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Blair Lavagna, REALTOR® Renting Vs. Buying A Home |
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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 know facts that can help you get over the hump and transfer your status from renter to homeowner. 5 Facts That Can Help You Buy Your First Home 1. You can buy a home with much less down than you think. There are some local and federal 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. Inform your real estate agent if you qualify for one of these programs. 2. You may be able to get your lender to help you with your down payment or 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. 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 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 payments. 4. You can buy a home even if you have problems with your credit rating. If you 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, or a no-qualifying assumable mortgage on an existing home. 5. You can, and should, get preapproved for a home loan before you go looking for a home. Preapproval is easy and can give you complete peace-of-mind when shopping for your home. Mortgage experts can obtain written preapproval 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 preapproval is as good as money in the bank. 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.
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