Stop Paying Rent
When buying your first home, there are six little-known facts that can help you:
- You can buy a home with less down payment than you think: There are government programs, including first-time buyer programs, that can assist you in entering the housing market. Even if your spouse has owned a home before, you may still qualify as a first-time buyer. Work with a knowledgeable real estate agent who can guide you through these options.
- Your lender may help with down payment and closing costs: If you have no debt and own an asset, such as a car, free and clear, your lending institution may be willing to lend you the down payment by securing it against the asset.
- A seller may help you with financing: Some sellers may be open to holding a second mortgage for you, acting as your lending institution. Instead of paying the full amount upfront, you make monthly mortgage installments to the seller.
- You can create a cash down payment without going into debt: By borrowing money for specific investments, you may be able to generate a tax refund that can be used as a down payment. The borrowed money for investments can be paid off gradually, and in the end, both the home and investment will be yours.
- You can buy a home with credit rating problems: If you can provide a higher down payment or secure the loan with other equity, many lending institutions may consider you for a mortgage. A seller take-back mortgage could also be an option in this situation.
- Get pre-approved for a home loan before house hunting: Pre-approval provides peace of mind and can be easily obtained from a mortgage expert over the phone at no cost or obligation. Written pre-approval, which includes a completed credit application and a certificate, guarantees a mortgage to the specified level when you find the home you want. Work with a mortgage specialist for a smooth process.
Remember, enlisting the services of a mortgage professional specializing in mortgages can be crucial in obtaining a mortgage and escaping the renter’s cycle.
