Sarah P. Shimanski offers the following royalty-free article for you to publish online or in print. Feel free to use this article in your newsletter, website, ezine, blog, or forum. ----------- PUBLICATION GUIDELINES - You have permission to publish this article for free providing the "About the Author" box is included in its entirety. - Do not post/reprint this article in any site or publication that contains hate, violence, porn, warez, or supports illegal activity. - Do not use this article in violation of the US CAN-SPAM Act. If sent by email, this article must be delivered to opt-in subscribers only. - If you publish this article in a format that supports linking, please ensure that all URLs and email addresses are active links. - Please send a copy of the publication, or an email indicating the URL to [email protected] - DistributeYourArticles (www.DistributeYourArticles.com) has distributed this article on behalf of the author. DistributeYourArticles does not own this article, please respect the author's copyright and publication guidelines. If you do not agree to these terms, please do not use this article. ----------- Article Title: Buying A Home - Even When The Mortgage Seems Unaffordable Author: Sarah P. Shimanski Category: Buying, Mortgage, Mortgage Word Count: 455 Keywords: buying a home, mortgage Author's Email Address: [email protected] Article Source: http://www.distributeyourarticles.com ------------------ ARTICLE START ------------------
As a renter, you may be resigned to a life of renting, believing you'll never qualify for a home. But before you write off the option of home ownership, be sure to compare your rent versus mortgage payments on an after-tax basis. After comparing these two options, if the mortgage payment still appears too high, don't just throw in the towel. There are several creative options to overcome what seems like a monstrous monthly payment. One option to afford a home in a nice neighborhood is to seek out several roommates who pay you rent. If the circumstances work out, your rental income could cover over half of the mortgage payment and a significant portion of the utilities. After calculating tax benefits and increasing equity, it's possible for you to make money. Additionally, when the loan is paid off, you would own an asset free of any liens and encumbrances. Time and time again, many singles and couples have taken advantage of this creative arrangement to enter the housing market. Other options to consider include: 1) Building a guest unit by converting a garage, then, or attic. 2) Lower your monthly payments by taking advantage of an adjustable rate mortgage. However with the current disaster in the mortgage industry, it's wise to seek the counsel of the reputable loan agent or real estate attorney before committing yourself to this type of loan. 3) Lower your monthly loan payments with a graduated payment mortgage. 4) Use a balloon mortgage to lower your payments. 5) Consider purchasing a duplex, triplex, or some other income producing home to help you cover the cost of the mortgage. 6) Check to see if your area offers a mortgage credit certificate (MCC) program. With a MCC, the Federal government gives you a mortgage subsidy up to $2000 per year. 7) Add a part time job to bring additional income to supplement your payments. 8) Ask your boss for a raise or housing aid. 9) Consider co-ownership with another friend or family member. 10) Look into an interest rate by down. 11) Consider taking over a low interest FAA or VA loan. 12) Assume a lower equity adjustable rate loan. Most of the time, the above strategies help lower your monthly payments or increase your available cash. However if you really want to leverage your ability to buy a better home, trying to prioritize and budget your income and expenses. One eye opening exercise is to list down on your normal monthly expenses and determine where you devote most of your money. Even though most renters value owning a home, they spend most of their income on things such as new cars, electronics, entertainment, and other non-appreciating items. If you can prioritize your budget and eliminate wasteful expenses, you can save more money towards owning a home. Learn more about Tustin homes for sale by visiting http://www.localtustinrealtors.com and finding an experienced Realtor to help you find one. ------------------ ARTICLE END ------------------ [Non-text portions of this message have been removed]
