You have everything to lose by doing a lease purchase. In over 75% of the cases, the deal does not close. Think. You have paid a lump sum down, right? You will probably be asked to pay a higher than market lease with the agreement that the "excess" will be applied to the eventual purchase price, right?
An unscrupulous seller may be able to sell the house to another buyer at any time before the deed is transferred into your name. He can also mortgage the property to the hiltt, making it more difficult if not impossible for you to qualify for a large enough mortgage when it comes time to buy. You can't buy, he keeps the proerty and your money. What if the seller gets into financial trouble and loses the house to foreclosure? How many liens, judgments and vioations will there be on the house? Even perfectly scupulous owners can die, or get divorced, which means the house can end up in an estate or marital dispute. If you elect to proceed with the lease/purchase, make sure you hire a REAL ESTATE attorney, not the guy or gal who handled that traffic ticket for you!... more
You need to get pre-qualify before you shop for a home. You can ask your friends or relatives if they can recommend any reliable mortgage company. A mortgage broker will look at several different loan companies to find you the best rates. Small local bank or your credit union may have options that will save you money as well. Once you find for how much you are could be approved and how much will be monthly mortgage payment than you will decide how much you can really afford to pay every month. A good rule is to keep your mortgage along with your taxes and insurance between twenty five and thirty percent of your income.
Please contact me and I will be happy help you with all process of buying home in your desirable area
Century 21 Montague-Canale
Office 215-355-5500 ext 147
East Oak Lane is a lovely, beautiful neighborhood with fantastic architecture and wonderful green space. It hosts a committed community of neighbors who participate in many of its organizations and committees such as the award winning East Oak Lane Town Watch, its strong Civic Association, OLCAA, The Oak Lane Tree Tenders, and the Friends of Oak Lane Library. The newly restored Melrose Park Train Station, located directly adjacent to East Oak Lane, offers neighborhood commuters a quick ride to Center City as well as the Airport on its Regional Rail line.... more