Don't Pay Another Cent in Rent To Your Landlord!
"if you're like most renters, you feel trapped within the walls of a house of apartment that doesn't feel like yours"
It's a dream we all have to own our own home and stop paying rent. But if you're like most renters, you feel trapped within the walls of a house or apartment that doesn't feel like yours. How could it when you're not even permitted to bang in a nail or two without a hassle. You feel like you're stuck in the renter's rut with no way of rising up out of it and owning your own home.
Don't Feel Trapped Anymore
It doesn't matter how long you've been renting, or how insurmountable your financial situation may seem. The truth is, there are some little known facts that can help you get over the hump, and transfer your status from renter to homeowner. With this information, you will begin to see how you really can:
• save for a down payment
• stop lining your landlord's pockets, and
• stop wasting thousands of dollars on rent.
6 Little Known Facts That Can Help You Buy Your First Home
The problem that most renters face isn't your ability to meet a monthly payment. Goodness knows that you must meet this monthly obligation every 30 days already. The problem is accumulating enough capital to make a down payment on something more permanent.
1. You can buy a home with much less down than you think
There are some local or federal government programs (such as 1st time buyer programs) to help people get into the housing market. You can qualify as a first time buyer even if your spouse has owned a home before as long as your name was not registered. Ensure your real estate agent is informed and knowledgeable in this important area and can offer programs to help you with your options.
2. You may be able to get your lender to help you with your down payment and closing costs
Even if you do not have enough cash for a downpayment, if you are debt-free, and own an asset free and clear (such as a car for example), your lending institution may be able to lend you the downpayment for your home by securing it against this asset.
3. You may be able to find a seller to help you buy and finance your home
Some sellers may be willing to hold a second mortgage for you as a 'seller take-back'. In this case, the seller becomes your lending institution. Instead of paying this seller a lump-sum full amount for his or her home, you would pay monthly mortgage installments.
4. You may be able to create a cash down payment without actually going into debt
By borrowing money for certain investments to a specified level, you may be able to generate a significant tax refund for yourself that you can use as a downpayment. While the money borrowed for these investments is technically a loan, the monthly amount paid can be small, and the money invested in both home and investment will be yours in the end.
5. You can buy a home even if you have problems with your credit rating
If you can come up with more than the minimum down-payment, or can secure the loan with other equity, many lending institutions will consider you for a mortgage. Alternatively, a seller take-back mortgage could also help you in this situation.
6. You can, and should, get pre-approved for a home loan before you go looking for a home
Pre-approval is easy, and can give you complete peace-of-mind when shopping for your home. Mortgage experts can obtain written pre-approval for you at no cost and no obligation, and it can all be done quite easily over-the-phone. More than just a verbal approval from your lending institution, a written preapproval is as good as money in the bank. It entails a completed credit application, and a certificate which guarantees you a mortgage to the specified level when you find the home you're looking for. Consider dealing only with a professional who specializes in mortgages. Enlisting their services can make the difference between obtaining a mortgage, and being stuck in the renter's rut forever. Typically there is no cost or obligation to enquire.
Tips On Selecting a Contractor For Home Improvement
Home repairs can cost thousands of dollars and are the subject of frequent complaints. Here is a list of things to consider when selecting a contractor:
1. Get recommendations and references. Talk to friends, family and other people for whom the contractor has done similar work.
2. Get at least three written estimates from contractors who have come to your home to evaluate what needs to be done. Be sure the estimates are based on the same work so that you can make
meaningful comparisons.
3. Make sure the contractor meets licensing and registration requirements with your local consumer agency. Some areas require licensees to pass tests for competency and scrutinize licensees for financial solvency. They may also have a fund to cover some financial losses that result from problems with licensed contractors.
4. Check to see if local laws limit the amount by which the final bill can exceed the estimate, unless you have approved the increase.
5. Check contractor complaint records with the Better Business Bureau or similar agency.
6. Get the names of suppliers and ask if the contractor makes timely payments.
7. Contact your local building inspection department to check for permit and inspection requirements. Be wary if the contractor asks you to get the permit. It could mean the firm is not licensed.
8. Be sure your contractor has the required personal liability, property damage and worker's
compensation insurance for his/her workers and subcontractors. Also check with your insurance
company to find out if you are covered for any injury or damage that might occur.
9. Insist on a complete written contract. Know exactly what work will be done, the quality of materials that will be used, warranties, timetables, the names of any subcontractors, the total price of the job, and the schedule of payments.
10. Try to limit your down payment. Local law may specify that only a certain percentage of the total cost may be made as a down payment.
11. Understand your payment options. Compare the cost of getting your own loan versus contractor financing.
12. Don't make final payment or sign an affidavit of final release until you are satisfied with the work and know that subcontractors and suppliers have been paid. Local lien laws may allow unpaid subcontractors and/or unpaid suppliers to attach your home.
13. Pay by credit card when you can. This may allow you the right to withhold payment to the credit card company until problems are corrected.
14. Be especially cautious if the contractor:
• comes door-to-door or seeks you out;
• just happens to have material left over from a recent job;
• tells you your job will be a "demonstration";
• offers you discounts for finding other customers; quotes a price that's out of line with other estimates; • pressures you for an immediate decision;
• offers exceptionally long guarantees;
• can only be reached by leaving messages with an answering service;
• drives an unmarked van or has out-of-area plates on his/her vehicles; or
• asks you to pay for the entire job up front
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