Stop Renting: 6 Strategies to Becoming a Homeowner
Don’t Pay Another Cent in Rent to Your Landlord Before You Read
This FREE Special Report on How to Stop Renting
“If you’re like most renters, you feel trapped within the walls of a house or apartment that doesn’t feel like yours.” Keep reading for strategies to Stop Renting!
It’s a dream we all have – to own our own home and stop renting. 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 may 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 to help you get over the hump, and stop renting and become a 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
Stop Renting and Buy Your First Home
Affording the monthly rent isn’t the problem most renters face. Renters already are meeting their monthly obligation every 30 days. The problem is accumulating enough capital to make a down payment for 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 – LESS DOWN
One 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.
If your spouse has owned a home before, you can qualify as a first-time buyer as long as your name was not on the deed.
Ensure your real estate agent is informed and knowledgeable in this important area and can offer programs to help you with your options.
#2 – LENDER HELP
You may be able to get your lender to help you with your down payment and closing costs
Let’s say you don’t have enough cash money saved 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 – SELLER HELP
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 their home, you would pay monthly mortgage installments.
#4 – CASH DOWN
You may be able to create a cash down payment without actually going into debt
You may be able to generate a significant tax refund for yourself that you can use as a down payment by borrowing money for certain investments to a specified level,
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 – CREDIT PROBLEMS
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 – APPROVAL BEFORE LOOKING
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 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 mortgage, and being stuck in the renter’s rut forever. Typically there is no cost or obligation to enquire.
We hope you enjoyed these awesome strategies to Stop Paying Rent! Keep reading below for buyer resources or to contact a YHSGR Agent.
Real Estate Agents Will Help You Stop Paying Rent and Buy a Home
When you choose to work with Your Home Sold Guaranteed Realty of Florida we will give you free home buyer resources and guarantees to help you feel confident with your first home purchase.
Give one of our expert real estate agents or call us at 888-449-9474 or complete the form below for more information.