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