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 feel like home when you're not sure if if the landlord is thinking of selling. The team at Dione Irwin wants to help you go from renting to owning, so we've put together a list of 6 facts. Airdrie we know it's time to go from renting to buying in 2021!
Stop feeling like it's not your "home"
It doesn't matter how long you've been renting, or how your current financial situation is. The truth is, the Dione Irwin team here in Airdrie know a thing or two about going from renting to owning. We want to share them with you so that you can feel confident giving our team a call if you're ready to become a home owner. After you read we kmow you will feel inspired to:
- save for a down payment
- stop sending e-transfers to a landlord &
- start building up the home you have been thinking about here in Airdrie Alberta
6 Facts That Can Help You Buy Your First Home in Airdrie
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.
But saving for this lump sum doesn't have to be as difficult as you might think. Consider the following 6 important points:
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 down payment, 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 down payment 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 down payment. 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. We work with some amazing mortgage experts that have helped so many amazing women and men qualify! A written pre-approval 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. Text our team if you want to have a conversation with a mortgage broker!
Airdrie - we know you're tired of renting and with the way the world today, NOW is the time to buy your home. Please make sure to reach out to us and start the conversation.
Find Dione on Instagram HERE and send a message saying "I don't want to rent anymore!".