4 Reasons A Mortgage Isn’t As Scary As It Sounds

Even once you are well into the home buying game, the word mortgage can be a frightening one. You wonder what it really holds for you and your home buying experience. But it is not nearly as frightening as it sounds. A mortgage is actually a great opportunity for you to get into the house of your dreams. And if you think that a mortgage is impossible for you because of financial barriers, think again! You have options.

1) No More 20% Down On A Mortgage

There is no need to fear that large amount that 20% down would be. There are mortgage programs that have as little as 3-4% down with a credit score of 580! It is easy to back off from the idea entirely when you see 20% but don’t stop exploring your options!Visa-Mastercard mortgage

2) You Don’t Need A Perfect Record

While we’re on the subject of credit, you’d be happy to know that mark on you credit report doesn’t necessarily kill your chances of getting a home loan. A foreclosure or bankruptcy can stay on your credit report for up to seven to 10 years, and it’ll take time to rebuild your credit score after a major ding. However, you don’t have to wait until a negative item falls off your credit report to qualify for a mortgage. It is possible to qualify for a mortgage three years after a foreclosure, and two to four years after a bankruptcy. Even if you’re in the process of rebuilding your credit score, the lender will qualify you based on your credit activity over the past 12 months.

3) You Can Get Help With Closing Costs

Mortgage lenders offer a variety of programs to help buyers qualify for a home loan. Some borrowers worry about the upfront costs of getting a mortgage, and many assume they don’t have enough in reserves to purchase a property. But while getting a mortgage involves down payments and closing costs, assistance is available to help you realize your goal of ownership.

4) There Are Programs To Helphqdefault mortgage

Keep your options open by working with a program to find the best choice for your specific situation. Where are you getting all of your mortgage information resources? There are wonderful sites to help you navigate the mortgage market for you and help you get into your new home!

 

Everything You Need To Know About Rent-To-Own Homes in the U.S.

Rent-to-own homes are a new and wonderful innovation in the real estate industry. Often Rent-To-Own homes in the U.S. are wonderful for people who normally may not get approved for a normal home loan. Buying a home through a rent-to-own agreement has become more popular in the aftermath of the 2008 financial meltdown. More people have been looking at creative solutions to buying a home. Find out if Rent-To-Own in America is the right option for you.

Time Frame For Rent-To-Own in the United States

  • The initial lease spans usually from a year to three years, giving you plenty of time to make a safe and well educated decision on your future home purchase.
  • Usually only one person can make the decision to purchase the home during the agreed lease period.

Trust A Professionalimages rent-to-own

  • As with all real estate, its important to make sure that all of the information that you are receiving about your new home, as well as the mortgage, insurance, etc. is clear and well defined. You don’t want to make a mistake that could affect you future in your new American home negatively. So make sure to trust the people that definitely know what they are doing.

Keep Detailed Records

  • As with any financial transaction, its important to keep a detailed and specific paper trail. This will be helpful in your final purchase or showing the bank that you have made on time and consistent contributions to your rent or down payment.

Rent-To-Own Prices

  • The price that you initially agree upon with the owner of the home is locked in after signing the lease agreement for the time that you are renting.
  • For example, the house could be rented by its owner for a standard rent of $1,750. But when negotiating the rent-to-own contract, you and the homeowner can agree that you will pay $2,000 a month, with $250 as your home buying credit. At the end of a three-year lease, you’ll have $9,000 set aside. That money is returned to you at the time of settlement and can be used for your money deposit, down payment or closing costs.

Now that you have the information the information, think purely about the benefits that renting-to-download (3) rent-to-ownown could bring you!

  • Its easy to qualify. The seller dictates the qualifications, making it much easier for most people to qualify.
  • You can immediately occupy the home. After paying the lease fee, the buyer is free to move into the home without the normal home buying hoops to jump through.
  • You get to try  the home before purchasing. You have time (often years) between when you move in and when you purchase the home in the United States, making you more comfortable with the decision.
  • No property taxes. Until you have fully purchased the home, it is the seller’s responsibility to pay the property taxes.

With all of these benefits, it makes a lot of sense that the rent-to-own market has exploded in recent years. DON’T LET THIS DEAL PASS YOU BY. LOOK AT YOUR OPTIONS AND TAKE ADVANTAGE BY SIGNING UP WITH YOUR NAME, U.S. PHONE NUMBER AND EMAIL.