The recent KCM article “Don’t Get Caught in the ‘Renter’s Trap’ might surprise hopeful home buyers. http://www.keepingcurrentmatters.com/2014/08/27/dont-get-caught-in-the-renters-trap/ Written by The KCM Crew on August 27, 2014
“If you are currently renting you could get caught up in a cycle where increasing rents continue to make it impossible for you to save for a necessary down payment. ZillowChief Economist Dr. Stan Humphries explains:
“The affordability of for-sale homes remains strong, which is encouraging for those buyers that can save for a down payment and capitalize on low mortgage interest rates… As rents keep rising, along with interest rates and home values, saving for a down payment and attaining homeownership becomes that much more difficult for millions of current renters.”
Don’t miss out on buying now because you think you aren’t qualified for a home loan.
Find a good local Lender and start yourself on the road to getting pre-qualified for a home loan.
The above blog lays it out pretty clearly.
I like to help spread the truth that there are more loan options for hopeful home buyers and it starts with finding a good local lender to take the first step and ask the question, “Am I qualified?”.
And some who aren’t qualified immediately could in the near future so a private money loan could be the option to get you out of a rental now, improve your credit or loan qualification situation, and then refinance in the near future. You’d be surprised how many don’t realize how cost effective it really is – in the long run.
Lynn Tardibuono is Co-Owner/Hard Money Loan Originator & Realtor® of Sun Pacific Mortgage and Real Estate, family owned and run since 1988 in Northern CA. P.S. We love referrals!www.sunpacmortgage.com. BRE license #01464899/NMLS #360993