How I did it: I've always been a saver so it was just a matter of the right time. With the market the way it is the price of rent was higher than many mortgages in San Diego, CA. I started to look and get to know the areas with my wife. Once things started to drop we looked over our finances, went to financial counseling and got pre-approved for a mortgage.

Lessons & tips: Don't feel obligated to stay with the first realtor or mortgage lender you meet. Interview them and decide who you want to work with at least a month before starting to bid on homes. I had different people calling me and felt a lot of pressure. Don't let them get to you. Your the one that needs to feel comfortable and secure and you have no obligation to work with anyone because of a couple of questions you may have asked. They also try to pull your credit report right away. This is their choice and doesn't take hours of work like they might lead you to believe. They have software where they can plug in numbers and that's it. The real work comes with the paperwork once you go into Escrow.

Resources: Financial Counseling and Home Buyers class.

Jan 01, 2009, 03:52AM PST | 0 comments | 1 cheer