Why Put money In Your Landlord’s Pocket When Homeownership Is Within Reach?

Homeownership is in reach now more than ever, especially for first time homebuyers. Interest rates are extremely low and most people can purchase a home and have a monthly payment similar to a rent payment. As an added bonus, interest, property taxes and mortgage insurance are all tax deductible. Plus, you are your own landlord. There are no leases to sign so you can stay as long as you please!

Don’t know where to begin? First, find a trusted realtor to guide through the process. The realtor will discuss with you your financials and once your down payment is discussed, the realtor will refer you to a lender. Many first time homebuyers think they have 20% to put down on a new home. In reality an FHA loan only requires 3.5% down and on a $120,000 home, that’s about $4200.

At this time, your lender will then run a prequalification, which includes credit check and running debt to income ratios. This will determine what you can qualify for and most importantly what you can comfortably afford.

Now the fun can begin! Once a realistic budget is established, it’s time to look at homes. Your realtor will help you find a home that suits your budget and needs!

Nothing beats the pride of having a home to call your own. With interest rates at a record low, there is no better time for first time buyers to explore purchasing a home so contact a realtor today!!!

Brian Salem

Brian grew up in the Dayton, OH area and moved to Cleveland after graduating from Bowling Green State University in 2001. From his first visit to Cleveland he fell in love with the area and decided to settle in Lakewood. Brian feels there are so many great things Northeast Ohio has to offer, from Lake Erie and the many activities on and around its shores, to the downtown area with the theater, Gateway and warehouse districts, to the exciting sports teams. People in Cleveland are friendly and welcoming, and love to show off their city to newcomers. He is excited to be a part of it. Brian's career is focused on helping individuals and families in the Cleveland area reach their dreams of owning a home. Since earning his license, he has helped over 700 clients buy or sell their home. He also volunteers with different community groups and organizations, such as the Lakewood Chamber of Commerce and Rotary, to help improve the quality of life and develop programs for residents in the community. In his spare time Brian likes to read and is active in many different sports leagues.

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Volume 8, Issue 7, Posted 9:57 PM, 04.03.2012