Don't Rent ~ BUY!
Sherri Wellborn
http://www.SherriWellborn.com
Business location: tennessee
450 Saint Andrews Drive, Murfreesboro, TN 37128
Phone: 615-566-3789615-895-8000
Fax: 615-904-9738
Don't Rent ~ BUY!
One thing we know about rent is...it is always going to go up! So many couples find themselves in the "rent trap" and never seem to break the cycle and purchase a home of their own. Buying a home can be a stressful decision and many times first time home buyer may feel that they are not in a position financial to consider buying their own home. But, for most people, buying instead of renting is the best financial decision they can make!
While we know that rent is going to increase each year, fixed rated mortgages do not! If you elect to purchase your home on a typical 30 year fixed rate mortgage, you have locked in your monthyly payment for the life of the loan, or for as long as you live in that home. Just imagine guaranteeing that you will never have another rent increase! The new adjustable mortgages offered today often have lifetime caps on the mortgage rate too. So even those these mortgages can adjust up, at least you are guaranteed the amount in which they can adjust and the time frame in which the increases will occur. You have control over, and knowledge of, your monthly payments!
There are so many different programs availalble for first time home buyers. Many even offer grants for the downpayment, or assistance with closing costs. THDA offers various programs for first time home buyers. Many of these programs will often given the homebuyer the money for the downpayment in exchange for the homebuyer attending a few homeowner classes. A small price to pay for up to $5,000 in downpayment assistance!
Many couples find that with the right lender and finance program, they are able to buy a larger and nicer home for the same monthly investment than they would have if they been able to live in if they were renting. In addition to living in a nicer environment, your monthly payments are secured! I encourage all individuals currently renting to seek the advice of a knowledgeable Realtor and Loan Officer with experience in working with first time home buyers. The payoff and be very rewarding for everyone involved!