Stop Wasting Money on Rent

Stop Paying Rent! With interest rates at an all time record low, outstanding prices, and excellent housing selection ----NOW is the time to purchase a home and stop throwing thousands of dollars away on rent to pay your Landlord's mortgage! Home-Ownership is a dream that we all have to own our home and stop paying rent. Like most renters, you are feeling confined and trapped within your apartment or duplex because you are not permitted to paint, make improvements, or even bang a nail in the wall without a big hassle.

No matter how long you have been renting a home, or how burdensome your current financial situation may seem, there are little known facts that can help you move from renting to owning your own home in no time! Likely your problem is NOT you ability to meet your monthly payment, because you have been obligated to this over the course of all the years you have been renting. The problem may be saving enough for your down-payment to purchase your first home. These 6 little known facts can help you save for and purchase your first home:

Purchase a Home with Little or No Money Down
There are local and federal government first time home buyer loan programs that allow you to purchase your home with little to no money down to help you get into the market of purchasing that first home. You can likely qualify for these programs even if your spouse has owned a home before as long as your name is not associated with that particular loan.

Seller-Assisted Closing Costs
If you do not have enough money saved for a down-payment and closing costs, your Real Estate Agent can help you negotiate Seller assisted closing costs within your offer to purchase so that the closing cost are paid for by the Seller and not you.

Seller Financing
Often there are Sellers in the market that have enough equity in their home that they are able to offer Seller financing such as a land contract, rent to own, or a Seller take-back. Instead of paying the Seller a lump-sum at time of closing, you make the Seller monthly payments based on the terms of the agreement.

Borrowed Funds
Many first time home buyer programs in the market today allow for borrowed or gifted funds. If you have a family member that is inclined to borrow or gift you funds as the down-payment for a home, this is allowed in a number of local and federal government based loans.

Poor Credit Rating
Perhaps you can come up with the required down-payment, however you have a poor credit rating. Many local lending institutions will offer "in-house" financing to provide an adjustable rate mortgage to help you purchase the home and fix your credit rating over the course of several years. At the end of the term, with your credit rating adjusted upwards, this affords you the opportunity to refinance into a 10, 20, or 30 year fixed rate conventional mortgage.

Pre-Approval
You absolutely should get pre-approved for a mortgage prior to shopping for a home to give you peace-of-mind when you begin the hunt for your new home. Mortgage Lenders can provide you a written pre-approval at no cost and no obligation, and this can often be done right over the phone. This pre-approval entails a completed loan application and credit check to ensure that you are able to obtain a mortgage. This will also help you in your negotiations with a Seller so that they feel confident in your offer!

There are many important issues involved in purchasing a home, but why on earth would you continue to rent if you qualify to purchase a home?By taking time to explore your options, and learn about ways to purchase a new home, you are investing into your future!



Article Source: http://EzineArticles.com/8007294
Tina Hare
Tina Hare
Sales Executive