Here are some helpful solutions for those looking to get into the market.
1. Take a step outside of the downtown core. Typically, property right in the heart of the city is more expensive due to the location and the continued demand. Stepping out to one of the outlying suburban areas can offer more affordable options and can also provide you with an increased inventory of properties within your price point.
2. Talk to a mortgage broker. Speaking with a broker and going through a pre-qualification process can help you by allowing you to see the areas you may need to improve to help make you accessible to more lenders. This can include things such as:
- How to increase your credit score;
- Decreasing your overall debt or consolidating your current debt;
- The ways in which you can look at increasing your overall income.
3. Consider using a co-signor(s) for your mortgage with a planned exit strategy to remove them once your personal income increases and you are able to qualify for the mortgage on your own.
4. Consider finding a rent-to-own property. A Rent-to-Own (RTO) property can allow you to rent a property while subsequently saving up for a down payment.
5. Save, save, and save some more. We know this is common sense but speaking with a financial advisor can help show you ways in which you can save and make your money work for you.
The state of real estate can sometimes feel overwhelming. Not all hope is lost! More than ever multi-family properties such as townhouses and condos are offering more amenities and beautiful properties for less. Take the time to consider all of your options. MA brokers are dedicated to helping you afford a home and enter the world of homeownership as seamlessly as possible.