Are You Mortgage Ready …
CNBC reported that an estimated 7.9 million renters were “income mortgage ready” in 2022, meaning they were qualified to buy a home according to the U.S. Census Bureau. While some of these renters may have chosen to rent, many likely didn’t realize they could qualify for a mortgage and would have considered buying if they’d known.
Homeownership offers significant financial benefits, including the potential for long-term wealth building through equity. Unlike rent, which increases over time and provides no return on investment, a mortgage allows you to build equity and invest in your future. In many cases, mortgage payments can be comparable to, or even less than, monthly rent payments. Additionally, homeownership can provide tax benefits that help you reduce your taxable income and further strengthen your financial position.
If you’re currently renting but dream of owning a home, here are four reasons you may not realize you’re “mortgage ready”:
Fear of Rejection
It’s natural to fear rejection, but you might be more financially stable than you think. Mortgage requirements aren’t as strict as many assume. Lenders offer programs tailored to different financial situations, so don’t let fear stop you. Reach out to get pre-approved—you may be pleasantly surprised!
Not Feeling Worthy
If you grew up in a rental, you might feel like homeownership isn’t for you. Studies show that people who grew up in owned homes are more likely to buy. However, your background doesn’t define your future. Owning a home is attainable no matter your upbringing.
Thinking the Process Is Too Hard
While the full mortgage approval process can take time, getting pre-approved is much simpler. In fact, it usually only takes a few minutes and some basic information to know if you qualify. Don’t be discouraged by the thought of paperwork—take the first step and get pre-approved.
Assuming Renting Is Cheaper
Renting may seem cheaper, but in many areas, buying can be more affordable. Plus, homeownership allows you to build equity and may provide tax advantages. Compare costs with a local real estate agent, and consult a tax professional to understand how owning a home can grow your net worth.
Are You Mortgage Ready — If you’re ready to move from renting to owning, don’t let these common misconceptions hold you back. Explore your options and take control of your financial future.
Here is a link to some of the other types of home loans I finance as a Broker: Types of Loans
Contact me today to learn more:
Jeff Markell NMLS# 224196
Grandpa Mortgage – U.S. Air Force Veteran
Reverse Mortgages – Mortgage Broker In OC
(714) 614-4040
jeff@empirehomeloans.com
Empire Home Loans, Inc. NMLS# 1839243
Serving all of California
www.mortgagebrokerinoc.com
Check out my Reverse Mortgage Videos
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