| Realty - Home is where the heart is - your very | | | | kind of payment you can meet. This depends on |
| own castle, the great American dream. And in | | | | your monthly wage, but also on the amount of |
| truth it is just great to have a place to call your | | | | your current rental payment. If the mortgage is |
| own where you feel content, where friends drop | | | | going to be less than the rent then buying is |
| in and you all have a great time. Having a patch | | | | bound to make economic sense - you'll be saving |
| of this great land to call your own really can bring | | | | money each month and you will be building up |
| a sense of security to you and yours.Achieving | | | | your brick-and-mortar investment.Equity, in |
| the realty dream is not instant for most people, | | | | everyday terminology, is the "portion of assets |
| and can require plenty of belt-tightening and | | | | which are owned outright rather than through |
| sacrifice. It can take ages to gather together the | | | | borrowing". For instance, if you purchase a home |
| thousands you need for a deposit. Yet the longer | | | | (an "asset") for $150,000 with $10,000 down, |
| anyone procrastinates over buying and continues | | | | your home's mortgage loan (a "liability") will be |
| renting, the more time they will be flushing their | | | | $140,000. Then, (over and above your interest |
| money down the toilet. Property is the kind of | | | | charges) upon making $1,000 mortgage |
| investment that you don't see any fruit from until | | | | repayments per month for a year, your |
| you sell your house, but it's an investment none | | | | mortgage loan will be down $12,000, reducing the |
| the less. If you don't buy then you are just | | | | "liability" to $128,000. At this one-year marker, |
| earning money to fill the pockets of greedy | | | | your home equity becomes $22,000, which is |
| landlords.A good way to clarify the benefits of | | | | derived from taking $150,000 minus $128.000 and |
| owning a home is for you talk to someone such | | | | assuming no change in property value. You can |
| as a Realtor, a licensed real estate professional, | | | | see why it's important to consider how long you |
| about your choices. A Realtor will help you plan to | | | | plan to live in a home when you purchase it so |
| build the funds to make home ownership a reality. | | | | that your home equity truly becomes an |
| Sometimes, a Realtor will advise that you get | | | | investment over time.It's not all roses of course, |
| your ducks in order first, meaning work on paying | | | | and to read about some things to watch out for, |
| off other debts that count against your chances | | | | research one or two of the large realtors. Try |
| of qualifying for a home loan. Some loans require | | | | Coldwell Banker and Century 21 to get going. To |
| less down payment and some loans carry | | | | find your nearest office, or easily access other |
| steeper conditions depending on your credit score. | | | | information on real estate agents and realty |
| You can find out your credit rating online through | | | | investing, just visit 2006 Sean Carrott. All rights |
| the three main credit bureaus such as Experian, | | | | reserved. |
| Equifax and TransUnion.Should you find you have | | | | Sean Carrott runs Realty WZ a popular resource |
| a happy credit score then start considering what | | | | for realty related information. |