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Buying Your First Home – How Can Renters Afford to Buy a Home?
Do you rent a home? Have you been renting for a long time, and wishing that you could afford to buy a home of your own? Buying your first home is possible.
There are some advantages to renting. When something goes wrong, you can call your landlord; you don’t have to repair the problem yourself. You don’t have to worry about dealing with taxes or homeowners insurance.
On the other hand, every renter knows that there are disadvantages to renting, as well. You have to get the landlord’s permission to paint or decorate or make any changes to the home. You never know when the rent might go up.
The biggest disadvantage, of course, is the fact that you pay rent month after month, but you never get any closer to owning the home. That is money that you give away, and never gain any equity in the home or have any prospective of resale value or return on your investment.
Many people continue to rent because they think that they can’t afford to buy. You may be pleasantly surprised to learn, though, that you may be able to purchase your own home and make the same monthly housing payments that you are currently making for rent.
Mortgage interest rates are quite low right now, and this is a great time and opportunity for you to take the step toward owning your own home. Within a few years, you could be settled in your home and have gained substantial equity in it instead of giving your hard-earned money to a landlord.
If you have been to a bank and tried to apply for a mortgage, you may think that you can’t afford to buy a home or can’t get approved for a mortgage loan. This isn’t necessarily true.
The truth is, each bank only offers a limited selection of mortgage products. That makes it harder to get a mortgage loan when you apply at a bank. If you use a mortgage broker, however, you have access to more than 50 mortgage lenders. These mortgage products come from a variety of reputable lenders, including banks.
A mortgage broker will help you to find the mortgage product that best fits your needs and your budget so that you can make owning a home a reality.
A mortgage broker will walk you through the home buying process. If you have always rented, you probably don’t know all the steps that are involved in buying a home.
This is where your mortgage broker comes in. They will help you out every step of the way. Before you even consult with a real estate agent or start looking at houses, see a mortgage broker first.
The mortgage broker will help you to determine what the best mortgage product is for you. From there, you can determine what price range of houses you should be looking at in order to stay in your desired monthly housing payment range.
This will give you the information that you need so that you can get in touch with a real estate agent and start looking at houses that may be right for you.
Buying Your First Home with a Mortgage Broker
If you are renting and would like to buy your own home, contact the Mortgage Ladies at 905-789-8198. We give you many better options than you could ever get from a bank.
We can help you choose from more than 50 lenders to find the product and option to make home ownership a possibility. Give Mortgage Ladies a call today and start your journey toward owning your home.