November 27, 2017
Is buying a home in one of New Jersey’s top suburbs off your To Do list because you’ve convinced yourself you just can’t afford it? Here are 3 myths that may be stopping you and the facts that can help you put those rental fees behind you and start building toward your own future financial wealth.
The fact is, that rental fee you are paying every month actually covers all those costs you think you can’t afford on your own home!
- If there is a mortgage on the property, your rent is paying for that…BUT you aren’t realizing the equity increase that comes with those payments.
- The maintenance fees you think the Landlord is covering? A portion of the rent you pay goes toward those unexpected repairs and the regular upkeep every property requires!
Study after study shows that the benefits of owning outweigh the costs of renting by 38% to as much as 66%!
While there certainly are some situations where the need to move quickly without the responsibility of selling a home is preferred, for most people, avoiding ownership has more to do with myths than facts.
MYTH #1 –“I can’t afford the down payment”
THE FACT IS: the variety of loans available offer packages starting at 0% down!
MYTH #2 – “My credit score isn’t high enough to qualify for a mortgage loan”
THE FACT IS: lenders work with different types of investors who have many different requirements. Don’t assume you won’t qualify; check with several lenders to find the right loan for your circumstance.
MYTH #3 – “I need thousands of dollars for closing costs”
THE FACT IS: see the facts from myth #2 and talk with your real estate agent. While there are costs involved with owning a home, being prepared and saving toward them will help you achieve your goal.
Owning a home is your first major step toward building a strong financial foundation for your future. This is a proven fact, so don’t let the myths of home ownership keep you from following through on your desire to own your home.
Consult with your local market expert and get all the facts you need, along with preferred lenders who can outline a budget scenario and your purchasing power.