How to Stop Paying Rent and Own Your Own Home
Don't Pay Another Cent in Rent to Your Landlord...
It's a dream we all have - to own our ownhome 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 when you're nmot 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 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 that can help you get over the hump, and transfer your status from renter to homeowner. With this information, you will begin to see how you really can:
- save for a downpayment
- stop lining your landlord's pockets and
- stop wasting thousands of dollars on rent
This conversation costs you nothing. And, of course, you shouldn't have to feel obligated to buy a home at the time you review this. But by taking the time to explore your options, and learn about the ways you can afford to buy a home, think how prepared and relaxed you'll be when you are ready to make this imporant step.
6 Little Known Facts That Can Help You Buy Your First HomeThe problem that most renters face isn't their 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 downpayment 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:
You can buy a home with much less down than you think.There are some government programs (such as the first time buyer programs) to help people get into the housing market. You can qualify as a first time home buyer even if your spouse has owned a home before as long as your name was not registered.
You may be able to get your lender to help you with your down-payment and 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.
You may be able to create a cash down-payment without actually going into debt.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 his or her home, you would pay monthly mortgage installments.
Consider dealing only with a professional who specializes in mortages. 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.