Start putting your hard earned money into property and build your wealth.
Wouldn’t it be so wonderful to stop paying rent and just own your own home? For most people who are renting however, most of them feel like they’re living in a place that doesn’t feel like their own. Even with jazzing up a place with your own style you never know what the future holds with renting. Will the rent go up, will the property be sold from underneath you, you have to ask permission to do anything and well the list goes on. It really is understandable that you may feel like you’re stuck with no future of owning a home of your own too with well what opinion’s you have been given or maybe what has happened in the past when you have spoken to the bank or maybe you have just jumped to your own conclusion for yourself.
There’s No Need to Feel Trapped Regardless of the time you’ve been stuck paying rent, or the bleak financial status you think you’re in, there are some essential things that can push you forward to becoming a homeowner yourself. With these easy facts, you’re sure to know the process so you can accumulate cash for a down payment and start building your future wealth.
6 Secrets That Can Help You Purchase Your First Home
The major problem for a renter is not the inability to meet the monthly payment every month (clearly this is an obligation that must be met whether you own or rent). The real issue is accumulating enough money on top of your monthly payments to generate a sufficient down payment.
Saving for this big amount doesn’t have to be that hard. Here are 6 important things that you can think about:
1. You don’t need a massive down payment to purchase a home
First-Time buyer there are plenty of resources out there to help you plan for home ownership and how to get into the market, we have access to many of these resources that can help you get into your own home sooner than you think.
2. Your Lender Might Be Able To Give You a Hand!
If you are debt free and own a reliable asset (such as a car, boat, or recreational property), your lending institution may be able to fasten a down payment for you. They will do this by securing the down payment against your asset. There are many lending products on the market that open up many options for you to get into your own home so ask the questions and ask a few different opinions not just one, a mortgage broker can really help with this as they have access to many different lending products on the market
3. It Is Possible That a Seller Can Help You Purchase and Finance Your New Home
Your seller can become your lending institution if they are willing to hold a second mortgage for you as a seller take-back. In this case, monthly mortgage instalments are made rather than a lump sum for his/her home, this is also called vendor finance and is another option to consider however we strongly recommend in any of the opinions given here that you seek independent legal and financial advice before doing anything.
4. Accumulating a Cash Down Payment Doesn’t Mean Going Into Debt.
A significant tax refund may be generated that can be used as a down payment by borrowing money for certain investments. Even though the money borrowed is technically considered a loan, the monthly payment can be small and any cash invested in your home and investments will ultimately be yours.
5. It Is Always a Good Idea to Obtain Pre-Approval For a Home Loan Before Looking For a Home.
It’s easy to get the pre-approval you need, and it can make you feel more comfortable when you’re already looking for a home. Having a written pre-approval from your lending institution is as good as money in the bank. All that is required is a completed credit application, and a certificate which guarantees you a mortgage of an approved amount when you find a home. Using the services offered by mortgage professionals may mean the difference between obtaining a mortgage and being held in the “renters rut” forever.
Before anything else, beware of some essential factors that will affect you as a renter. Start putting your hard earned money into property and build your wealth. Get started by talking one of our agents who can help you identify your specific needs to begin the home owning process. By taking the time to explore your options, you will be prepared and educated when you are finally ready to make this exciting step.