Stop Renting! It's Time to Purchase Your Own Home!

Imagine.....wouldn't it be nice to walk into your very own home every evening?


Well there's no better time to consider taking the plunge than NOW. With the enormous cost of rent you may even SAVE MONEY by owning your own place. Wouldn't it be nice to have your hard earned money work for you rather than it paying someone else's mortgage every month? If you agree with this statement then keep reading and learn how it's possible.

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:

  • Come up with a down payment
  • Stop lining your landlord’s pockets, and
  • Stop wasting thousands of dollars on rent.

The problem that most renters face isn't your ability to meet a monthly payment. Goodness knows you must meet this monthly obligation every 30 days already. The problem is accumulating enough capital to make a down payment on something more permanent.

You can buy a home with much less down than you think. There are some local and federal government programs (such as 1st time buyer programs) to help people get into the housing market. Some loan programs allow for $0 dollars down or a minimum of 3.5% . 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. Ensure your real estate agent and mortgage lender  is informed and knowledgeable in this important area and can offer programs to help you with your options.

You may be able to get the seller to help you with your down payment and closing costs. These are referred to as seller concessions and many seller's are willing to give them if only asked. The concessions, or seller assistance, will be added into your loan amount, but it gives you upfront money needed for getting the loan.

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. 

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 or online.  More than just a verbal approval from your lending institution, a written preapproval is as good as money in the bank.  It entails a completed credit application, and a certificate which states you qualify for a mortgage to the specified level when you find the home you're looking for.

Interest rates are currently low, but will be going up in 2015 according to the Federal Reserve. So now is the time to buy. Any increase in the interest rate means a higher monthly payment and will cost you more money over the life of the mortgage,

There are many important issues you should be aware of that affect you as a renter.  Why continue to lose thousands by throwing it away on rent when you can possibly stop renting and start owning? 

Start the process today. Hook up with a knowledgeable Realtor that can walk you through the process of determining if owning a home is right for you. A Realtor can be a  mega resource of all things home related. The right one will even be able to direct you to the lender and program that will work for you and your situation. This conversation costs you nothing.  And, of course, you shouldn't feel obligated to buy a home at any the time. 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 important step.

Posted by:

Jaymie Denny

Licensed Real Estate Salesperson

Coldwell Banker Prime Properties

Direct: (518)610-5428


Jaymie Denny

Jaymie Denny

Licensed Real Estate Salesperson
Contact Me