Excuses For Not Buying a Home (and how to overcome them)

Sometimes finding a reason to not buy a home is wisdom - sometimes it is simply an excuse. Below are some of the most common excuses given for not trying to find a home loan in Rhode Island and the truth behind how you can overcome them or the issues surrounding them.

Excuse #1: I can't afford a down payment

It used to be true that a minimum of 20% down was required for purchasing a home, but that is not the case any longer. Plenty of homes have been purchased with 10% down or less. Certain mortgage products even allow for 0%-down. Check with your mortgage lender for information on these plans and affordable options for getting into a home without a large down payment.

Excuse #2: It's better to rent

Renting an apartment or house lacks many distinct benefits to home ownership including security, increased wealth, ability to customize your home as much as you wish, substantial tax deductions and complete control over your surroundings rather than being subject to the whims of a landlord.

Excuse #3: I don't have good enough credit

You don't need to have perfect credit in order to secure a home loan in Rhode Island. Many banks have programs that provide home mortgages to persons of less than perfect credit. Lower credit scores may mean higher interest rates in your mortgage, but you may well still be offered a mortgage, even in subprime if necessary.

Excuse #4: It's too much trouble to land a good loan

Landing a mortgage that can get you into the home of your dreams is not as complicated as you might think - especially in the digital age. It used to be that you had to find physical paperwork from all over and work face to face to find suitable lenders and present them with the information they needed. With the Internet, getting a good mortgage loan in Rhode Island is as simple as finding this website. Many lenders will communicate with you through the Internet, and you don't even have to meet with the bank in person.

For more information, we have answers to some of the frequently asked questions that can probably give you a better understanding on some issues.