Have you ever wondered just how much money you’ve sent your landlord?? A $1,750 rent will cost you $21,000 in just one year, $105,000 in five years, and $210,000 in 10 years.? And that's if your rent never increases.? There is almost no chance of that, average rent prices?on Oahu have doubled in the last 10 years.? All that rent money goes to your landlord, none of it to your own future.
We’re in Historic Times
With interest rates still at historic lows, many first-time owners have taken the money previously spent on rent and used?it for their own home loan. ?For the first time ever, a typical rent payment and a typical loan payment are about the same.? In fact, the rent payment on the property you're in now is probably higher than the loan payment would be on the same property.? This has never been true before.
The concept is simple: invest your rent check into a home of you own. ?Unlike rent payments that get you nothing long term, your loan payment builds equity over time. ?Combined with the appreciation in Hawaii, home ownership builds real wealth.?
Where?do you start? ?First, chat with your Locations agent?and discuss what is most important to you in a home.? Then, you and your agent will create a personalized plan to find the property that meets your unique goals and needs.? Next, your agent will arrange a call with Compass Home Loans to find out what monthly loan payment is comfortable for you and what you can afford. ?
Your Compass Loan Originator (LO) will provide you a free credit report from a number of agencies.? It’s important to review this report and make sure it’s up-to-date, and doesn’t contain errors that can negatively affect your credit. ?If you discover you have credit issues, your Compass LO can assist you to fix them. ?Most credit issues can be repaired fairly quickly.?
New home owners often worry they need 20 percent of the purchase price as a down payment. ?The good news is there are loan programs available that require only 3 to 5 percent down.? And two programs require no down payment at all. ?VA loans are a great example of one of these zero-down loan programs.? And if you don’t qualify for a VA loan, there is the USDA loan that is also zero down.? Your Locations agent and Compass LO will make sure you are aware of all of the loan programs that best suit you.
No More Procrastination
If you’ve dreamed of owning your own home, there has never been a better time to take advantage of today’s unique market dynamics to invest in yourself and your future. ?All it takes to begin is talking with a Locations agent. ?There is no cost to work with a Locations agent when you become a homeowner with us. ? Since more people trust Locations than any other real estate company in Hawaii, you can be confident you're in good hands.