Advertising
Advertising

Home Purchase Options You Might Not Know About

Home Purchase Options You Might Not Know About

When most people think of buying a home, their minds immediately go to the standard process of saving for a down payment and getting a traditional mortgage. But there are other options available that can help you reach the goal of homeownership. Some can make saving the down payment a non-issue while others help current homeowners looking to move from their current home to a new one.

So, before you begin walking the most traveled path for purchasing a home, see if these options will help you get there faster.

Advertising

Ways to Skip Saving for a Down Payment

One of the biggest hurdles between most people and homeownership is the down payment. Most conventional mortgages require borrowers to put down 20 percent of the sale price of the home. And that is no small feat.

However, certain loans require smaller down payments. For example, FHA and VA loans often have less stringent requirements, as well as USDA loans. Specialty loans on Fannie Mae and Freddie Mac foreclosures are also available without a full 20 percent down payment. The exact amount required can vary over times, so it is important to see what options are available at the precise time you are looking to buy.

Advertising

Another Option for Down Payments is Gifts. Certain family members can provide funds for use towards the down payment without some of the time-based eligibility restrictions that can affect the buyers own savings. However, only certain familial relationships qualify, and the person providing the gift must legally attest to the fact that the money is a gift and not a loan.

Those within certain income limits may qualify for down payment assistance through local government organizations. Certain states, counties, and other municipalities provide funds for down payments to individuals who meet specific criteria. Often, only those buying a primary residence can apply, and a minimum stay in the property may be required before a sale. Failing to meet the terms often means the funds must be paid back, so it is important to understand the details prior to accepting assistance.

Advertising

Bridging the Gap When Selling One Home to Buy Another

Another situation that complicates the home buying process is when the borrower is currently paying a mortgage on a primary residence they intend to sell. Trying to coordinate the timing of a sale and purchase isn’t easy, and juggling multiple mortgages only makes things more complex.

It is common for current homeowners to have their “down payment” tied up as equity in their current property. That means they have an appropriate amount of assets, but it might not be accessible as cash. Additionally, certain home loans have restrictions regarding whether they have to be associated with primary residences. Additionally, some banks may be hesitant to offer a favorable mortgage rate on the new loan if the amount remaining on the current mortgage is high.

Advertising

In some cases, the best course of action is to consider bridging loans for the house purchase. What these loans provide is a short-term financing solution to help you transition from one mortgaged property to the next.They can be used to tap your current properties equity to obtain a down payment or can pay the current mortgage off making it easier to obtain one on the new property. Then, once the current property sells, the borrower simply pays off the bridging loan and continues with their new mortgage.

Otherwise, the best alternative is often to wait until your current home sells before jumping into the market. In those cases, you may need a temporary housing solution for the interim.

The Traditional Method

While some of these alternatives can make buying a home easier, there is also nothing wrong with going the traditional route. In fact, it can be the smartest move financially in most cases. So, if you aren’t sure about any of these other methods, or don’t have access to them, go ahead and save the 20 percent first. In the end, there is no such thing as having too much savings for a down payment.

Featured photo credit: http://goodmanrealtyaz.com/ via goodmanrealtyaz.com

More by this author

Shelly Green

Entrepreneur writer and a blogger

Home Purchase Options You Might Not Know About 5 Activities to Share with Friends (You Might Have Forgotten About) How Peptides Aid in Youthful Appearance 9 Awesome Internet Hacks That Will Simplify Your User Experience 5 Steps to Take The Day You Get in a New Relationship 5 Steps to Take The Day You Get Into a New Relationship

Trending in Home

1 10 Small Changes To Make Your House Feel Like A Home 2 30 Awesome DIY Projects that You’ve Never Heard of 3 5 Reasons Why Tidying Your Room Can Change Your Life 4 25 Really Cool Cat Furniture Design Ideas Every Cat Owner Needs 5 Scientists Discover Why You Should Take Off Your Shoes Before Entering Your Home

Read Next

Advertising
Advertising
Advertising

Last Updated on August 13, 2020

12 Benefits of Meditation That Improve Your Body And Mind

12 Benefits of Meditation That Improve Your Body And Mind

As a mediation teacher, I am constantly confronted with these two questions regarding the benefits of meditation:

1. Why can’t I enjoy the benefits of meditation continuously?

I ask back: Is it maybe because you see mediation as a technique, performance, or some exclusive activity? The answer is: yes!

