Renting vs Buying: Which is Best for You?

The discussion around whether or not it is better to rent a home or buy a home is one that is brought up frequently.  The argument stays heated as markets fluctuate and answers may differ. The most critical factor in past discussions has always been highly dependant on one fact:  Is your potential mortgage payment less than your rent payment. We would like to approach this debate from a different angle because we believe there is more to weigh than just determining which may be the cheaper option.

When deciding whether to rent or buy a home, consider the following before making a decision:

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The Role of Real Estate Agents and HUD Homes

Choosing whether or not you wish to work with a real estate agent when buying a home is an optional choice with most forms of real estate.  HUD homes on the other hand, require a realtor to assist you throughout the process.  In addition to this requirement, the realtor must be HUD-approved.  Buyers of HUD homes can begin the process themselves, and even view HUD homes they find on their own. However, the HUD-approved real estate agent is the only one who can place a bid on a HUD Home.

When choosing a real estate agent, you will need to ensure they are registered with what’s known as a HUD NAID.  NAID stands for “Name and Address Identifier” and helps HUD recognize agents.   Agents must resubmit their information packets annually and pay regular fees in order to maintain their status as HUD-approved realtors. (more…)

Your Guide to Creating a Budget

If you plan on becoming a homeowner, setting and sticking to a budget is a must.  Budgeting will help you save for a down payment on your new home, as well as help set aside money for emergencies or vacation.  Whether you’re looking to buy a rent-to-own home with a deposit, a HUD home with low down-payment requirements, or a traditional mortgage; wise money management is a good skill to have early on.

 

How to start creating a budget:

When starting a budget, the first thing to do is take an inventory of your current financial situation.  This will help you see areas where you may be wasting money, as well as get a good idea what your income to debt ratio is:

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Questions to Ask when Renting-to-Own a Home

Looking for a rent-to-own home can be an exciting experience.  While it’s exciting to start picturing yourself in your new home, it’s important you don’t get too caught up in the moment.  This is a big decision that can impact you and your family for years to come, so make decisions wisely.  The best way to make an informed decision is to ensure you have all the facts and information available to you. You can do this by asking the right questions throughout each stage of the process. (more…)

What you Need to Know Before Renting to Own a Home

Are you considering renting-to-own a home?  Renting-to-own provides an opportunity for individuals, who may not have otherwise qualified for a mortgage through traditional means, to become homeowners.  This means those with less than perfect credit, or down payment troubles, can qualify. As with any large financial investment however, there are risks. Let’s discuss things you need to know before renting-to-own a home.

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Avoiding Common Real Estate Scams

Buying, renting, or renting-to-own a home is a huge decision and commitment.  There is so much to think about during the process, that being conned or scammed should be the last thing on your mind.  It’s the unfortunate reality though, that scammers are everywhere – even in the real estate market.  In this FBI report, statistics show that last year there were 11,300 cases of real estate or rental fraud.  The losses of these scams added up to almost $150 million dollars.   Learn how to protect yourself from real estate scams below, and what to look out for. (more…)

What Type of Mortgage is Best for You

If you’ve started looking into the home buying process, you have probably discovered the myriad of mortgage options available.  Even worse, mortgage types tend to change yearly, leaving many would-be homeowners more lost and confused about what type of mortgage may be best for them.  If you’re struggling with what type of mortgage to get, this 2019 guide is here for you.

Before we get too far into various types of mortgages, let’s discuss the most two most common you will hear about: (more…)