Renter to homeowner can be easy trip
You’re renting a home now but for a number of good reasons you want a home of your own so you can have it the way you want. In this economy, your dream could easily become reality. With a good credit history, you might not be far away from that home of your own.
If you’re tired of hearing about home mortgage rates now being the lowest in nearly a half a century, and you want that home, better listen up. These rates may or may not drop a tiny bit more, but it wouldn’t really mean too much. Six percent and five percent figures are not that far apart. Both would be outstanding rates and they won’t last forever.
We are fortunate enough to live in a time when there are numerous types of mortgages and loans that have been designed to work for different kinds of buyers depending on their financial situation. Some of the mortgages even come with a grant for the down payment. This may work for renters who have not been able to save money for their down payment on a house of their own. If your credit is good, you can purchase just about any home that is reasonable for your situation; a home that you like and have the ability to pay for. No mystery here. If you are a veteran, you can purchase a home with zero down payment. That’s not as good as a grant, but darn near.
If you’re serious, make a plan. How much is the current rent you are paying? If you can handle that amount, it will give you an idea of your housing needs. How’s your credit? If you’re not as proud of it as you would like to be, get to work on getting it fixed. Check with a local mortgage company to determine how much financing your situation can handle.
Another very positive action is to attend one of the Spokane Homeowners Resource Center (SHORC) classes. They are free. And, they are always filled to capacity by people getting straight answers about purchasing real estate. The SHORC is responsible for more than 600 homes that have been purchased by folks attending the classes. And, you cannot beat the free price. Classes are one-day and are taught by experts in various fields and can lead to a successful real estate experience. Because of the number of folks wanting the classes, you have to register for a date that fits your schedule.
If interested, SHORC’s phone number is 343-7472.
To continue your education, take a look at Open Houses that are scheduled on weekends. The list is in The Spokesman-Review’s Real Estate section. Going through Open Houses that have appeal is one of the best ways to know the current market conditions. Like SHORC, touring Open Houses is FREE and you can learn a lot.
The refreshing part of this is that you will know exactly where you are in the home buying situation and that makes it easier to get where you want to go.