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First of all, why is buying much better than renting? (Clicking on a link will open a new window) 1) Many times renting can actually be more expensive than buying. People rent out their homes for more than their mortgage payments so they can make a profit. With the right program you can buy and pay much less. 2) All of your rent money is out the window. In a years time if you have a mortgage payment of $800, you could have a interest tax deduction of $9,000. Now, no matter what tax bracket you are in, that is a nice deduction. 3) Your rental home does not gain you any appreciation (Increase in value). Even in a slower market times most properties increase by 5%. So a $150,000 house would be worth over $173,000 in just 3 years. Even if you just stayed 1 year you would gain $7,500 in profit vs. nothing by renting. 4) When you own you can do anythying you want to the home ... paint it pink if you want. When renting you would have to ask permission, if the owner would allow anything to be done at all. 5) If your credit is not perfect, the biggest way to increase your credit scores is to have a mortgage on your credit report. Paying rent does not show on your credit, so even if you pay perfect it will not have a positive effect on your credit scores. There are more reason to buy vs. renting, but they are too long to list. Ok, so what is keeping you from buying your own home? 1) Your credit score? Did you know that your credit can be repaired? It can! Lexington Law Firm - visit and Ovation Law Firm - visit are 2 of the top agencies in repair and restoring your credit into great standing. If you do not have a copy of your credit report, you should. This way you know where you stand (Even if you rent people pull your credit). This will help you fix any errors, your and your landlord/mortgage professional can be on the same page when discussing your credit, and you can work with professional to help raise your scores. If you do not have a recent credit report you can get one visit for free and it includes all three credit agencies. 2) You do not have a down payment? This can be solved with free grant money! Grantnow.com visit charges $34.95 BUT they guarantee $25,000 or your money back. Grant Search Master visit has no guarantees,but only charges $1.97 shipping. And also has accounts of people getting much larger sums of money. 3) Do you have a mortgage professional to discuss your loan options with? You can. LendingTree visit is one of the nations largest and most respected mortgage company for home buying application. If you choose to use grant money be sure and include that money into your downpayment when asked. 4) So now you are down to why you probably got here. You need to find a home. Even if you are still planning on renting instead of buying a new home realtors can help you find what you want. They have access to properties that you cannot find on your own. They have the ability to negotiate prices, downpayments, seller/renter concessions, and more. GuidetoRealty visit and HomeGain visit are two of the best represented companies out there. Remember either renting or buying having a realtor is a great asset to finding the exact home or rental that you are looking for. Best of luck on your search, and hopefully congratulations on your new home! Still looking for rental homes? Try searching here HERE Looking for a Loan? These companies specialize in purchase loans, and can accept grant money as down payment! Get APPROVED Today! | |||
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