Archive for December 17, 2009

Renting compared to Owning a home

December 17, 2009 Leave a comment

The two don’t really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing.

Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that’s an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.

Let me show you how to own your dream home.  If you can afford your rental fees, then you can own a home.  With all the new tax credits for first time home buyers and mortgage programs offered, you may qualify to buy your dream home.  Give me a call today and I can show you several options available to first time home buyers.  Start the New Year off right with your keys to your new home.


What is the difference between Pre-qualifying and Pre-approval?

December 17, 2009 Leave a comment

Pre-qualification is an informal way to see how much you maybe able to borrow. You can be ‘pre-qualified’ over the phone with no paperwork by telling a lender your income, your long-term debts, and how large a down payment you can afford. Without any obligation, this helps you arrive at a ballpark figure of the amount you may have available to spend on a house.

Pre-approval is a lender’s actual commitment to lend to you. The lender will need your financial records and will order a report on your credit history. Pre-approval gives you a definite idea of what you can afford and shows sellers that you are serious about buying.