You’ve been renting the same unit in a nice downtown area. Rent isn’t cheap but the area is nice and it is close to work. Your friends and family keep asking you when you will get a house. Though you never considered buying a house, you think it would be too difficult to apply for a mortgage. You know banks wouldn’t approve of your credit history or irregular income situation. Although you make a comfortable living, enough to afford an expensive high-rise apartment, the bank wants to feel confident enough that you can take on a mortgage. What can you do to qualify for a mortgage then? Instead of dealing with banking institutions that most likely won’t approve of your application for a mortgage, consider applying for a Arizona stated income mortgage.

Besides applying for a Arizona stated income mortgage, there are pros and cons of buying house compared to renting. In this article, we discuss the pitfalls of renting vs. buying a home. We will also take a look at how easy it is to apply for a stated income mortgage that will get you in the house you want.

Renting vs. buying a home

Renting is seen as less of a headache when it comes to home responsibilities. If something in your home breaks, you simply call upon property maintenance. You don’t need to do these fixer upper projects on your own. Also if you plan on moving soon or not sure if your residence will be permanent, than renting is a perfect option. When you have a house, it is a much harder and tedious process to move when the circumstances call for it (for instance, relocating for a job).

Renting an apartment works for some, however there are some drawbacks. Renting can get irritating. There are many problems with renting that people don’t often think about or refuse to acknowledge.

A house generally is larger real estate and allows for more room, then an average rental unit. For instance, a house is more convenient when you have a family of four.

Renting is also often seen as throwing your money away or paying someone else to keep a roof over your head. Consequently by buying your house, you are not throwing money away. Every monthly mortgage payment you make eventually means the property will be yours. As an owner, you are then free to do whatever you want with the property – continue to live in it, sell it or rent it out.

Buying a home is a lot easier with a stated income mortgage

There are usually several hoops to jump through before you get to settle into your new home. After you submit your down payment, you are ready to apply for a mortgage. In order to get the best deal possible when it comes to payments, it is best to speak to a qualified loan professional. This is especially true when applying for alternative types of mortgages, like a Arizona stated income mortgage. However applying for a stated income mortgage, the process is often easier than a standard home loan.

When it comes to applying for a stated income mortgage, you simply state the income you are making. If you have a lot of cash upfront for a down payment, your odds of being approved for a stated income loan are even greater. The best advice is to speak to a qualified mortgage loan professional. These specialists will help you qualify for a mortgage and eventually the house you want to own.

Dennis Dahlberg
Broker/RI/CEO/MLO