Or, because your mind is constantly evolving on the past negative attachments and traditional habits? After careful thinking they answer: yes, probably!

Although meditation is very simple and challenging at the same time, in the above mentioned case, it’s not easy to benefit from meditation, especially when approached with the idea that it has to be learned, studied, or applied. Meditation is to be seen as a natural, mental cleansing process that happens on a basis of awareness on a moment-to-moment experience. When that takes place, the benefits of meditation are continuous.

2. What is the purpose of meditation?

The purpose of meditation is to accomplish a level of consciousness for mastering the mind and uniting with the finest, deepest, and subtlest part of yourself as a being.

It is a conscious process of observation of the mind—helping the meditator to understand the structure of its mind and the quality of its content. During this process, countless benefits of a physical, mental, and spiritual/philosophical nature arise for the meditator.

Advertising

Meditation as a Fixer and Benefactor

In this article we’ll have a look at the primary and the ultimate benefits of mediation, which improve your body and mind at the same time. For the sake of clarity, readability, and tangible experience, I have separated the benefits into three groups.

You can change just about anything you don’t like about yourself (psychologically, as well as physically) through meditation. However, this is only possible with a specific approach, when your brain allows the benefits of meditation to do their work.

This means not to interrupt the benefit with other thoughts, but to let their effect implement itself in your body and mind. This approach is crucial.

The following exercises will make you feel the benefits of meditation instantly, but the continuity of the benefits of meditation on your body and mind depend on the discipline of your brain, how you manage external stimuli and your thoughts.

Less Physical, More Psychological

Even though the practice of meditation is more psychological and less physical, the first benefit we’re going to experience is both physical as well as mental.

This benefit happens literally immediately, right at the moment of meditation. It is the essence of mediation basically.

The First Benefit of Meditation

The first benefit of meditation is twofold:

  1. Improving inward attention (sharpening the mind)
  2. Relaxation of the body

Let’s do it right now. This benefit consists of only one step, and it is very simple to perform. It goes like this:

Advertising

Sit still and pay attention to your exhalation.

That’s it! Technically, the whole journey into the world of mediation begins here and nowhere else. And right here, you benefit from this step in the following way:

When you pay attention to the flow of your exhalation (gentle, deep, effortless exhalation), your body begins with the process of relaxation instantly (your heart rate slows down, your nervous system calms, and tension in your muscles is relieved).

When the nervous system calms, your mind calms down, and, more specifically, less thoughts are produced by your mind. How, exactly? By applying one of the most valuable mental skills—attention—the mind follows the breathing and has no space and time to generate any other thoughts. Only when the attention goes off the breath, other thoughts are constructed, and the mind is accelerating with thought production again.

Keeping the First Benefit Effective and Ongoing

Here you apply the approach of not letting the relaxation and attention process get interrupted; rather let the effects of these benefits implant in your body and mind as deeply as possible.

This is to say, the instant relaxation and inward attention happen at the same time when you follow the flow of your breath. Repeating this process—creating a constant rhythm out of the breathing and the attention—you create a process of meditation.

Keep your attention on the flow of your breath and see how the calmness of body and mind begin to rule your present moment. The longer you stay connected to your breathing, the stronger you’ll feel the benefit. Start with 3-5 minutes at a time without doing anything else, and increase to 10-20 minutes and onwards.

Can you think of a better, simpler and quicker exercise that can relax the body and improve attention in this way, at this speed?

Advertising

This benefit takes you to the second one.

