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Daniel Fisher's Blog

By Daniel Fisher | Broker in Charlotte, NC

Should I be a homeowner or a renter?

People tend to make the best decisions when they have complete and accurate information.  Many times instead of gathering information and considering options, the decision to renew a lease is made without the knowledge required to make a solid housing decision.  To see if you might qualify, you should read this Trulia Blog Can I get a Home or Am I Stuck Renting?


If you are not buying because you think that you have “bad” credit and could not get a loan, but you might consider owning if a lender said "yes", I encourage you to talk to a bank lender and find out what they are willing to do for you.  Ask them about the tax advantages you get when you own a home.


If a bank lender is willing to make a loan for you, you can confidently visit homes in a price range you can afford. If they tell you that they cannot make you a loan yet, or, if because of your car payment, the loan amount is not big enough to buy the home you want, at least you'll know what is required for homeownership in the future.


If you decide that a bank lender is not for you, then you should be working with a Realtor whose service includes fitting financing to your personal needs and who can direct you to options for low down payment loans, 100% financing and options for closing cost assistance from a variety of specialty lenders. 


Recently, we helped a client with a modest income and just OK credit. After completing a free program offered by a non-profit advocacy group and specialty lender, this family was able to get financing for a 3 bedroom, 2 bath ranch home that they love.  It is worth over $100,000 (but they paid less) and is located in a good neighborhood. Their loan has no points or fees and is a 30 year fixed rate, so their loan payments will not change.

By combining this financing with a county program for first-time homebuyers, we were able to get their interest rate below 4%. Their house payment is $578 a month and covers all loan payments, property taxes, home insurance and owners association fees.  If they were purchasing at today's extremely low interest rates, their payments would be even slightly lower.


If homeownership appeals to you - even for the future, your next steps should be to make an initial lender contact, go through the required homeownership classes and make sure that you are managing your finances to establish the kind of credit record that will ultimately qualify you for a home mortgage.  If you wait until you are actually ready to move, you may be disappointed that you could have qualified if you had just managed your finances slightly differently.


If you ultimatly decide to rent, we recommend that you get the shortest term possible - 6 months or month-to-month so that you can purchase while rates are low.  Here are some rental sites that might help.






If you have any questions or need additional information, please e-mail, text or call Daniel Fisher direct at 704.617.3544.  We look forward to the possibility of working together in the purchase of your home - whenever it is YOUR time to make a move.

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Daniel Fisher
Fisher Herman Realty
Licensed NC & SC
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By Pat and Steve Pribisko,  Mon Sep 5 2011, 09:56
Good analysis of the rent vs buy issue.
By Daniel Fisher,  Mon Sep 5 2011, 11:52
Thanks, Pat and Steve. While homeownership is not for everyone, the current low interest rates, opportunities to purchase below market and the rising rents are solid reasons why it might be better for some people to purchase rathar than rent in the Greater Charlotte, NC or SC area

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