Benefits of Buying a Home versus Renting
Buying a home versus renting a home has many advantages. As a homeowner, you do not need permission from the landlord if you want to paint a room, change appliances, retile your floors, get a new pet, remodel your kitchen, remodel your bathroom, wallpaper a room, plant a vegetable garden, and adding a room mate. Another benefit of buying a home versus renting is that you have home security where you do not have to worry about every year whether or not your landlord will offer to renew your lease. A landlord can opt not to renew your lease and ask you to move out.
Chicago Mortgage Solutions: Should You Rent or Buy?
Many renters fear the idea of buying a new home. Many renters feel do not understand the home buying process and believe that they need a substantial amount of money down and great credit scores. This article is geared towards renters. Are you a renter in Illinois or Florida? (I can personally help you in both states!)
Did you know that sometimes your monthly mortgage payments can be less than your monthly rental payments? Did you realize that you only need a 3.5% down payment on a new home purchase? Did you realize that closing costs can be covered by a seller’s concession or a lender’s credit? Did you realize that you can have poor credit scores and still qualify to purchase a home? Did you realize that you can still purchase a home even with a prior bankruptcy? Did you know that you can buy a new home even with a prior foreclosure? Did you know that you can still qualify for a home mortgage loan with open collections? As long as you have a steady monthly income, you can qualify for a mortgage loan in Illinois or Florida. I specialize in helping first time home buyers get a home mortgage loan in Illinois or Florida. If you are an Illinois renter or Florida renter, please read on.
Chicago Mortgage Solutions: Why not Rent?
Most landlords require a security deposit. Some landlords want a two or three month security deposit. This security deposit can go towards the down payment of your new home. I have one client who is currently paying $1,250 per month for rent. I qualified him for a $140,000 mortgage loan. Since he is a veteran, he qualifies for a VA mortgage loan. He does not have the best credit scores and he does have open collections and high debt to income ratios. I just qualified him for a $140,000 VA mortgage loan and he has a purchase contract for a $140,000 single family home. This client will get 100% financing due to his VA status and the only fee he needs to pay is the appraisal fee of $450.00. All of his closing costs is covered via seller’s concessions and by lender’s credit including his VA funding fee. The best part of this deal is that his new mortgage payment which includes insurance and taxes will be $1,050 per month. On this particular case, it is a win win situation where this client benefits in buying a home versus renting.
Another plus with my client is that the $140,000 home he is purchasing used to be appraised for $240,000 three years ago. This client purchase this home at a very good price and the chances of appreciation is tremendous.
If you are interested in buying a home versus renting in Florida or Illinois, please contact me at www.gustancho.com.