Are you looking at buying a home but you do not want to overpay for it? People always make the mistake of assuming they can overpay for a house based on the sales price when in reality you could lose money on the financing deal.
Right now is the best time to buy a house if you are able too because the prices are rock bottom, interest rates are low, and foreclosure rates are high.
However, if you want to get the best possible deal on a mortgage you need to make sure you have everything prepared, and that takes months and even years, not weeks.
First the lender will want you to have established income that can prove you can afford the monthly payments.
If your mortgage is set to be $1,000 a month you need to make at least $3,000 a month to be taken seriously.
Next you need to have a down payment, and this is a problem for many people.
Yes you need to have months and even years of established income but a down payment can be very expensive.
Even on a reasonably cheap price of $150,000, the down payment would need to be $30,000 and that doesn't include closing costs and moving expenses.
The final thing you need to have if you want to get a deal on a home is a good credit score.
That doesn't mean you have to have one to get approved, but if you want to keep your monthly payments low you will need one.
The difference between a bad score and a good one can be $100,000 by the time you pay off the loan so you can see how serious it is.
The good news is that unlike the established income and down payment it does not take months or years to have a good score if you get credit repair.
Credit repair will allow you to fix your numbers in weeks and all for an affordable price.
By David George