Stop paying rent!

It’s a dream we all have - to own our own home 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 not even permitted to bang in 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.

The problem that most renters face isn’t your 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 down payment for your own home or there might be some credit issues.

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 down payment.

You can buy a home with much less than you think and you may be able to qualify with as little as a 5% down payment.

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, many private lenders will consider you for a mortgage.

You can, and should, get pre-approved for a mortgage before you go looking for a home. Pre-approval is easy, and can give you peace of mind when shopping for your home. More than just a verbal pre-qualification from your bank, a pre-approval entails a completed credit application and documentation review. Enlisting the services of a mortgage broker can make the difference between obtaining a mortgage, and being stuck in the renter’s rut forever. There is no cost or obligation to enquire.

There are many important issues you should be aware of that affect you as a renter. Why on earth would you continue to lose thousands by throwing it away on rent when with your mortgage broker you could take a few minutes to discuss your specific needs so that you can stop renting and start owning? This conversation costs you nothing, but by taking the time to explore your options and learning about the ways you can afford to buy a home, think how prepared and relaxed you’ll be when you are ready to take this important step.

For a no obligation review of how you might stop renting and own your own home, please call me at 250-826-3543 or email to [email protected] 

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.