Most people who rent can actually afford to buy their own home. So what is stopping them?
A lot of people believe that owning a home requires a big down payment which is difficult to save while paying all their regular monthly bills. Others are convinced they wouldn’t qualify for a mortgage, and that the payment would be too much anyway.
Here are a few facts that may help in your decision:
FACT: The average mortgage payment costs about the same, often less, as the average rent payment. For example if you are paying $850 per month in rent, you could be making mortgage payments on your own $85,000 – $90,000 home. That would probably buy you a lot more space (and privacy!) than you have right now.
FACT: Many sellers are willing to pay all or part of your closing costs when you purchase a home.
FACT: The majority of renters surveyed said the biggest reason they don’t even check to see if they can buy a home is that they are afraid of pushy salesmen, or feeling obligated to buy when they are not ready.
How do you stay in control, and figure out how much home you qualify for?
I always counsel people to talk to a real estate lender and get pre-qualified before they step a foot out the door to look for homes. There are so many things this accomplishes.
© 2017 Houston Association of Realtors All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program. Real estate listings held by brokerage firms other than Results Realty are marked with the BR logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-05-25.
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