HOW TO STOP PAYING RENT AND OWN YOUR OWN HOME

Don't pay another cent in rent to your landlord!

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.

Well, 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:
- save for a downpayment
- stop lining your landlord's pockets, and
- stop wasting thousands of dollars on rent.


6 LITTLE KNOWN FACTS THAT CAN HELP YOU BUY YOUR FIRST HOME

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 downpayment on something more permanent.

But saving for this lump sum doesn't have to be as difficult as
you might think.  Consider the following 6 important points:

1. You can buy a home with much less down than you think.
There are some local or federal government programs (such as 1st
time buyer programs) to help people get into the housing market.
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 is informed and knowledgeable in
this important area and can offer programs to help you with your
options.

2. You may be able to get your lender to help you with your down
payment and closing costs.
Even if you do not have enough cash for a down-payment, if you
are debt-free, and own an asset free and clear (such as a car,
for example), your lending institution may be able to lend you
the down-payment for your home by securing it against this asset.

3. You may be able to find a seller to help you buy and finance
your home.
Some sellers may be willing to hold a second mortgage for you as
a "seller take-back."  In this case, the seller becomes your
lending institution.  Instead of paying this seller a lump-sum
full amount for his or her home, you would pay monthly mortgage
installments.

4. You may be able to create a cash down payment without actually
going into debt.
By borrowing money for certain investments to a specified level,
you may be able to generate a significant tax refund for yourself
that you can use as a down-payment.  While the money borrowed for
these investments is technically a loan, the monthly amount paid
can be small, and the money invested in both home and investment
will be yours in the end.

5. 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.  Alternatively, a seller
take-back mortgage could also help you in this situation.

6. 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.  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 guarantees you a mortgage to
the specified level when you find the home you're looking for.

Consider dealing only with a professional who specializes in
mortgages.  Enlisting their services can make the difference
between obtaining a mortgage, and being stuck in the renter's rut
forever. Typically there is no cost or obligation to enquire.


To sum up, 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 agent
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.   And, of course, you
shouldn't have to feel obligated to buy a home at the time you
review this.  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. Want more information? Contact Cookie Cohen today at http://www.cookiecohen.com