Blunder #1

Bad Credit Stays On Your Record For Around 7 Years....

This is a known fact but thanks to most mortgage companies they only check for the last 12-24 months. They may disregard any credit problems that exist out of that 12-24 month gap in time.

Blunder #2

Credit Counseling Can Hurt You!

That right Credit Counseling can most definitely hurt you in most cases credit counseling is benificial to your needs and may resolve your debt problems. But if they don't meet your creditors needs then it will hurt your Credit Rating

Blunder #3

On-line Loans Arent In Your Best Interest

Most mortgage companies are concerned with their reputation locally so dealing with a mortgage company in a different part of the country isn't the wisest decision. Plus because of where the company is they might have to deal with policies in YOUR area that re different form the policies in their own area. This will also slow down the Loan Process drastically.

Blunder #4

Getting Pre-Approved Before House Hunting

Getting pre-approved can help you in many ways before going out and shopping for houses. HWne you get pre approved you will be able to tell how much you are able to afford and will let you know if you can even afford one. This will shorten the list of the homes for you to look at alot so your not wasting much time looking at houses that you can't touch. 

 

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The Do's

1. Be sure to provide all documents pertaining to the sale of your home.

2. Be sure to update your loan officer if your expecting to recieve gift refunds.

3. Be sure to update your loan officer of your emplayoment status. Any changes could affect your approval status.

The Dont's

1. Don't change jobs without analyzing the impact on your approvablity for the home loan.

2. Don't make any major purchases that could affect the status of the qualification.

3. Don't open any new credit card accounts, signature loans etc. while the loan is still in process. Check with your loan officer on any required documentation.

 

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When Buying a Home Be Sure To Ask Yourself A Few Different Questions...

 

For Example

 

What Is The Space You Are Looking At?

Make sure that you are comfortable with the homes looks and features and that you like the neighborhood you are in... You should also look around the house for cracks and leaks in the ceiling or walls... also be sure that the trimming and weather stripping isnt torn up unless you are willing to spend a little extra cash...

 

Does The Area Commute Well?

 Aslo make sure that where you live near stores or common places that you visit as to help accomadate for today's high rising gas prices. Or maybe you might want to try and live near your work to help alleviate the cost of daily gas.

 

What Sort Of Homes And Features Are You Looking For

 In today's market it is important not to get a home thats too big for you because often time you will end up not being able to afford it or the money spent on that paticular feature has become a waste because you dont use it anymore. Try your best to narrow the house size and features down just for you for what you will need and use in your home daily.

 

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1. Do not ask enough questions of their lender and end up missing out on the best deal.

2. Do not act quickly enough to make a decision and someone else buys the house.

3. Do not find the right agent who's willing to help them through the homebuying process.

4. Do not do enough to make their offer look appealing to a seller.

5. Do not think about resale before they buy. The average first-time buyer only stays in a home for four years.

 First Time Home Buyers NEED GUIDANCE

 

for more information on First Time Home Buyers Visit:

 

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ok so now that your well on your way to purchasing a home you need to make sure that your loan officer isnt screwing you over or leaveing you out on aany details at all! make sure they go over everythign with you and that they answer any questions that you might have for them. leaveing yourself in the dark will onjly make you lose money.

Ok so if you have read my first blog about First Time Home Buyers then you know that the time to buy a home is now, now its time to learn how. First you need to get pre-approved after you use the rule of thumb for purchasing a home which is to take your annual income before taxes and multiply it by 2.5. This will give you and idea of what you are able to afford. Review your credit which should've been pulled already and fix any potential problems. Next get a LSR a Loan Status Report, this houdl be done the minute you get pre-aproved. NOw its time to get a buyers agent, as most mortgage companies only work with the best. Once you've found your buyers agent its time to go to the mortgage company. Then you must fill out all of the paperwork needed and that is required everythign has to be signed as well. Then you will be well on your way to be in your new home!

Here is why buying your first home will put you on the fast track to riches.

Homeownership comes with alot of financial perks! All of the interest in a mortgage payment adds up to be about 75% of total payments made and is completely tax deductable. Owning a home tops the list of dreams for most Americans,and for plenty of good reasons. The property value of your house increases more and more over time. It's a shelter for you and your family,a gathering place for friends and a great long-term investment. Face it renting is wasting. You make your landlord rich with money coming straight out of your pocket. Why rent when you can put those exact same dollars into a house payment that will create equity that could pay for your kids education in the future?

A home of your own!!! A fenced yard for the kids... A garage for your car... Enough room for your stuff... On a quiet street... Privacy.... And comfort.....

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I have learned so much so fast its insane! Thanks a lot Active Rain... newbies will enjoy this site so much it is not even funny! Active Rain will help many! Thanks to Mark Organek for referring me... Comment me please :p I am here for all of your mortgage needs as well so dont be scared to ask a question 

my friendMark Organek referred me here to active rain and I am excited to learn from everybody here!

First Time Home Buyer-

Is this a good time to buy a home for the first time home buyer?

Of course it is, Real Estate Journal states home sales were down in 2006. Does that sound bad for a first time home buyer? Not, so...the best deals to purchase are found when the home sales are slower and it's a "buyer's market". Home prices are to take their biggest decline since 1990 in 2008. Existing home sales for 2007 plunged a total of 12.8%, leading the group to forecast a drop of about 4.8% this year alone. The groups forecast an even greater weakness in new home sales in the year ahead, with a 4.3% drop in median prices and a 17.7% plunge in the number of sales. The rule of thumb for purchasing a home is to take your annual income before taxes and multiply it by 2.5. The problem is the affordability in today's high median prices for homes. In 06-07 the average price for a condo was about $289,000 in the US. But thanks for today's rapidly decreasing prices, homes are becoming more affordable everyday.

 

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