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Ever heard of renters trap? It's an industry buzz phrase used to identify
those of you who are currently renting a house or apartment and feel
that you could never afford a home of your own simply due to the fact
that you do not have the adequate savings for a down payment on a mortgage
or perhaps you may be experiencing credit problems.
My advice to you? Stop paying your landlords' mortgage and call us!
Now before you run right out and put stop-payments on your rent cheques,
let us explain...
We specialize in assisting first-time home buyers,
and over the past 12 years have helped over 1200 families realize their
dream of home ownership. We do not say this to impress you, but to impress
upon you that there are ways, simple ways, to become a homeowner. Realize
your dream of home ownership today!!
This year, Ontario consumers can count themselves lucky in one important
aspect; they are living in a time that offers unequalled opportunities
to realize the dream of home ownership.
Interest rates are among the lowest in decades and the availability
of housing of all varieties is at the highest level in years. In fact,
in many situations renting a family dwelling can actually be more expensive
than buying. If you consider, for example, a $150,000 mortgage at 8%
for a five-year term, the monthly payments would be less than $1,200
per month. Compare this to renting a suitable three-bedroom apartment
or townhouse in many urban centres and it's easy to see that buying
a home has become an attractive alternative.
If you take a $100,000 mortgage at the same interest rate and term,
the payments shrink to less than $800 per month. Even better, if you're
willing to accept a one-year term the interest rate can drop by at least
two percentage points. This would peg a $100,000 mortgage at only $650
per month and a $150,000 mortgage at around $975.
There is another important benefit to home ownership
that often gets overlooked. Over the course of 25 years (the usual amortization
period for mortgages), the total amount of money paid by many renters
can actually exceed the amount paid by a homeowner. This is due not
only to the fact that mortgage payments can be cheaper than rent, but
because rental fees generally increase over the long term. Of course,
interest rates may also rise, but so probably will the value of the
property. Therefore, additional equity in the home will be gained.
Add to this the reality that after a mortgage is paid off, homeowners
will no longer make monthly payments while renters will continue to
bear the burden for the rest of their lives. This savings can greatly
impact your quality of life upon retirement. These figures are only
intended as broad examples, the fact remains that money spent on rent
is still money down the drain.
Regardless of the number crunching, the bottom line is that owning
a house is the best way to ensure the happiness and well being of your
family. A home gives a family room to grow, and room to prosper.
Constructing a 'buying blueprint' is a critical step for first
time buyers. In it, you will list such items as: how many bedrooms
do you really need; is a finished basement a necessity or can you afford
to wait; how big a yard do you need; and most importantly, where do
you want to live? All these considerations will affect your ability
to buy.
For example, many first-time buyers will forego a property close to
the downtown core in favour of a suburban or even rural home. This can
lead to huge savings, which can be used to both lower the mortgage and
monthly payments, or to acquire a bigger home for the same cost.
Opting for a townhouse or resale home are other alternatives that can
help first time buyers escape the rent trap and channel their funds
into a solid investment.
So, if you're one of the thousands of Ontario families caught in the
cycle of paying rent and seeing nothing in return, now is the time to
make a move. Buying a home can pay off in so many ways that you simply
can't afford to pass us the opportunity. Realize
your dream of home ownership today!!
Financing for your Home
Our revolutionary buyer-financing programs work – it’s that
simple. As pioneers in the industry, we’ve been housing families
with our No Money Down™ , Lease-to-Own™ and Purchase Plus
Improvements programs since 1995.
One financing program may be more suitable than the other depending
on your situation, but regardless of which program you use, a custom
financial management package is designed for each and every client –
sometimes by combining two programs – at no additional cost to
you.
Can’t decide which program to apply for? Upon reviewing your
application we’ll recommend the one that addresses your needs
best, keeping you and your best interest in mind at all times.
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