Joining in on the American Dream!
Well, it's official! I have officially purchased my first home and begun to take part in the American Dream of owning my own home. So, I figured, "What better topic to talk about this week than my own personal experience with purchasing a home?" Was it stressful? Yes.... Is it worth it? You Bet! I can not describe the joy one gets out of owning your own home. To talk to your last property manager and hand over the keys in exchange for the keys to your own home is awesome! I'm getting more joy out of spending a Friday night at Home Depot or Lowes, deciding on which home project I can tackle next as I would going out on the town for the night! Does that sound crazy? Maybe. But here are some of the additional benefits that I have found so far with home ownership:
Pride of ownership
Sense of security with building equity
Not having to deal with landlords anymore
A strong sense of personal achievement
A stronger sense of belonging to the community
A stronger sense of stability for myself and my family
More control of my immediate surroundings~I.E. Going to Lowes and hanging up misters in the back yard if I'm hot on a hot August day without needing permission.
With the vast array of home loan products that are available to home buyers today, it is crazy to miss out on such an opportunity! Many potential home buyers put off the notion of owning their own home because they feel the concept is out of their reach, which is simply untrue! For example, I have investors that will do 100% financing with credit scores as low as 600, going Stated Income and Verified Assets, which typically amounts to 3 months of Principle, Interest, Tax and Insurance payments in the bank. For us, that was close to $6,000. In the scheme of things, if you put a game plan together, $6,000 can easily be saved with a game plan. Most investors will consider ALL scenarios, granted there are compensating factors. For example, if you have bad credit scores, but money in the bank, that could be a compensating factor! Do you have no money in the bank but good credit scores? That works as well! Working with a mortgage professional that has access to multiple investors and loan types can drastically increase the likelihood of getting you approved and into the home of your dreams.
Don't be shy! Take the initiative and make a phone call! In a worse case scenario, you get to find out what your credit report and scores look like. Be sure to work with a mortgage professional that will take the time to go through your credit report with you and help you to read through it. Teaming up with a mortgage professional that will take the time to look over your entire current position and offer suggestions can make all te difference in your loan searching experience. If you don't qualify for a loan now, rather than being rejected, work with someone that will take the time to sit down with you or talk on the phone and come up with a "game plan" for purchasing your first home. As my dad says, "Rome wasn't built in a day!" By gaining the tools and knowledge to make the proper decisions with a game plan, home ownership may not be as far out of reach as you may think!
Scott Gormley
Broker/Owner
Oak Valley Mortgage
2006 Chico Assoc. of Realtors Affiliate Chairman
Direct: 530.592.8362
Fax: 530.267.5555
Website: http://www.caloan.com/
"You find the perfect home, we'll find the perfect loan!"
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