How Can I Afford a Home Loan?
Whether you are thinking about getting away from that less-than-wonderful rental or you just feel that it is time to start thinking about the future, buying a house can be a great solution. However, few things in life are scarier than the idea of a mortgage. After all, this is an obligation that you CANNOT ignore! While it may be a little frightening to sign those papers, consider the following details, and you may find out that you CAN afford a home loan.
- Buying is Often Cheaper than Renting – According to real estate website Trulia, buying with a traditional 30-year mortgage is 37.7% cheaper than renting—in the 100 largest markets in the U.S.
- There ARE No or Low Down Payment Options – Don’t let putting together a down payment keep you from buying. Today, many lending options can get you in a home for 5% down or LESS!
- Even Those with Less-than-Perfect Credit Can Save – If you are worried that poor credit means your interest rate will ruin any benefits, don’t. Even with an average or higher than average interest rate, you will still benefit from lower monthly payments. Also, you can always refinance later if your credit improves.
- You’re investing in Your Future – It can be hard to save every month or put money aside for the future. However, if you are paying down on a home, it creates equity to tap into later if you have an emergency or need to renovate. What’s better than that?
- The Market is Popping – Now is a great time to buy! Interest rates are affordable, and house prices are still reasonable. Making a move towards homeownership today just makes sense.
While buying a home isn’t the right choice for everyone, it is a possibility for nearly anyone. If you would like to learn more about the benefits of home ownership or speak to an expert about what it takes to get into a mortgage, reach out to us at Liberty Financial today!