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Simple Steps To Home Ownership



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By : Lisa Udy    99 or more times read
The American dream of home ownership has hit a rough patch lately, and acquiring a new home for your family may seem like chasing a rainbow on a never ending path. The banking industry has tightened up the hatches, and getting loan approval can be a daunting process in today’s world. Your credit score requirements have changed, job out look is uncertain, and bringing money to the table is a must to get into a new home. But people are doing it, and so can you.

Before you get the idea you can buy a home, you need to decide if owning a home is the responsible decision for your well being. The reason the economy is in this mess in the first place is because of the lack of responsibility on all fronts. The government de-regulation of the banking industry, wall street big wigs selling toxic assets, and the false security of home ownership being the holy grail of investments that would never fall. If you believe you can afford a new home, feel the time is right, and are secure financially, then let’s move forward.

Education

Today’s real estate market is unlike any other in the history of the United States. Getting to know your local market is crucial to ensure you are getting the best value for your dollar. If you listen to the national reports, you need to step back, and realize that every single market is different. What happens in California has no bearing on what happens in South Dakota.

To get educated you need to go to the source, find the person in your market that shows they are the expert. Real estate agents may be your most valuable asset when purchasing a home, and if you’re using a buyers agent, their services are free. A buyers agent doesn’t get paid unless they help you buy a home, and the sellers pay the REALTOR(R) fees.

Pre-Approval/Credit Repair

In order to purchase a home you have to either have money or you have to be able to qualify for a loan. If you’re like most people, a loan is the only way you will be able to purchase a home. Which means, you need to have great credit, and money in the bank for a down payment.

(There are loan programs out there that allow for a very small down payment or none at all. I would not recommend buying a home with no down payment, as that is one of the biggest reasons for the housing collapse, and is the direct result of increased foreclosures because home owners are underwater in their mortgage.)

If you have bad credit or no credit at all, there are a lot of credit repair services that help you. Be wary of the scams though, some credit repair services will take money from you, and leave you with nothing. The best way to get help with your credit, is to consult with a local mortgage lender that is working with a bank. If they know you want to repair your credit to get a loan for a home, they will be more then helpful assisting you because they know you may use them to buy that home.

Change Your Spending /Saving Habits

In order for you to get into a new home, you must keep an eye on your spending habits, save some money, and be prepared to pay the price. Home ownership is a responsibility that can affect you for the rest of your life, both negatively and positively. If you’re not ready to buy a home, the negative affects can last for years. If you lose your home to foreclosure, it can take years to get back on your feet. However, home ownership is a step on the path to sustained wealth, security in your family, equity for retirement, and the American dream. Paying rent is paying money into someone elses bank account. Paying a mortgage is putting money into your future.

Before getting a new credit card, buying that shiny new car, getting the biggest T.V. in the electronics store, stop and think how that purchase is going to affect your time frame to home ownership. Can you put off that extra expenditure for a few months, or years to buy a home? I think you can, and many people do. Remember home ownership is a responsibility, so act accordingly, and soon enough you will be in your new home.
Lisa Udy is a local Logan Utah Real Estate agent who specializes in helping buyers and sellers, and is a highly reputable Logan Utah real estate agent. Contact a professional Logan Utah Real Estate For Sale(R) today.

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