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How to Stop Paying Rent and Own Your Own Home



Stop paying rent to your landlord

“If you're like most tenants, you feel trapped paying rent for a property you don't own” It's a dream we all have! Own your home and no longer enrich an owner other than yourself. If you're like most tenants, you don't feel like you're in control of your home. That's normal, how could you be when you can't even drive a nail or two without a problem?


Don't feel trapped anymore! It doesn't matter how long you've been renting or how overwhelming your financial situation can seem. There are several little-known facts that can help you overcome obstacles and change your status from renter to owner. With this information, you will begin to see how you can:


  • save for a down payment;

  • no longer wasting thousands of dollars on rent.

6 little-known facts that can help you buy your first home

The problem most renters face is not their ability to pay a monthly payment. Everyone knows this is a monthly obligation. The problem is to accumulate enough capital to make a down payment on a property to buy. But saving that lump sum is not as difficult as you might think. Consider the following 6 important points:

1. You may be able to buy a house with a much lower down payment than you think.

Some provincial or federal government programs (such as first-time buyers programs) help people access homeownership. You could qualify as a first-time buyer even if your spouse has already been a homeowner, as long as your name has never been registered. Make sure that your real estate broker is well informed about this and that he can help you in this regard.

2. You could ask your lender to help you with down payment and closing costs.

If you don't have enough cash for a down payment, but you have no debt and you own a clear asset (e.g. a car), your lending institution may be able to help you. help pay the down payment on your home by securing it against it.

3. You could find a seller who would help you buy and finance your home.

Some sellers may agree to take out a second mortgage for you as a “seller's take-over”. In this case, the seller could become your second lender. Instead of paying that seller a down payment on their house, you will make a monthly mortgage payment.

4. You may be able to create a down payment without incurring debt.

By borrowing money for certain investments up to a specified level, you can generate a considerable tax return for yourself which you can use as a down payment. Although the money borrowed for these investments is in fact a loan, the monthly amount paid can be small and the money invested in the house and in the investment will be yours in the end.

5. You can buy a house even if you have problems with your credit rating.

If you get more than the minimum down payment or can secure the loan with an equivalent equity, many financial institutions will consider your mortgage application. In other words, a “repossessed with the seller” mortgage could also help.

6. You can and should get a pre-approved home loan before you start looking for a home.

Pre-authorization is easy and gives you peace of mind when shopping for your home. Mortgage specialists can get a written pre-authorization for you free of charge and without obligation, just over the phone. Better than verbal approval from your lending institution, written approval is as good as money in the bank. It includes a completed credit application and a certificate that guarantees you a mortgage at the specified level when you find the home you are looking for. Deal only with a professional mortgage specialist. Ensuring the contribution of their services can make the difference between getting a mortgage and being a tenant forever. Usually, there is no charge or obligation to request information.


As a tenant, you must have recurring inconvenience. Why keep losing thousands of dollars in rent when you can take a few minutes to chat with your broker and validate your situation? This conversation costs you absolutely nothing. Obviously, don't feel pressured into buying a home after reading this report! But, as you take the time to consider your options and educate yourself on how to buy a home, imagine how prepared and relaxed you will be when you are ready to take this important step .



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