BUYING Versus LEASING

When is it a good time to buy? If your lease continues to increase, it might be beneficial to invest some time researching your buying options. You might find out that the time has come to make a purchase and pay your own mortgage instead of paying someone else’s.

Unless you are planning to pay with cash, the first step to take is finding an experience lender. A lender will be able to give you all the information necessary to decide if purchasing is an option. He will also be able to help you plan a year in advance if you are not able to purchase at this time.

Many things may affect your ability to borrow money: employment record, type of income, tax returns, and debt or credit history, are all key factors. Two years at the same job verifies shows a steady income. Filed tax returns not only verify income, they also help a lender see your debt-to-income ratio and show that you are a responsible person. Self-employment, or passive income may not be considered if at least two years of tax returns reporting a profit have not been filed. For those lacking in any of the above categories, there are additional lending programs available, but these usually have more fees or less desirable interest rates.

A down payment will be required to secure the home and establish a final loan amount. The amount of the down payment will vary depending on the purchase price of the home and the lending program chosen.? There are lending programs that offer down payment assistance, but these come with limitations and affect your mortgage points.

For those that do not need to purchase a home, this is a great time to buy an investment property if you know how to make the numbers work. I have experience working the numbers to be able to assess a property and inform investors of potential profitable opportunities. ?

For any questions or referrals, call me at?480-559-4400. It is always a pleasure to be of service. ?

Edited by Ana Agurcia Clare ([email protected])