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YOUR FIRST HOME

Now is a great time to buy a home in Rancho Cucamonga!

By By Rebecca Pherigo, REALTOR® Cucamonga Peak Real Estate July 11, 2014

Why are you still renting?  Can you really afford to keep renting?  Purchasing your own home is a great investment that provides specific financial advantages, including equity buildup, value appreciation potential, and tax benefits.  It’s also a forced savings plan that you cannot get from renting!

Affordability is still on your side with historically low interest rates and 2004 pricing.

 

Studies have concluded that home ownership can benefit your kids as well.  They have found that homeownership leads to a 7% higher Reading score, 9% higher Math score, 25% higher High School Graduation rate and a 116% higher College Graduation rate. http://economistsoutlook.blogs.realtor.org/2012/03/27/social-benefits-of-homeownership-and-stable-housing/

National Association of REALTORS: “Social benefits of Homeownership & stable housing”

 

The 2013 state data shows that consumers can save 32% per month by buying and save 40% if buying in the Inland Empire.  Granted you will have added costs for maintenance, but your payments are adding up in the equity of the house for you to use later.  Your rent payment is used and gone forever.

 

You don’t have a big savings for the down payment?  There are programs available that only require a 5% down payment.  On a $150,000 condo that is only $7500.00.  First thing to do is get together your financial paperwork and talk to a lender.  They will calculate your income to debt ratio to determine how much they would be willing to lend you and what the possible terms of the loan.  The lender will want to see 2012 & 2013 tax returns, two most recent bank statements and two most recent paystubs among other information.  Even if you are just thinking about buying it is a good idea to talk with a lender because they can help get you headed in the right direction whether it is improving your credit score or letting you know what your target down payment needs to be.

 

Don’t assume you can’t do it!  Get advice from professionals in the business, call me and make a plan and take the steps to homeownership. 

 

FREE EBOOK: Only 8 Steps to Home

Email a request to rpherigo22@gmail.com please write “Only 8 Steps to Home” in the subject line.

 

If you have any questions feel free to contact me.

Rebecca Pherigo, REALTOR®  BRE#01904057

909-899-5252 

rpherigo22@gmail.com

www.CucamongaPeakRealEstate.com

https://www.facebook.com/CucamongaPeakRealEstate