Renowned financial advisor, author and TV personality, Suze Orman’s famously said in her 2006 best selling book “The 9 Steps to Financial Freedom: Practical and Spiritual Steps So You Can Stop Worrying”, that “owning a home is a keystone of wealth both financial affluence and emotional security.” A concept she reinstated on Ophrah.com a few years later. She lists home ownership as step seven and as one of her most vital ones to financial and emotional growth.
Buying a home can be a tiresome and overdrawn experience, especially for the first time home buyers. All the experts say that you need to turn to a team of professionals and a trustworthy realtor to take you through the steps, from house hunting to choosing the right location to best fit your family needs, to applying for a loan and finally signing the papers.
From Renters to Homeowners
WestWind Homes, an Award Winning home builders since 1993 in Texas understands that far too often for individuals with less than stellar or non-existent credit, the dream of homeownership seems to be impossible to reach. The task can seem particularly daunting if you have been a renter all your life. Even once your house hunt is over and you have made your selection, the process of gathering the pertinent paperwork is a much more intricate than signing a lease agreement. However, it is worth it, “Owning a home is one of the most direct ways for a family to build long-term wealth, as it acts like a forced savings account and builds long-term security,” says Jonathan Arthur, RGV Sales Manager, West Wind Homes. “Instead of paying your landlord, you can invest in yourself and pay yourself through paying down a mortgage on a house.” Research conducted by the Joint Center for Housing Studies at Harvard University concluded that homeowners experience more substantial growth in wealth than renters, regardless of socioeconomic class.
Renting has little to no ROI.
Some of the benefits of owning a home can be summed up as follow:
A mortgage can be a fixed expense. Mortgage payments can be fixed while rent goes up every year, leaving the renters at the mercy of the landlord and subject to a financial downswing.
Long-term stability. Equity in your home can be a financial resource later when you no longer can rely on a paycheck. If your mortgage is paid off during your working years, the housing expense is no longer a worry.
Builds Wealth Faster. You could create wealth without paying capital gains if you made the profit selling your home of more than two years, while with stocks you could be required to pay 15% of the total earned in capital gains tax. In other words, the more money lines your pocket, the faster you can build wealth.
A financial Cushion. For individuals who struggle with saving money, having a mortgage can act as a forced savings account and create a financial cushion that renting cannot, proving once more that there is no advantage to rent for years on end.
WestWind Homes knows the challenges faced by first-time home buyers and has developed a program that specifically addresses the needs of the credit-challenged. For decades, the builders have helped renters become homeowners. Residents from Laredo, McAllen, Edinburg, San Juan, Weslaco, and Alamo who have completed WestWind Home Buyer’s Club Program, not only find themselves moving into a home of their choice and improve their financial wealth within a few months, but set on an economic path created by better spending habits to last and benefit them for a lifetime.
What Is the Home Buyer’s Club Program?
It is a pathway to home ownership.
For over two decades, WestWind Homes builder has helped families with less than stellar credit move into beautiful homes in vibrant communities faster than they thought possible. The Home Buyer’s Club provides clear credit mentoring that leads to homeownership; clients are given access to credit experts and financial institutions who work with all types of credit situations and facilitate the process for them. The home builder has placed thousands of families in new homes who never thought it could be possible.
Don’t focus on the appearance of a building when looking for a home. Check the construction of the foundation and make sure that it will stand the test of time.
Lance Price, Sales Division President had this to say about the Obregon Family’s case.
“Mr. & Ms. Obregon visited WestWind Homes with a desire to purchase a new WestWind Homes. Their credit was slightly challenged, and they currently did not have enough for their down payment. The Obregon’s came in to meet with our Home Buyers Club representative. We sat down with them, looked at their current situation and built a custom program to help them improve their credit score as well as assisted them in building a budget that allowed them to start a saving plan to use for their down payment.”
Ms. Obregon said about her participation in WestWind Home Buyer’s Club program “My experience with WestWind Homes was one of the best I’ve had when it comes to purchasing a home!” said Ms. Obregon, “The credit repair department was exceptional in helping us with our credit score to qualify in buying our new home! The service was fast & stress-free.”
WestWind Homes followed up with the Obregon’s to make sure they were doing well and were on track with the plan. In under two months, the Obregon family were able to increase their credit score by 7% which allowed them to get approved for their loan and they had enough money saved up that with a down payment assistance program were able to buy their WestWind Homes.
WestWind Home builder puts its money where his mouth with a $1,000 Incentive.
WestWind Homes is committed to the residents of the Laredo, McAllen, Edinburg, and Weslaco communities and wants to make homeownership as easy as possible for them. Moreover, that is why the company offers a monetary incentive. Upon completion, the participants are rewarded with a $1,000 incentive to apply toward their WestWind Home down payments.
If you are still not convinced of the financial benefits of buying over renting, let me schedule an interview with a member of WestWind Homes, and we will answer all of your questions