Renting has its advantages, but it often feels like you’re throwing money away each month. On the other hand, owning a home builds equity and offers long-term financial benefits. If you’ve been dreaming of moving from a renter to a homeowner, Team Thompson is here to help make that dream a reality!
Why Make the Move?
1. Build Equity, Not Just Credit:
As a homeowner, every payment contributes to your ownership stake in the property, unlike rent, which doesn’t offer any return.
2. Financial Security:
Owning a home provides stability and can be a solid investment. Over time, property values generally rise, contributing to your wealth.
3. Personal Freedom:
You can customize and modify your home to your liking, from painting walls to renovating kitchens—something you can’t do as a renter.
Overcoming Common Concerns
1. Down Payment Worries:
Many believe they need a large down payment, but several assistance programs can help. From state-sponsored grants like the Hometown Heroes program to low-interest loans, there are many ways to lower the barrier to homeownership.
2. Closing Costs:
Closing costs typically range from 2% to 3% of the home’s price. But don’t worry! Options like seller concessions can significantly reduce these expenses.
3. Interest Rates:
While mortgage rates might seem high, remember that rent is essentially 100% interest. Homeownership lets you build equity, and refinancing options in the future could lower your rate.
4. Credit and Income Requirements:
Stable income and good credit are crucial, but there are ways to improve your standing. We offer guidance on boosting your credit score, making the mortgage process smoother.
Get Started with Team Thompson
Transitioning from renting to owning doesn’t have to be overwhelming. Follow these steps to get started:
- Check Your Eligibility:
- Call us and we will help you explore various down payment assistance programs. Many offer substantial help for first-time buyers.
- Prepare Financial Documents:
- Gather proof of income, employment, and identification to streamline the pre-approval process.
- Talk to Us:
- Call Team Thompson to discuss your options and tailor a plan that suits your needs.
- Apply for Pre-Approval:
- This crucial step ensures you’re ready to act quickly once the right property comes along. We work with some amazing Lender partners like Douglas Smith (and others) who have mortgage options for almost any situation!