Renters, who want to stop paying the mortgage for someone else, should consider going to own their own home. While you might not be able to get a traditional loan, you will find that Santa Monica Real Estate agents will be able to give you some other options. For example, you might find that rent to own is one possibility that you have. This means you take over ownership of the property, without having to take on the debt. During this time, you will sign a lease for a particular period of time. When you do this, your monthly payments remain the same and you pay off the property with your normal monthly payments.
During this time, you are building up your interest in the real estate property. In fact, many sellers are looking to do this, but some will require a deposit be applied. While you are paying your monthly payments, you continue to work until you own the property. This rent to own option allows you to reduce how much money you have to invest in a property up front and will give you the chance to save money on monthly payments if you choose to buy the home with a quick loan.
This approach is typically the best option you have when you are getting into the housing market or need to move quickly for a job. In fact, if the only thing that is holding you back from buying the home is your credit, then this will certainly be one option that you will want to consider. When you take into consideration the percentage of the rent money that is applied to the actual home, you will find that the principal cost of the home will drop as well. This will allow you to get the home paid off faster. Then when your credit has been fixed, you can apply for a loan that will allow you to own your home in full. Plus, you get the benefit of living in the home you are renting to own, which is an additional benefit.
There is a drawback to this process for some people and that deals with the amount of money that you eventually pay for it. For example, if you consider a home that has a $350,000 value, you are going to pay close to about $370,000 for it. However, you should consider that interest over that same period of time could have ended up being far more than that.
This is just one of the ways you can buy a home and it is certainly one that you will want to consider. It offers you an absolute Win scenario and in no time you have the possibility of having a home when you never dreamed it was possible. This is all done on minimal money and bad credit isn’t a factor either. Best of all, the Seller gets the benefit of having a fair selling for their home. What you will find is that this isn’t always a possibility when the market can have a series of ups and downs attached to it.