Owning Despite Student Debt

Down Payments Holding You Back? Home Buying Hack: Silent Investors!

Posted on February 15, 2020. Filed under: First Time Buyer help, Homeownership, Owning Despite Student Debt |

Ready to Own a Home?

Owning a home is the American Dream yet this dream has become more and more challenging to achieve. With the increasing burden of student loan debt, high interest rates, rising rent costs, and a competitive housing market – it seems impossible to purchase your first home on your own.Screen Shot 2020-02-15 at 8.51.14 PM

The costs of owning a home go beyond what you can afford in a monthly payment. Monthly mortgage payments and interest rates depend on how much you can afford for the down payment. But how can you afford a down payment when the cost of living continues to rise? The upfront costs associated with purchasing a home often intimidate people from owning a home. The ease of transferring rental deposits from rental company to rental company seem easier when comparing upfront costs. So, how do you secure your dream home that could be a great investment for your future, without cashing out all of your assets or taking out MORE loans?

Insert Unison!

Unison is a San Francisco-based company that helps homebuyers get the home they want by providing them with the money they need to AFFORD the down payment.  Screen Shot 2020-02-15 at 8.52.03 PMUnison shares the down payment cost with you, lowering your upfront costs, reducing your overall mortgage loan, while also lowering your monthly payments. The money is given to homebuyers in the form of an investment, its NOT a loan! That’s right – that means you have no monthly obligations to Unison – interest free! Imagine walking into your dream home and having confidence that you can afford it. 

How It Works: Unison Invests in Your Home

  • Unison helps you purchase a home by giving you money to put towards your down payment (contributions ranging from 5-20% of the homes value).
  • You don’t owe Unison any money until you decide to sell your home. Yup, no monthly obligations, no interest, no extra loans!
  • Once you decide to sell your home, you send Unison a single payment equal to the initial investment offer. If your house has increased in value (appreciated) or decreased value (depreciated), Unison will add or subtract the difference.
    • If your home appreciates, you’ll make a payment to Unison equal to the original amountUnison provided for the down payment + (or -) the appreciation value.

View Unison’s approved lenders here.

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Equity Shares – Buying a Home Despite Student Debt

Posted on February 2, 2019. Filed under: Equity Shares, First Time Buyer help, Homeownership, Orange County Real Estate, Owning Despite Student Debt | Tags: , , , , |

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Student Debt Does Not Have to Prevent You From Owning a Home

There’s a lot of us out here now that are facing the consequences of hefty student loan debt. Investing in our education can sometimes feel like a losing battle but it is still important to invest in your future. Part of investing in your future is thinking of buying a home so that you aren’t piling on money every month for rent when you could be owning something instead. Many graduates don’t think they can ever own a home while paying on their student debt, but that isnt the case. There are a lot of things that Realtors can help you figure out when you are ready. One of the easiest solutions is for your parents to cosign the loan with you.

Equity Shares

If you’re a responsible student or graduate that has a job and wants to buy a home but have a hard time getting approved for a loan due to overwhelming student debt, you can have your parents or someone in your family cosign with you so that you are able to take out the loan. This equity share is just saying they are equally sharing the responsibility with you for your loan. You would make the payments, but their name has to be on the loan insuring lenders that if for some reason you couldn’t pay, your family would have your back in making that payment for you. This helps both of you out because you are building positive debt instead of throwing away money renting something you could own for less. Parents are able to build positive debt for themselves while also helping their children out who are making the payments anyways.

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Setting Our Kids Up For Success

As parents we always want what is best for our children. We are always looking for ways to improve ourselves as parents so that our children grow up into the best versions of themselves. Many of us expect our kids to go off to college after high school and pursue a higher education for their future careers. However, we don’t always think about how much that is going to cost them not only financially, but also in time and future reliabilities. The average student loan debt for a four year degree in 2015 was $30,100 – that’s a lot of money! Knowing that information it makes it easier to understand why younger adults aren’t owning homes because they simply can’t get approved with that kind of debt racked up. This is where parents come in again, wanting what is best for our children and helping out wherever we can. Helping your kid with a down-payment on their first home is an amazing investment! If you aren’t able to help them with their down-payment to get them approved you can cosign a loan with them so that the lender feels more confident and lending them money to purchase their first home. They invested in their education, now it is our chance to invest in them and their future family’s home.

If this is something you think would work for your family and you want to see what else you can do to get approved or help your child get approved for their home text Angie at 949-338-7408! She plans on getting you in with a down payment source and herself to answer any questions or concerns you may have!

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    Orange County, CA Real Estate for hip first-time buyers and investors. Plus, fun things to know and do in OC.

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