How to go from renter to homeowner

Transitioning from being a renter to a homebuyer could be an intimidating thing, especially for first time homebuyers in Chino Hills, CA. Many believe that they cannot meet monthly payments for a new home, when in actuality the most common problem is not being able to afford the initial down payment.

Regardless of the amount of time you’ve been renting, or how insurmountable your financial situation may seem, saving thousands of dollars on rent is attainable when considering these 6 points:

1.     You can purchase a home with much less than you think. With the assistance of local or federal government programs, such as 1st time buyer programs, you can get into the housing market. If you are a first time buyer looking for homes in Chino Hills, CA, click this link for more information.

2.     Even if you don’t have enough money for the down payment, your lending institution may be able to lend you the amount you need to make the down payment, if you are debt free, by securing it against this asset.

3.     Some sellers may be willing to hold a second mortgage for you as a “seller-take-back,” helping you to buy and finance your home. So instead of paying this seller a lump-sum full amount for his or her home, you would pay monthly mortgage installments.

4.     Being able to put down a cash down payment without actually going into debt is possible. Borrowing money for certain investments to a specified level may help generate a significant tax refund for yourself that you can use as a down payment. While the money borrowed for these investments is technically a loan, the monthly amount paid can be small and the money invested in both home and investment will be yours in the end.

5.     Even with a poor credit store, if you can come up with more than the minimum down payment, or can secure the loan with other equity, many lending institutions will consider you for a mortgage.

6.     Getting preapproval for a home loan before looking for a home is easy and gives you a peace of mind when shopping for your home. Mortgage experts can obtain written preapproval for you at no cost and no obligation over the phone with a written preapproval.

The dream of finally becoming a homeowner can become a reality. For first time homebuyers in Chino Hills and surrounding areas, contact Erika Shinzato a top real estate agent, with best ranked realtor reviews, selling homes in Chino Hills and surrounding areas at (714) 485-3998.