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.
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 that 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:
❶ You can buy a home with muchless 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.
❷ You may be able to get yourlender 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 downpayment
for your home by securing it
against this asset.
❸ You may be able to find a seller tohelp 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.
❹ You may be able to create a cashdown 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 downpayment.
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.
"If you're like most renters, you feel trapped within the walls of a house or
apartment that doesn't feel like yours ."
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.
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