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 easy as it was a few years ago. (Back then if you could fog a mirror with your breath, you were good to go.) It is certainly more complex, takes longer and assumes that you're credit worthy. But it's not that bad. The vast majority of people applying for mortgages get approved.
If you have less than stellar credit, a trusted mortgage professional can advise you on how to improve your individual situation. In many cases a credit score can be raised immediately.
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 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 good mortgage loan officer. Call me or email for the name of a trusted mortgage professional.
Be good,
Chuck
Chuck Karpfinger Real Estate Broker-Associate
RE/MAX Realty 100
414-453-8223
Email to: CharlesK@execpc.com
www.ChuckKarpfinger.com
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