Rent or Own

Most people who rent can afford to buy their own home. So what is stopping them?

Many people believe that owning a home requires a large down payment. Others are convinced they wouldn't qualify for a mortgage, and that the payment would be more than they could afford.

Additionally, just about everyone is overwhelmed by the process of buying a home. and believes it would be much easier to just keep paying rent.

Here are a few facts that may help in your decision

Fact: The average mortgage payment costs about the same, sometimes less, as the average rent payment. For example, if you are paying $850 per month in rent, you could be making mortgage payments on your own $105,000 - $110,000 home.

Fact: Right now, there are over many different types of home loans available and some with surprisingly low or even Zero Down Payment.

Fact: There are special government programs available in the real estate market that help first-time home buyers come up with a down payment.

Fact: Many sellers are willing to pay all or part of your closing costs when you purchase a home.

Fact: The majority of renters surveyed said the biggest reason they don't even check to see if they can buy a home is that they are afraid of pushy salesmen, or feeling obligated to buy when they are not ready.

How do I stay in control, and figure out how much home I qualify for?

We always counsel prospective clients to talk to a real estate lender and get pre-qualified before they step a foot out the door to look for homes. There are so many things this accomplishes.

For one you are in control at this point. You know what you can afford, and what kind of real estate loans you can get. You also know if you need the seller to pay closing costs and can use this in your bargaining.

Secondly, you can screen real estate lenders. If you have one who says," We don't do zero down home loans," you possibly want to try another. We have found the aggressive lenders have national contracts to keep up on new loans for people.

Finally, if there are credit problems, you have time to get them off your record. A good lender will help you do this. If you wait until after you have found a home you love, you may lose it if you have credit issues that could have easily been handled before the transaction.

How do I start or find the best lender?

We offer a free, no-obligation pre-approval interview. Call today for fast and friendly information.

Presented by Shea Realty
Email: homes@shearealty.com

(858) 485-5100