Stop Paying Ulster County Rent
Renting an Ulster County house is not the same as owning your own home and it can feel like you are trapped in a never ending cycle of paying out and getting absolutely nothing in return. Asking whether or not you can hang pictures and have pets is not living and you will find that it gets you down after a while. If you already feel like this then the likelihood is that you are ready to get off the renter’s carousel. It is possible to do so no matter what your current financial situation. All you need is a few tips on how to start saving a down payment and stop wasting money on rent and you will soon find yourself in your own home.
Remaining Within Your Existing Budget
If you already pay rent then you will not have an issue making a monthly mortgage payment providing that you remain within your existing monthly budget when you get your own home. The most annoying and common issue is usually the down payment because saving enough money can seem to take forever. However, you may be surprised to find out that your down payment does not have to be as extensive as you think it does. There are several programs on offer to potential homeowners today that can help them you get on the property ladder, especially if you are a first time buyer. Ask your real estate agent for advice in this area.
Assistance with your Down Payment
If you cannot get help from any of these programs then you may actually be able to get help from your lender instead. Lenders may be able to offer assistance with down payments and closing cost if you have no debts and own an asset that can be used as security, such as a car or a business. Some lenders are more open to this than others so you may not find any help there but you might find help in the form of the seller if he or she is desperate to sell. Some sellers are acting as lenders so you can pay mortgage payments to them instead of a lender. Again, not all sellers will actually offer this but you may find it available as an option.
Other Sources for Money
In addition to being able to get help from several different areas, you may also be able to look for a down payment from various sources without heading into debt. For example, if you make investments then you may be able to get a tax refund to act as a down payment. Borrowing against investments is considered to be a loan but is often easier and less problematic than borrowing in any other form. After all, the investments and property would both belong to you in the end anyway. This is a great alternative if you have a less than pristine credit rating. If you have a down payment in excess of what is being asked of you then you may find that lenders really are willing to bypass old issues that are on your record but are not recent.
With all of the above in mind, you do have options when it comes to seeking help to get out of the renting cycle. However, above everything else, you should seek pre-approval before you actually start looking for a home. Pre-approval is a must because you know exactly how much money you have free. Having written approval also gives you the option to take your time to find the home of your dreams so it is essential if you want to get out of renting for good!
Tips for Ulster County Home Buyers
If at any time you have questions about buying real estate in Ulster County or the surrounding area, please don’t hesitate to contact Dylan Taft, Principal Broker/Owner, Taft Street Realty, Inc. - 845.687.9292 office or 845.380.3394 mobile.