The thousands of dollars in rent you’ve already paid to your landlord may be a staggering figure, one you don’t even want to think about. Buying a house just isn’t possible for you right now and it isn’t in your financial cards for the foreseeable future. Or is it?
The situation is common and widespread: countless people feel trapped in home rental, pouring thousands of dollars into a place that will never be their own, yet they think they’re unable to produce a down payment for a home in order to escape this rental cycle. However, putting the buying process into motion isn’t nearly as impossible as it may seem. No matter how dire you believe your financial situation to be, there are several little-known facts that may be key to helping you step from a renter’s rut to home-owning paradise!
Initially, of course, the most daunting factor involved in buying a house is the down payment. You know you’ll be able to handle the monthly payments you’ve done this for years as a renter. The hurdle, instead, seems to be accumulating the capital needed to put money down. However, this hurdle may be smaller than you think. Take a look at the following points and explore whether any of these scenarios may be possible for you:
1. Find a lender to assist you with your down payment and closing costs.
2. Buy a home even if your credit isn’t top-notch.
3. Find a seller to assist you in buying and financing the home.
4. Buy a home with much less down than you’d think.
5. Create a cash down payment without going into debt.
So, you know there are options out there. The next step is to educate yourself on what your own personal possibilities might be, and how to follow through with the means to achieve these goals. Keep in mind, that you can get pre-approved for a mortgage before you begin searching for a home.
In fact, you should get pre-approved, the process is free and doesn’t place you under any obligation. You can be pre-approved over the phone. Or, take the next step and complete a credit application. Once a credit application is submitted, you’ll receive a written pre-approval, which will guarantee you a mortgage to a specified level. When you have a concrete price range, you’ll know where to begin looking. Make a commitment to yourself to break out of the renting rut.
Call us at 403.478.3258 to help you with this steps and connect you with the right mortgage broker.