Moving from Renting to Owning a Home
If you strongly feel that you should own a house rather than just pay rent to a landlord, the first question you should ask yourself is WHY? Renting is often more expensive than getting a mortgage! Although you could be dreaming of owning your home, there are challenges that will come up along the way. When these challenges occur, you will need a partner is trustworthy and patient in home owning process. This partner is no other than Blue Ribbon.
Listed below are some of the major challenges that people experience;
1. Previous bad tax advice for a few years leaving your tax account in arrears and no bank will give you a mortgage until you clear up tax arrears but you still want to work towards owning a home in the future.
2. I recently filed for divorce but I don't want to acquire any new assets before the divorce settles but I still want to work towards owning a home in the future.
3. I recently had to file for bankruptcy & while I wait to be discharged, I still want to work towards owning a home in the future.
4. I lost my job and got behind on paying my bills & credit cards so my credit score has dropped below the level where a bank will give me a mortgage but I still want to work towards owning a home in the future."
5. I just started a new business but don't have the 2 or 3 yrs of history to show to the banks but I have good cash-flow & I want to work towards owning a home in the future.
All five reasons noted above are legitimate & common occurrences in today's economic times. Now the second question is: "WHAT HAVE YOU DONE TO START FINDING A SOLUTION?"
If the answer is "NOTHING" then expect to have to complete more steps in your process to get to the place where you can qualify for a home loan.
If you have done nothing the first thing you will need to do is to submit a complete budget showing all income & expenses for your household. You will also need to show a list of all the things that you own that have value & the dollar values as well as a list of all your current bills, debts & credit cards. You will need to submit this to a mortgage broker with whom you will work to improve your credit situation over the course of the next 1 to 5 yrs.
If one of the above reasons are your reasons for not pursuing home ownership, you are ready to get help. Renting is more expensive than owning a home. Are you ready to get the best value in owning a home with Blue Ribbon?
