YOU SHOULD BE A HOMEOWNER!

By
Mortgage and Lending with Equity Plus, Inc.

There are many reasons to become a homeowner. The financial benefits alone are worth it! The tax breaks for homeowners are great. That in itself is enough. As of 2007, you can deduct PMI(private mortgage insurance) on your taxes. What an awesome deal. When you rent, you might as well just go out the front door and throw your money to the wind.

Another great thing about being a homeowner is the fact that you can change colors, add rooms, have pets, etc., without consulting other people. You have your own castle, no matter how small it may be. You can add on rooms, use the equity for whatever you want. It's a great investment, comparing the risks across the board of investment options. Home appreciation, over time, is steady. You have ups and downs over short periods, like anything else. Overall, it is an excellent choice. Besides, you have to have somewhere to live, might as well pay a payment every month that is going to make you money.

A lot of people are scared of homeownership. They don't think they can qualify for a mortgage. They think it is cheaper to rent(not anymore), and they don't realize the benefits. These days, you can qualify for a mortgage with no money down, not perfect credit scores, and past credit problems. Fannie Mae and Freddie Mac are two programs mortgage professionals use to "qualify" you for a loan. All of your information is entered, including income, debt, finances, time at residence, etc. Then, Fannie Mae or Freddie Mac gives us an eligible and a level or a not eligible. This is the first step in determining your mortgage status. If you don't qualify, there are sub prime lenders, that have less stringent guidelines.

There are mortgage programs geared specifically for "first responders", emergency personnel, and those in the education profession. There are loan programs that allow your down payment to be gifted from a family member. There are also loan programs for people with a lot of kids and lower income who are living with family. There are so many options out there, it doesn't make any sense NOT to be a homeowner.

Please feel free to contact me with any questions you may have or if I can help you in any way.

Thanks,

Amanda

Comments (3)

Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Why rent when you can own!  It's the American Dream right.

 

Patricia aulson/Lic NH/ME/MA   www.patricia4realestate.com 

Jun 11, 2007 11:32 AM
Dominick Gaccino
Dominick gaccino - Peekskill, NY

I just had someone ask me this exact question

 

he works for morgan stanley

 

makes a great salary

 

he lives in a great apartment and pays $2700 a month rent...yes RENT

 

its just him and wife and they are looking at homes in westchester NY for around 600k

 

i said with what you are pustting down you are looking at a mtg payment of around $3600 a month(this was before recent rate increases of 6-7-07)

 

he said why do i want to pay an extra $1000 a month? why do i want to own a house?

 

now is that the question you want to ask your mtg broker?

 

i answered best i could.......i said i bought a house because i was starting a family, i wanted something of my own that i would have equity in if need be. I wanted alot of room and land. I wanted a write off.......

 

bottom line was i told him these are questions you need to answer and everyone is diff

 

for example i know friends who dont want the responsibility of home ownership.................everyone is diff

 

I told realtor he was working with......boy does she have a load on her hands with this guy.......lol

 

DOMINICK GACCINO

First Suffolk Mortgage Corp

Jun 14, 2007 07:12 PM
Amanda Bowser
Equity Plus, Inc. - Smyrna, DE
Mortgage Officer Equity Plus, Inc

Dominick,

Some people just don't get it! Tell him homeowners have a credit score that averages 100 pts. higher than renters, all other things the same. Tell him about that tax refund at the end of the year. Tell him that something like 96% of millionaires in America are homeowners. Good Luck! Sometimes it's like talking to a brick wall.

Amanda

Jun 14, 2007 11:34 PM