Is now the right time to purchase a home?
If you have always rented, it can be scary to think about the prospect of purchasing a home. I have helped many first-time homebuyers and know you may require more time and education on the process. I strongly believe in home ownership to build your personal wealth. Why pay rent and help your landlord make money when you can be growing your own financial portfolio? In many cases Austin rents are exceeding the cost of a monthly mortgages so it makes better sense to buy.
Benefits to Home Ownership
- Build your wealth. Every month your payment goes towards reducing your mortgage not towards lining the pockets of your landlord.
- Freedom to customize the home as you please.
- Build friendships with your neighbors and establish a more permanent sense of community.
- Lock in your monthly payment so it will never rise. Unlike renting where your rent can go up every year, once you buy a home, your monthly payment remains the same.
- Money savings. As rents rise, your monthly payment will save you money as you won’t be paying the current market rent price.
Getting a home mortgage loan
Many first-time homebuyers mistakenly believe they must have 20% down in order to purchase. This is not correct. There are home loans as low as 3.5% down payment and even some $0 down payment options. I have great relationships with outstanding local lenders who can help educate you on the home loan process and which mortgage makes the most sense for you. There is no obligation in just talking to a lender and it gives you the necessary information such as your price range and if your credit needs some work.
Not everyone has that perfect credit score. Divorce? Bankruptcy? Medical illness? We’ve all been there and having some credit issues does not mean you can’t buy a home. You might need to get on a plan to improve your credit, but that generally does not take more than 6 – 12 months. The sooner you start, the faster you can start looking for your dream home.
Ready to learn more? Call or email and let me know. Or, submit the form below and I’ll get back to you.