The
following is a guest post. This post
does not necessarily reflect the views of Suzanne and David E. McClendon, Sr.
or Manian Debil Productions.
4 Ways to Escape the Rental Trap
New Home Buyers Have More Options Than They Realize
New Home Buyers Have More Options Than They Realize
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They decided to pass on making a purchase earlier in their lives
for reasons ranging from unstable job security to high mortgage rates. Whether
justified or not, Geoff and Kristi kept making excuses for not pulling the
trigger on a new-home purchase. They had no idea of the opportunity they were
missing to start building their personal wealth through home ownership.
As time moved on and their family grew, they knew they finally
needed to make that move to build some equity and have something to show for
the money they were dishing out just to keep a roof over their heads.
“A lot of people have been misinformed, resulting in becoming
content to live as renters,” says Joe Puthur, President of Mortgage Coach (www.mortgagecoach.com). “Families have been missing out on opportunities because of
lack of knowledge. With today’s mortgage options, people can achieve affordable
home ownership wherever they want to live.”
Puthur offers first-time home owners the following insight to
help find the right mortgage:
· The best mortgage option is not always about
rate. Many loans come
with advantages such as working in the cost of planned renovations – like
adding a bathroom or modernizing a kitchen – into your loan. When shopping for
a loan, do not just look at the rate as the bottom line; find out what types of
perks different loans offer.
· Your occupation might get you a better
mortgage. Lenders
have programs with discounted closing rates available for teachers, doctors,
firefighters, police officers and those who are self-employed. Make sure you
ask your lender if there are programs like this available for your profession.
· Veterans: Make the most of government incentives. VA
loans are available to veterans of the U.S. military, current service members
or former military spouses who are not remarried. The advantages of a VA loan
when compared to traditional loans include: No down-payment for qualified
buyers, easier qualification process, better interest rates and no requirements
to purchase Private Mortgage Insurance. A VA loan isn’t controlled by Veteran’s
Affairs, only guaranteed by the VA, meaning those qualified for the loans have
a number of options when it comes to lending institutions. Every veteran can
and should own a home.
· Consider your home as the most important
investment you’ll ever make. Every month that you make a mortgage payment you are building
equity, which is the portion of the property that you actually own, versus what
you still owe. As time goes on, your equity goes up and you can leverage the
value to provide college funding, access financial support for unexpected
emergencies, or even to purchase an investment property. Your equity also
provides retirement security. And as a long-term investment, homes generally
appreciate in value, providing a profit when you decide to sell.
A mortgage is not a typical loan, it is a financial instrument
enabling wealth creation and access to affordable home ownership. Interest
rates on a quality mortgage continue to be below 5% regardless of program.
Considering this time in 1997 rates were often over 9%, this is one of
the most favorable times in history to buy a home, an opportunity no one should
miss.
“It is not complicated to escape the rental trap, own the
perfect home and start building equity toward a better future,” Puthur says.
“Homebuyers just need a trusted mortgage professional who can help them make an
effective, informed and confident decision. After all, the perfect home is not
only where they will make memories, it is a key contributor for growing their
family’s wealth and financial security over time.”
About Joe Puthur
Mortgage Coach President Joe Puthur has been a technology leader
throughout the last 15
Puthur was the founder and former CEO of Lasso Technologies, a
start-up that pioneered bringing Loan Origination Software online. In 2005,
Ellie Mae acquired Lasso Technologies to create Encompass Anywhere, the largest
SaaS offered LOS. Puthur has been selected multiple times among the “40 Most
Influential Leaders in the Mortgage Industry Under 40” by Mortgage
Professional magazine.
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