The Second Benefit of Meditation

While still working with the first benefit of mediation, you slowly start to see the second benefit of mediation, which is fourfold. I call it the major value of mediation:

  1. Energy (physical and mental strength)
  2. Observance
  3. Peacefulness (stillness, and space of mind for deeper observation)
  4. Patience

Peacefulness is the source of a blissful life. The energy is the fuel to express that blissfulness. Whatever we want to accomplish in life we need: 1) Physical and mental strength, 2) Observance of that energy, 3) Peacefulness—the calmness and stillness that creates space for freedom of being and creative thinking, and 4) Patience for the process of accomplishment.

You can only get creative in thinking and boosted with physical and mental energy when you get in touch with the deepest levels of yourself—when you harmonize your mental and physiological activities. How do you do that? Let’s try it right now:

This step involves the observation of the two separate movements of your breath. After paying attention on your exhalation, you have prepared your body and mind to really see and feel what true peacefulness and true energy means.

1. Energy

Keep your attention on your inhalation (inhaling gently, deeply and lightly) and feel the new energy (new oxygen) flowing in your body. The inhalation is the symbol for aliveness and vitality. It is the the primary act that connects the baby’s body with the outside world after coming out of the womb[1]. Each inhalation is a new opportunity for your body to revive, regenerate, and renew itself.

2. Observance

The observance comes during the process of meditation, enabling you to see the physiological benefits of introducing new energy to your body. Use that benefit by utilizing its effects, and create deeper observation into yourself. With every single inhalation, this observation will enable you to generate even more energy, mentally and physically.

3. Peacefulness

Keep your attention on your exhalation, and feel how, out of the relaxation, peacefulness is spreading throughout your whole body. The exhalation is the symbol for relaxation and peacefulness. Only through meditation can you realize what absolute peacefulness means.

Advertising

4. Patience

The meditation delivers the previous benefits to you immediately and opens up the possibility for many other benefits and great virtues. A specific one to mention, which is essential for reaching the ultimate benefits of meditation, is patience. If you have experienced the aforementioned benefits, it means that you have invested a certain amount of patience into mastering yourself and your mind.

The Ultimate Benefits of Meditation

Patience is a key quality when it comes to the ultimate benefits of meditation.

Since the mind is the tool that reveals everything, mediation is the method for the proper utility of the tool.

The above mentioned benefits of mediation lead to the ultimate benefits of mediation—qualities that depict what makes a human being human. As you dwell in a meditative state of being, the following benefits begin to emanate:

  • Diligence: the persistence for righteous effort to reach an intrinsic value; inner strength.
  • Temperance: to express self-control and show excellence in managing the physio-biological and mental necessities
  • Courage: using righteous effort and braveness to look into the weaknesses of yourself and at the hardship of your life, endure it and patiently overcome the obstacles
  • Loving kindness and Compassion – a capacity to care, understand, and tolerate other people’s state of being, wishing them freedom from suffering.
  • Wisdom: the moment when you feel that mediation gives you the feeling and the knowledge that what you do relating to life and practical affairs is just.
  • Equanimity: that puts you in a state of composure, and you experience an ongoing blissful state of being.

These are the 6 ultimate benefits of meditation that put your body and mind in a state of health and balance.

Final Thoughts

Mediation exists to put order in your mind and awaken the best of you, to reconnect you to your goodness and your inborn intelligent capabilities.

Meditation is the window to your true Self. It gives you a panoramic view of your heart’s greatness. It shows you the true meaning of love, freeing you from the dungeons of ignorance and despair. The power of meditation dismantles the evil that’s trying to cloud the beauty of your heart.

Your heart, body, and soul are the bridge over which the challenges of life frequently carry their heavy load. Meditation is the support of that bridge. Make use of that support.

More on Meditation

Featured photo credit: Mor Shani via unsplash.com

Reference

[1] Medline Plus: Changes in the newborn at birth

Read Next