Paying $750 monthly rent for 5 years is equal to throwing away $45,000. I bought my first place at 22 years old (lucky break, clean credit). I am now a licensed mortgage broker and actually get to help people achieve the dream of homeownership. I love my job!
If you have bad credit and check out your credit report yourself, go to www.AmericanDreamsComeTrue.us where you will find an article on how to get your credit report online & for free through the 3 mayor credit reporting agencies: Equifax, TransUnion & Experian.
To those of you who currently shopping for the right loan- research mortgage information online but do not submit your private information on any web site, specially if not located on a secure server ( https://www…) and make sure you are working with people who are really looking out for you and are licensed in your state!
Do not hesitate to buy a home while interest rates are still way below the double digits we saw in the 80s but proceed with caution! Lock in your rates if closing within the next three months because it does seem like these will be going up again. Do not let this paralyze you, interest rates were in the double digits many years ago – people still bought real estate because it is and will remain a great investment.
BEWARE: The latest news in the industry: there are now “loan officers” working in call centers out there in India (and they actually take classes so they sound American). They are actually calling prospects (generated from online leads) and offering financing.
Do not get me wrong, I love people of all races and colors :) I really do… but it is hard for me to imagine the majority of loan officers trained & working in India really care about the folks over here looking for financing. What do they care if they put someone in an interest only loan or a loan with a prepayment penalty? What is the angry client going to do? Fly over there and wring his/her neck? There are some things that just cannot be outsourced.
As for me, outsourced loan officers are not a threat because I offer something that they will never be able to provide – up to date product knowledge, professional ethics, accountability (i’m licensed) and a genuine emotional attachment to my clients since most are friends, family and their friends.
Just my 2 cents…
Good luck to all!