How you could gain $39,000 vs. spending $120,000 in the next 5 years!

By
Mortgage and Lending with Fairway Independent Mortgage NMLS #196099
https://activerain.com/droplet/4KhM

You have heard it all - now is the time to buy, rates are low, the cost of waiting, etc. The biggest reason I agree with buying now versus later is simply because you are ready to buy a home!

Over the next five years a renter paying $2,000 per month will have paid $120,000 towards housing assuming the landlord DOES NOT raise the rent.  That same $2,000 if used to pay a mortgage of $300,000 can gain or save you $39,509 even with the cost of maintenance, taxes, and cost to sell.  The numbers assume a modest 2% appreciation rate over five years and does not take include your tax savings, which is an added bonus of owning the home you live in.

 

Yeah, but Markita what if the home does not appreciate?  This could happen but since you will be paying down the mortgage every month, even a break even scenario where you are able to save on your biggest cost in America-TAXES- is still a huge WIN versus renting.

Seven years ago we went through the worst housing collapse in history, but those who were not afraid to buy a home during and shortly after this time have benefited tremendously, with double digit equity appreciation.

Yeah but, Markita I don't have money for a down payment...that's okay we may have a solution for that too, the Gold Star Grant Program allows qualified buyers to receive up to five percent of the loan amount to pay for down payment and closing costs when using an FHA Loan. And unlike the state program the funds do not have to be paid back. And you do not have to be a first time buyer to access these funds.

Here is an illustration of the numbers with your own cash for down payment versus using a grant for down payment . This chart assumes a FHA Loan on Sales price of $300,000 which equates to roughly the $2,000 per month in rent we mentioned above.

FHA versus Grant

Stop renting and do like the rich.... buy low and sell high while leveraging others people money.  You work hard for your money, so now let your money work hard for you by investing in homeownership.

Schedule a time to chat with me at www.meetme.so/MarkitaWoods or email mwoods@goldstsarfnancial.com subject Ready to Buy and let's put together your specific scenario.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Virginia Prince William County Woodbridge
Groups:
VIRGINIA
Responsible Mortgage Lenders
Women And Their Business Hear The Roar
Tags:
zero down home loans
buying a home in woodbridge
first time buyer programs in virginia
first time buyer loans in virginia

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
97,699
Patty Blackwelder
Twins Selling Real Estate - Lorton, VA
Top Producing Realtor-New Home Buyer Specialist

Excellent post Markita  and so timely. I just met someone who I referred to you yesterday who is renting for $2100.00 a month. They are paying a mortgage just not theirs.

Oct 19, 2015 04:22 AM #1
Rainer
354,328
DEANNA EARLY - - ( NMLS # 268590 )
American National Bank & Trust - Smith Mountain Lake, VA
Highest Ranked Mortgage Loan Originator Virginia

Home owners also get savings on other things like auto insurance.   And interest rates are at the bottom.

Hey D.C.,   GO SEE Markita Woods NMLS#196099 NOW !

Oct 20, 2015 04:12 AM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
144,599

Markita Woods NMLS#196099

Queen of Mortgages - FHA, VA, Conventional, USDA
Ask me a question
*
*
*
*
Spam prevention

Additional Information