a downpayment
• 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.

   Some municipal or federal government initiatives (such as first-time buyer programs) are available to assist people in entering the home market. There are a number of schemes that need no down payment or will match a homebuyer’s purchase price dollar for dollar. Finding a skilled mortgage specialist who is familiar with such programs can help you estimate how much money you’ll need.

2. You may be able to get your lender to help you with your closing costs.

   If you have enough money for a down payment but not enough to meet closing expenses, your lender may be able to provide you with a credit to assist you to cover these charges. This is a reasonable alternative if you have strong credit and salary but appear to be short on funds.

3. You may be able to find a seller to help you buy and finance your home.

   As a “seller take-back,” some sellers may be prepared to hold a second mortgage for you. In this instance, the seller also serves as your lender. You would make monthly mortgage installments to this vendor instead of a lump-sum complete payment for his or her house. Furthermore, a seller may contribute to your closing expenses using the profits from the sale of their house. It is highly advisable to have your own qualified Real Estate agent negotiate this for you, as it may be the difference between a sale and not.

4. You may be able to create a cash-down payment without actually going into debt.

   You may be able to create a big tax refund for yourself by borrowing money for certain investments up to a specific threshold, which you may use as a down payment. While the money borrowed for these investments is technically a loan, the monthly payment might be low, and the money invested in both the property and the investment will ultimately be yours. Many 401K plans enable employees to borrow money only for the purpose of buying a property without incurring any penalties. Check with your company’s HR representative to determine whether such a program is available.

5. You can buy a home even if you have problems with your credit rating.

   Many lending organizations may consider you for a mortgage if you can come up with more than the minimum down payment or can secure the loan with other equity. A seller take-back mortgage, on the other hand, may be able to assist you in this case. Several programs have emerged in recent years to allow credit-challenged house purchasers to acquire a property while rebuilding their credit. It is quite beneficial to find a knowledgeable mortgage specialist who is familiar with such schemes.

6. You can, and should, get preapproved for a home loan before you go looking for a home.

   Preapproval is simple to get and may provide you with total peace of mind when looking for a house. Mortgage professionals can get you a written preapproval at no cost and with no commitment for you, and it can all be done over the phone. A formal preapproval is equivalent to money in the bank and is more than simply a verbal approval from your lending institution. It comprises completing a credit application and receiving a certificate that guarantees you a mortgage up to a certain amount when you discover the property you want.

Dealing with a mortgage specialist is a good idea. Using their services can be the difference between getting a mortgage and remaining a tenant for the rest of your life. In most cases, there is no charge and no need to ask.

There are a number of critical aspects that you should be aware of as a renter. Why would you continue to waste thousands of dollars on rent when you could spend a few minutes with your agent discussing your personal needs so that you may stop renting and start owning?

You have nothing to lose by having this talk. Of course, you shouldn’t feel forced to buy a property just because you’re reading this. Consider how prepared and calm you’ll feel when you’re ready to take this critical step if you take the time to investigate your alternatives and learn about the various methods you may afford to purchase a home.