3 Creative Ways to Purchase Your First Home - The Estes Group

1. 3 Creative Ways to Purchase Your First Home Are you disheartened by the rising cost of homeownership? How can you afford to buy a home in these more expensive housing markets, especially when coming up with the required 5% down payment can be difficult? Don't worry, we've got a few inventive ways to get you into the housing market! Seller Funding: We usually think of getting loans from large organizations like banks or the government. However, seller financing, also known as owner financing, is a new trend these days. This is when the seller handles the mortgage rather than a large corporation. There are some advantages to signing your mortgage directly with the seller. You may be able to obtain this type of mortgage with little or no money down, as well as avoid closing costs.

2. Consider Looking In Less Desirable Areas: You should remember one well-known real-estate adage: buy the worst house in the best neighborhood. It's all about keeping an eye out for the next hot spot or nearby up-and-coming area. All of our mortgages are portable, which means you can move your mortgage to a new property at any time as long as it is in our market area. Mortgage Assist: A mortgage helper is a rental suite whose income is applied to your mortgage payments. The main goal is to assist you in paying off your mortgage. Renting out a basement suite can often help offset mortgage costs, allowing you to be more flexible in your purchase. According to Kristin Major, a Financial Advisor. They are also frequently used to assist those who require a little extra income to afford a home in a slightly more expensive area. The Estate Group has been guiding new home buyers for many years now and helping them make the best decision. To learn more about first-time home buying strategically, contact The Estate Group.