Joining In On the American Dream!

Mortgage and Lending with Oak Valley Mortgage-California Home Loans and Refinancing

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
Oak Valley Mortgage
2006 Chico Assoc. of Realtors Affiliate Chairman
Direct: 530.592.8362
Fax: 530.267.5555

"You find the perfect home, we'll find the perfect loan!"


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Laurie Mindnich
Centennial, CO
What's a mister?
Apr 28, 2007 04:21 AM #1
Debi Braulik - Maple Valley, WA
Selling Maple Valley to Fife WA Homes For Sale

Scott- Congrats! When I bought my first home I think I had an ear to ear grin for about the first few months. I was so excited and proud of myself. Way to go. What a perfect time of year to move.

ps- I'd hang up those misters now instead of August. I don't like doing outside work in the brutal August heat. :0)

Apr 28, 2007 04:31 AM #2
Bob Sloop, Consultant, Indianapolis, IN
RS Mortgage Consulting - Indianapolis, IN
Home ownership is a great thing to be a part of, so many othe countrys do not have the same ability and freedom as we do here.  So what is a mister?   Laurie has me wondering.
Apr 28, 2007 04:31 AM #3
Scott Gormley
Oak Valley Mortgage-California Home Loans and Refinancing - Chico, CA

Mister-You can put them in the backyard. You can hook them up to your hose nozzle and the pressure through a small tube creates a mist. They have them at theme parks and work quite well in hot areas during the summer :)

They have them at Home Depot,Lowes and other home improvement stores!


Apr 28, 2007 04:42 AM #4
Ann Cummings
RE/MAX Shoreline - NH and Maine - Portsmouth, NH
Portsmouth NH Real Estate Preferrable Agent

Hi Scott - congratulations on your new home!! 


Apr 28, 2007 12:31 PM #5
Luisa , Orellana
Greater LA Escrow - Los Angeles, CA
Greater LA Escrow
Congratulations Scott!! I can just imagine the relief and the fun you are having with shopping at Lowes. Your daughter and wife now have their own castle. Have fun making it yours. Hope to join the American Dream Club soon.
Apr 28, 2007 01:19 PM #6
Eddy Martinez
Nationwide Funding Group - Highland Park, CA

Congrats Scott. I bought my first house back in 2000 for $101,500.00 and at the time i was very stressed out but it work out for the best in the long run :)


Apr 30, 2007 11:15 AM #7
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