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Yours or Theirs

Real Estate Agent with Shinsky & Assoc

Yours or Theirs

It takes money to buy a home: yours or theirs. If you're not going to pay cash for a home, you need to find out exactly what you can borrow and what it will cost before you start looking at homes.


The mortgage process is not as clear cut a path as it was a few years ago. It is certainly more complex, takes longer and assumes that you're credit worthy. If you have less than stellar credit, a trusted mortgage professional can advise you how to improve your individual situation.

You are entitled to a free credit report from each of the three major credit bureaus each year. Go to AnnualCreditReport.com to get a copy of each from TransUnion, Experian and Equifax. Read the reports to determine if they're accurate. Surprisingly, about 90% of all reports have errors.

You can try to correct them directly with the credit bureau, but a trusted mortgage professional can help you with this process too. They have tools that are not available to individuals. Some errors may not be serious but others will keep a person from qualifying.

Housing affordability is at a near record height due to the incredibly low interest rates and low home prices. Some areas are experiencing absorption of the inventories which could impact price. If you're going to use "their" money to buy a home, the first step is to talk to a trusted mortgage professional. Call me for the name of a trusted mortgage professional.

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Chandler Real Estate Liz Harris, MBA
Liz Harris Realty - Chandler, AZ

Love the arrows... good reminder that we are not "entitled" to a mortgage; we need to demostrate credit worthiness and obviously, the ability to pay it back!

Oct 25, 2011 04:07 PM
Nita Shinsky
Shinsky & Assoc - Azle, TX
Broker, GRI, SFR, e-Pro

I may not agree with some of the hard restrictions that the mortgage companies are requiring borrowers to overcome but I also understand where we are in today's market and the amount of foreclosures that are out there since I sell mostly foreclosures. I have a very credit worthy buyer who can't get a loan because she needs one more tax return in order to pass all their requirements. She pays more in rent than she will for her mortgage but my answer to her and every other buyer out there, the people with the money make the rules, unfortunately.

Oct 25, 2011 04:13 PM