Expenses to be expected

It’s a dream we all have to own our own home and not pay rent. If you are like most renters, you feel trapped within the walls of a home that you do not own. You’re stuck and you don’t see how you can buy your own home.

Don’t feel trapped anymore…

It doesn’t matter how long you’ve been renting or how difficult your financial situation seems. The truth is, there is some little known information that could help you bridge the gap, change your status from renter to owner. With this information you will learn how to :

• Save for your down payment
• Stop enriching your landlord
• Stop wasting thousands of dollars on rent.

6 little known facts that can help you buy your first home.

The problem most renters face is certainly not their ability to afford a monthly payment. Everyone knows that you have to meet that obligation every first of the month. Rather, the problem is accumulating enough capital to make the initial deposit on a property that will stay with you.

Saving this initial amount is not as difficult as you might think if you take note of the following six points.

1. You can buy a home with a lot less cash than you think.There are local or national programs (such as the Homeownership Access Program) to help people get into the housing market. You can even qualify as a first-time homebuyer even if your spouse has had a home previously, as long as your name has not been registered as a co-owner. Make sure your agent is knowledgeable and skilled in homeownership programs to show you all the options.
2. You may be able to get help from your financial institution with your down payment and acquisition costs.Even if you don’t have the amount of the down payment, if you have no debt and have net assets (e.g., a paid-off car) your financial institution may be able to loan you the down payment by taking that asset as collateral.
3. You may be able to find a good broker willing to help.Some sellers might give a second mortgage. In this case, the seller more or less becomes the lending institution. Instead of paying him cash for his home, you pay him monthly payments.
4. You could create cash for yourself without actually going into debt.By borrowing money to invest in RRSPs up to the desired amount, you could take advantage of a tax return that you use as cash. It is true that the money borrowed in this way can technically be considered a personal loan, but the monthly payment could still be minimal. Thus, the money invested in both the house and the RRSP is yours.
5. You can buy a home even if you have credit problems.If you can’t raise the minimum cash or secure a loan because you don’t have equity, lending institutions will still receive your mortgage application.
6. You should be pre-qualified for a mortgage before you begin your search.This is easily done and gives you peace of mind when it comes to shopping for a home. Mortgage brokers can get you approved in writing with no cost or obligation. It can even be done easily over the phone. Much better than a verbal approval, a written pre-qualification is like having money in your bank account. You get a certificate that guarantees your mortgage level; very useful when you finally find the house you’ve been looking for.Consider using a professional who specializes in mortgages. Using their services can mean the difference between getting a mortgage or being stuck with your landlord forever. There is usually no charge to obtain the information. Why on earth would you continue to throw away thousands of dollars on rent when you could take a few minutes with your agent to discuss your specific needs so that you no longer rent but own your home. This conversation will cost you nothing. And of course, you shouldn’t feel pressured to buy a home as you read this, but by taking the time to explore different choices, to discover ways to acquire a home, imagine how seasoned and relaxed you’ll be when you make this important decision.

Looking to buy a home?

Let me help you find exactly what you are looking for: