The rent rut, not liking it but how to climb out of it?
It can become a deep groove with steep sides. Is the curse of those that want to climb up and out into the ranks of successful first time home buyers for a Maine house.
Paying too much for rent, the extras you shell out in a less than perfect property unit means it is hard to put together the nest egg.
Which is the fuel to begin the process of the shift from renting to owning. For the key to the first time home buyer's home sweet home. A starter home on the real estate dart board because like a car, everything in life, you work your way up in small rural Maine.
I am living proof of how great the Maine State Housing First Time Home Buyer's Program really is for securing a home loan mortgage.
But I hear it daily. The renter who says they can more than afford the monthly house payments on this, that property listing. But a bank says differently because their debt ratios are too high.
The renter figures "I am paying more than the house payment now and am not under water, can pay my bills every thirty days. So I should be in the front of the line to buy that first house".
But the home loan mortgage underwriter guidelines says no dice, denies the home lending request until a lot of little things change.
Too much going out, none put away to pay those closing costs or even consider having a sizable down payment to wheel and deal with to get a mortgage approval for a Maine home loan.
The other problem is how easy it is to sign up for a new credit card and get a big discount off your first purchase using the plastic.
And for a car loan, easy peasy. Just sign here and drive off the lot. With a home loan, it is a little more involved, the stakes are higher and they can not tow truck your home like a car that suddenly is not being paid for and has to be dragged back to the car lot.