Are you a first time homebuyer? If so, the market couldn’t be better than it is right now. Money isn’t going to get any cheaper than it is right now. Interest rates are at records lows. The cost of borrowing money isn’t going to get any lower.
If you don’t know whether you can qualify for a home loan, this is THE time to find out. Get in touch with a loan officer. Call your local banker. Find someone you know and trust who recently bought a home and ask them which bank they called.
Most importantly, don’t be afraid if you’ve never applied for a home loan before. Ask your loan officer to pull your credit (3 bureaus). Give them a check, $15-$20 should do it, and ask them to pull your credit. If they can’t get you a loan now, ask them what you need to clean up on your credit so you can eventually get a loan.
Fear isn’t going to get you anywhere. Don’t be afraid of being turned down. If you are, it’s not the end of the world. You might just be surprised how uncomplicated buying a home can actually be.
To Your Financial Freedom,
Greg Whitaker
