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7 TIPS ON HOW TO STOP PAYING RENT &

OWN YOUR OWN HOME!!!

Would you like to own a home you have always wanted?  Without the cash that you thought you needed? 

 If your answer is YES, I can show you how!

In fact, this is ABSOLUTELY the BEST time in history to buy a home for yourself and your family.

 

Why should you buy now? 

 Think about it!  You are paying your landlord from $15,000 to $24,000 dollars per year in rent.  Instead, you could be putting your money into a home, building equity and best of all, Uncle Sam gives you substantial tax breaks for being a homeowner.  House prices have never been more affordable than they are right now and interest rates are at 30 year lows!!!

 

But, we know that there are some roadblocks to homeownership, too!

  • Not enough cash for a down payment or no cash
  • Not being able to get approved for a mortgage loan
  • Not being able to find a home within your budget
  • Not having a high enough credit score

Please read the next few pages and I’ll show you how to get past some of these roadblocks. 

You need to know your options

 With the confusion about the types of mortgages, interest rate options, discount points, closing costs and down payment amounts, you need to rely on someone who SPECIALIZES in mortgage lending—not the advice of well-meaning friends and family.

Don’t let this happen to you…

 Betsy and Andrew were just plain tired of paying rent and having nothing to show for it but canceled rent checks. 

 On the way to the grocery store, Andrew saw an open house sign, with a bunch of balloons tied to it, lots of cars in the driveway - and decided to take a peek.  

 It was perfect for them.  He made an appointment with the real estate agent for him and Betsy to go back the very next day! 

 They made an offer.  It was accepted!  They told all of their friends.

 They wanted to buy that home but…they were worried that they would not get approved for the loan. 

 They had just bought a new car.  One of their credit cards was at its limit.  Betsy had just started another job about 6 months ago.  Oh, and where were they going to find the money for the down payment. 

 Would they get approved for a mortgage??

 

The secret is getting approved for a mortgage by knowing how much house you can buy, even before buying it!

 That’s where being pre-approved fits in. Being Pre- Approved is a huge benefit for you because the real secret is knowing your options and what questions to ask.  This is just a partial list of things you need to know about ahead of time.  And, the right knowledge is essential to making sure you get approved the first time around.  Here is a list of some of the questions you will have answered:

  • How to buy a home with little or No Money Down financing
  • How to be pre-approved for a mortgage ahead of time
  • Understanding that all banks and mortgage companies are not alike
  • How your income will be used to figure the payment you can afford
  • How to negotiate with the seller to pay your closing costs
  • How to get pre-approved—even with past credit problems
  • How to take advantage of credit repair counselors

 

7 Things you need to know about:

 1.     How to get pre-approved for your mortgage before you buy your home – I can get you pre-approved with a 10-15 minute phone call or if you prefer, we can set up a meeting face to face. I will look at your full credit profile, your income, other debt and immediately tell you:

 

  • How much you can spend for a home
  • How much, if any money you will need down
  • How much money you will need to close, if any at all
  • If you need to consolidate your debts
  • If your credit is acceptable, if not what can be done to get it acceptable
  • What’s the best mortgage loan for you
  • How much money you are saving by owning a home instead of renting 

NOTE: This is the most important step in even considering buying a home. Realtor Estate agent typically wont even show you a home without a pre-approval. Don’t wait in putting off the most important step in achieving home ownership

 

 2.     There are different types of loan programs- I will educate on the different programs and immediately tell you if you can qualify for a NO Money Down Mortgage.

  • FHA- requires low down payment
  • Conventional-type financing requires low to moderate down
  • USDA- requires Zero Down
  • If you are a veteran—VA is the best loan for you. 

I will compare the loan programs, side-by-side, to see which one is the best for you. 

 

 3.     You might have to pay mortgage insurance – Mortgage insurance is something that’s included in your monthly payment if you don’t have at least 20 percent down payment.  All mortgage programs have some version of it, including FHA, Conventional loans, VA and USDA loans.

Mortgage Insurance is tax deductible. Has anyone told you that lately? 

  4.     How to find the cash that you need for the down payment –You might already be saving for a down payment.  But, you might already have resources that you did not really know that have always been available to you.  Sources like:

  • Income tax refund checks ( Its that time of the year)
  • Saving bonds
  • Checking & savings accounts
  • Cash value of life insurance policies
  • Gifts from your family
  • Borrowing against an auto that you own
  • 401k Savings at work ( Most renters are unaware this is even an option)
  • IRA account
  • USDA loans no money down (restrictions apply)

    5.     Consider a 25-year Fixed Rate Mortgage Instead  - Has anyone ever mentioned that you can save tens of thousands of dollars by applying for a 25-year fixed rate mortgage instead of a 30-year fixed rate one?  Even if you plan to only live in your home 5 years, you still save a couple of thousand dollars in interest—and MORE of your monthly payment goes towards paying off your principal balance. 

     6.     You may need financial counseling before you buy - If for some reason you can’t be approved for a mortgage loan today, I can show ways to help you get approved 6 months from now or maybe even sooner.  Don’t give up. I’m with you every step of the way.

     7.     How to qualify for a mortgage for someone who is self employed- I have worked with many self-employed buyers who I have successfully obtained mortgages for. 

    So, what’s in it for you? 

    There are ways for you to buy your own home and stop paying rent forever

    Call for a FREE Pre-approval. By being pre-approved ahead of time you are not RUSHED into making the wrong choice when it comes to finding a mortgage loan or buying your dream home.

    Even if you're skeptical, which is only natural, a phone call is free and so is the consultation.  The worst thing that can happen is that you might not be able to buy a home RIGHT NOW—but I can help you  find a way down the road! 

    Please give me a call as soon as you have finished reading this—with your list of questions!   

    The best thing is having the peace of mind that you can be approved for a mortgage, save yourself a lot of money and buy your first home. 

    I look forward to working with you.

     

    Regards,

    Ann Blasko    

    610-291-6415

    Sr Loan Consultant

    NMLS # 145516

    p.s. Think about it.  Do you know where you’re going to live when your lease is up?  Maybe it’s time to consider all your options.  We can start the ball rolling regardless of your financial and credit  history.  Call me today.   

     


     

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