Home Buyer Help

Valid HTML 4.01!

Down Payment Assistance Programs I need Down Payment Money.......

Your Worst Decision

Straight Talk:

There are a lot of things you can do that are REALLY bad during the process of purchasing your new home. The obvious bad things, or maybe not so obvious, are; Taking on new debt of any type, applying for new unrelated credit in general, buying a new car, and the most common mistake that messes up someone's home purchase, buying new furniture. Just because payments are deferred, doesn't mean they are not accounted for!

It's funny how many home buyers think they can get something like this by the underwriters just because they're now approved. Remember, typically a pre-close credit report is pulled to insure you have not done ANY of the above. If you have, surprise, chances are, your loan is now DOA.

Unfortunately for many first time home buyers, there is something even worse than any of these pre-mortgage gaffs.

The absolute worst thing you can do is to buy more home than you can really afford. Usually, this is encouraged by wanting the really extra nice stuff, or a real estate agent "Up Selling" you, the buyer. Unfortunately for buyers that fall into this trap, they don't find out until the 1st mortgage payment comes due that maybe that bigger house wasn't such a good idea!

So how do you know if that's what your doing? Well, the easy answer is found in a simple question. Do you struggle to pay your current rent every month? If you do, then you've answered the question all by yourself.

If you have no problem meeting your current rent, then experiment. The next time your rent comes due, pay it, then pay yourself the difference between the rent and mortgage payment you THINK you can afford. The difference should be placed in a saving account. Do this for a few months. If at any time you have to touch the savings, then you are definitely stretching and you need to reevaluate your exposure.

Don't let anyone, including friends, family, a Realtor® or Lender, encourage you to spend more on a home than you know you can afford. Don't put yourself in a position where you must sell your new home, or worst yet, find you have paid someone for the privilege of being foreclosed on.

Home Buyer Education:
Adjustable Rate Mortgage

Copyright Copyright Notice2003 - 2012 U.S. #TX0006199019 - All Rights Reserved
Privacy Policy/Terms of Use

Printer Friendly Page
Refer Our Website
Credit Repair Techniques
Mortgage Calculators
Benefits to Mortgage Professionals
Benefits to Builders
Benefits to Realtors
Benefits to Sellers
Real Estate Terms
Home Buyer Education
First Time Home Buyer Grants
Charity Resources
Benefits To Home Buyers
Down Payment Assistance Home Page
Frequently Asked Questions
Find Local Professionals
MLS Search
line bar2
line bar3
line bar4
line bar5
line bar6
line bar7
line bar9
line bar10
line bar11
line bar12
line bar13
line bar14
line bar15
line bar16
line bar17
line bar18

No Income No Asset Loans

bookmark this page

Link To Us - Your Link is why we are found in the search engines! Please Support Our Site

Down Payment Solutions
Find Success

Other Important Links for down payment assistance and first time home buyers:

Home Buyer Grants By State:
Alabama - Alaska - Arizona - Arkansas - California - Colorado - Connecticut - Delaware - Florida - Georgia - Hawaii - Idaho - Illinois - Indiana - Iowa - Kansas - Kentucky - Louisiana - Maine - Maryland - Massachusetts - Michigan - Minnesota - Mississippi - Missouri - Montana - Nebraska - Nevada - New Hampshire - New Jersey - New Mexico - New York - North Carolina - North Dakota - Ohio - Oklahoma - Oregon - Pennsylvania - Rhode Island - South Carolina - South Dakota - Tennessee - Texas - Utah - Vermont - Virginia - Washington - DC - West Virginia - Wisconsin - Wyoming