Loan Calculator helps renters become homeowners

Mortgage programs available to assist renters become first time home buyers; loan calculator determines house payments versus rent

LOAN CALCULATOR June 2004

”There are numerous programs specifically designed to help renters become first time home buyers. In addition to the obvious benefits of home ownership there are also certain tax advantages that are simply unavailable to a renter,” states Al Arroyo VP of GoldMedalMortgage.com.

GoldMedalMortgage.com (powered by Desert Valley Properties and First Source Financial) is a nationwide lender specializing in first time home buyers programs. Many programs offered by GoldMedalMortgage.com are not available at banks.

For more information please visit: http://www.firsttimebuyers.netfirms.com/cgi-bin/index.pl

Loan Calculator makes it easier to determine payments and interest

“No matter what you're currently paying for rent, we can help you find out how much of a mortgage you can comfortably afford based on your income and expenses each month. It is very important that you take into consideration expenses for things like repairs and maintenance that are currently paid for by your landlord.”

“This process is called Pre-Qualification and basically determines what property price range you should be looking at based on your current financial situation.”

“The amount you have available for a down payment will affect what types of loans for which you can qualify. Down payments typically range from 3 to 20 percent of the sales price for the property. There are some Zero Down Payment home loans available but for the First Time Home Buyer a down payment is usually required. Typically you need to have enough money to cover 3 expenses: Your deposit, the down payment and closing costs.”

“As a new homeowner you can now deduct mortgage loan interest from federal income taxes and usually from state taxes. Interest composes nearly all of your monthly payment. This gives you substantial tax savings at the end of each year.”

“Also you are allowed to deduct the property taxes you pay as a homeowner. As a renter your monthly check does not allow for tax deductions.”

“Appreciation of your property value is another big plus in being a homeowner,” concludes Arroyo.

About GoldMedalMortgage.com

GoldMedalMortgage.com (powered by Desert Valley Properties and First Source Financial) is a nationwide lender specializing in first time home buyers programs. Many programs offered at GoldMedalMortgage.com are not available at banks.

GoldMedalMortgage.com recently announced their sponsorship of the long jump World Record holder, Mike Powell, in his comeback for the Summer Olympics.

For more information please go to: http://www.firsttimebuyers.netfirms.com/cgi-bin/index.pl