Why Buy A Home?
There will come a time in every renter's life when buying a home seems more appealing than renting
. Should you buy or should you continue renting? Well, there are two basic ways to look at this problem. The first way is to think about all the money that you are spending as a renter.
Let's assume, for the sake of argument, that you spend $800 per month on a spacious apartment. If you take the number, multiply it by 12, and look at the total amount, you'll discover that you spend $9680 per year on your apartment.
The only thing wrong with spend such a large amount of money on an apartment is that you don't actually own anything, even though you are spending more than $9000 per year on a place to live. On the other hand, buying a house means that you are the sole owner of that house (in most cases).
Thus, any money that you put towards your house equals a nice asset. The only problem is that not everyone can purchase a home. If you currently have very bad credit, you'll find that obtaining a mortgage is not only difficult, it is also nearly impossible.
People who have bad credit often wind up gaining a mortgage from a secondary, or predatory, lender. These lenders prey upon people who have bad credit. Thus, you'll be paying a very high interest rate thanks to your credit report. Still, clearly, owning a house is a far better idea than renting.
So, how do you own a home if you have poor credit? Well, the first step is to try and improve your credit. Rebuilding your credit may take a long time, but it will be well worth it in the long run. To begin rebuilding your credit, first you have to get rid of all your existing debt.
Of course, gaining a traditional loan in order to rebuild your credit is a lot like looking for a needle in a haystack - in most cases, it can't be done. Then again, private lenders are often more than happy to loan people who have bad credit money.
Private lenders are different from traditional lenders in that some of these lenders do not rely solely upon your credit report. This means that even people who have bad credit can gain a loan, pay off some existing bills, and start rebuilding a damaged credit report. Once you have repaired your credit, looking for a home loan will become a lot easier - and you won't be paying a ton of money to a landlord anymore!
by: Molly Wider
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