{"id":13985,"date":"2020-09-09T01:14:44","date_gmt":"2020-09-09T07:14:44","guid":{"rendered":"https:\/\/woodriverweekly.com\/?p=13985"},"modified":"2020-09-09T01:14:44","modified_gmt":"2020-09-09T07:14:44","slug":"its-worth-digging-a-little-deeper","status":"publish","type":"post","link":"https:\/\/woodriverweekly.com\/index.php\/2020\/09\/09\/its-worth-digging-a-little-deeper\/","title":{"rendered":"It\u2019s Worth Digging A Little Deeper\u00a0"},"content":{"rendered":"
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Shot of a family of four cooking together in their kitchen at home<\/figcaption><\/figure>\n

There are hundreds of thousands of people who believe, for one reason or another, they cannot currently afford to buy a home.\u00a0Some people\u00a0may not for any number of reasons, but it would be very surprising to know how many can buy a home but have gotten some bad information along the way.\u00a0It\u2019s worth digging a little deeper to find out the facts.<\/p>\n

John and Karen have been renting a home for the last five years at $2,000 a month.\u00a0During that time, the value of the home they were renting went up by $30,000 while the unpaid balance decreased by $18,400.\u00a0Even though they were fortunate the rent remained constant over the five years, they missed out on close to $50,000 of equity that the owner realized instead of them.<\/p>\n

Another thing to consider with today\u2019s low interest rates is that it is quite common for a mortgage payment to be lower than a tenant is paying in rent for a similar property.\u00a0So, in this example, John and Karen paid more to rent than a house payment would have been\u00a0and\u00a0missed out on the equity buildup that occurred due to appreciation and amortization.<\/p>\n

The simple fact is that when tenants like John and Karen pay their rent, the landlord is the beneficiary of the rent received as well as the equity earned.\u00a0Over time, the rent paid by John and Karen and other tenants will pay for the landlord\u2019s rental.\u00a0It a great concept and a good investment.<\/p>\n

True, not everyone can afford a home.\u00a0A buyer needs money for a down payment and closing costs.\u00a0They also need to have income and good credit to qualify for the mortgage.\u00a0Some of these may seem insurmountable, but instead of imagining that buying a home is not in the cards at the current time, talking to a real estate professional is a better route to take.<\/p>\n

There are lots of low-down-payment mortgages available, including 100 percent financing for qualified veterans and USDA-eligible buyers.\u00a0It is sometimes more difficult to find sellers willing to pay all or part of a buyer\u2019s closing costs when inventory is low, but lenders do allow it.\u00a0It is a matter of finding the willing seller.<\/p>\n

The source of the down payment could be a gift from a family member as long as there is no repayment expected.\u00a0It\u2019s amazing how many parents or grandparents might be willing to help a relative get into a home.\u00a0Funds for a down payment may be available as loans or withdrawals from qualified retirement programs like IRAs or 401k plans.\u00a0It\u2019s worth investigating based on what retirement programs you have.<\/p>\n

Good credit is necessary to qualify for a loan but buyers should not assume that theirs is not adequate.\u00a0A trusted mortgage professional can assess a situation and may be able to suggest some things that will not only raise the score enough to be approved but, possibly, even raise the score enough to qualify for a better interest rate.<\/p>\n

There are a lot of misunderstandings about whether a person can or cannot qualify for a home at this time.\u00a0Instead of relying on secondhand information or something that might be floating around on the Internet, spend some time with a real estate professional who can give you the facts, assess your situation and, if necessary, point you in the right direction to get help from a trusted mortgage professional.\u00a0Call to schedule an appointment where we\u2019ll help you dig deeper to determine whether you can buy a home now.<\/p>\n

Download our\u00a0Buyers Guide\u00a0to give you more information.<\/p>\n","protected":false},"excerpt":{"rendered":"

There are hundreds of thousands of people who believe, for one reason or another, they cannot currently afford to buy a home.\u00a0Some people\u00a0may not for any number of reasons, but it would be very surprising to know how many can buy a home but have gotten some bad information along the way.\u00a0It\u2019s worth digging a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","_pvb_checkbox_block_on_post":false,"footnotes":""},"categories":[64,38],"tags":[],"class_list":["post-13985","post","type-post","status-publish","format-standard","category-better-homeowners-news","category-sponsored"],"_links":{"self":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/13985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/comments?post=13985"}],"version-history":[{"count":0,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/13985\/revisions"}],"wp:attachment":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/media?parent=13985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/categories?post=13985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/tags?post=13985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}