California Mortgage Planning
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Should you Rent or Buy?
Many renters think they can't afford to buy a home. They could be wrong.
In the previous real estate market, homes for sale had buyers bidding above asking price. First-Time home buyers were continually pushed out of those bidding wars because they didn't have sufficient downpayment (or any, in some cases) and couldn't take afford the risk associated with waiving property inspections and repair requirements.
The market has changed to a Buyers' Market.
What does that mean to you? Prices have dropped and sellers are offering incentives to buyers. Seller incentives can be used to lower your interest rate (and payment) and cover some or all of your loan costs.
The first reason is because they lack a downpayment. The good news is that $0 downpayment loans are still available ..... and not just for first-time home buyers.
The second reason that renters don't pursue home ownership is the belief that they cannot afford the increased monthly payment.
The tax advantages of home ownership mean you can legally take money you would normally pay toward income taxes and apply it to your monthly house payment.
Here is the best news. You don't have to wait for a tax refund to get that money!
Upon purchasing your new home, you can provide your employer with a revised W-4 Withholding form and immediately receive more net income per month. The IRS has a W-4 Withholding Calculator on the internet to help you calculate your new Withholdings after purchasing a home.
If you feel that "home" is more than a place to hang your coat, now may be the time to become a home owner.
The most important step is to prepare a realistic monthly budget BEFORE getting caught up in the excitment of purchasing a home.
In the previous real estate market, homes for sale had buyers bidding above asking price. First-Time home buyers were continually pushed out of those bidding wars because they didn't have sufficient downpayment (or any, in some cases) and couldn't take afford the risk associated with waiving property inspections and repair requirements.
The market has changed to a Buyers' Market.
What does that mean to you? Prices have dropped and sellers are offering incentives to buyers. Seller incentives can be used to lower your interest rate (and payment) and cover some or all of your loan costs.
The first reason is because they lack a downpayment. The good news is that $0 downpayment loans are still available ..... and not just for first-time home buyers.
The second reason that renters don't pursue home ownership is the belief that they cannot afford the increased monthly payment.
The tax advantages of home ownership mean you can legally take money you would normally pay toward income taxes and apply it to your monthly house payment.
Here is the best news. You don't have to wait for a tax refund to get that money!
Upon purchasing your new home, you can provide your employer with a revised W-4 Withholding form and immediately receive more net income per month. The IRS has a W-4 Withholding Calculator on the internet to help you calculate your new Withholdings after purchasing a home.
If you feel that "home" is more than a place to hang your coat, now may be the time to become a home owner.
The most important step is to prepare a realistic monthly budget BEFORE getting caught up in the excitment of purchasing a home.