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Friday, October 16, 2015

Patience is the Key to Homeownership

Having committing some transgressions of my own, I am one of the proponents of this topic.  Not securing long-term employment, very bad purchase decisions, educational loans and some scary medical mishaps has my credit score pretty low at the moment.  And yet, I would like to have a home of my own one day.  It will take some time to clear the accounts that are weighing me down but at least I know what I have to do to fulfill my dream.  The current real estate market lets discredited clients know that the door is not completely closed on their future.  Having a terrible credit rating does not mean you have to quit on your potential to have a house.  Once someone is able to rebound from their pitfalls, there will be options towards helping you get or regain your own home.  Those options include both low credit lenders and rent to own property.  One can learn that similar to the housing market as long as you are able to build yourself up, there will always be a place to land.
The rent to own prospect is the first to consider.  The qualifications for renting a home would be lower than that of attempting a full purchase with a mortgage.  The buyer is essentially agreeing to pay on a property during a lease until they are confident that they can afford the home.  A person may not be required to have their best foot forward for the initial attempt.  And yet, by successfully qualifying and maintaining the payments you can have the privacy and safety that we all wish for ourselves and those close to us.  They can acquire a place to dwell for modest means for either the short term or the long term.  The short-term result would be to move to another residence when the duty of their contractual obligation is either alleviated or becomes too much to bear.  The long-term view, however, means that they could one day own the current abode as long as they maintain good standing with the provider which allowed this opportunity while still trying to improve their economic status.  A commendable agreement would allow the occupant to not only build their personal finances but also raise their credit score.  Without sinking everything you have to purchase a home, you can slowly climb out of your existing debt.  
Repairing your credit would be an ancillary benefit to having that type of offer.  Having seen how to lose an asset, one could be even more focused to ensure that it does not happen again.  Individuals having a second attempt at the housing market would hopefully mean having learned from the previous mistake.  The homeowner’s mentality should be to not make the same fatal flaws that put them in their current situation.  There will be a conscious effort to budget responsibly, accrue one’s bank account or accounts, pay off outstanding bills and do this within the comfort of their own home.   Create an environment of economic security for your own benefit.  The ability to guarantee timely payments from a steady source of income is paramount going forward.  This can create a since of pride in someone to work harder than they did before.  Not for having the fear of more to lose, one can have the perspective of everything to gain still.  They can believe that the past disgrace cannot happen again and is behind them.  Enable the feelings of victimization from past leases and mortgage contracts to fade away.  They now believe that their future is in their control in an arena where they have a new understanding of what is required and how it is achieved.  
The new home sellers can legitimize and maximize the second chance at helping the buyer live their dream with these policies.  The market itself can also benefit from this feature.  More opportunities to own homes can mean more demand from the consumers.  People will know that lenders do have concern for potential clients.  With reasonable rates and options for ownership, the brokers are making concessions to assist their customers.  The new formula for the transaction can foster the sentiment that it is not all about business.  Adding to the bottom line is just as important to putting good people in better houses.   There is now room for everyone to leave with smiles on their faces after making a deal.  
In conclusion, there are positive signs for people planning to own homes in the future.  Consumers know that mistakes on your credit report do not mean you will never have that opportunity to have a home.  There is land for all types of property from modest, rural houses to luxury, high-profile mansions.  Lenders will be available to confidently satisfy and facilitate all consumer needs now and into the future.  And if those needs can be met with a rent to own option to smooth the transition, that is now possible to be part of the discussions leading towards signing your name on the dotted line.  

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