Many years ago, I wanted a home or a house. Because after living in apartment for more than 10 years, I thought to myself it time to move on. Rent was going up and I did not want to pay a high price for an apartment. I thought to myself, if I’m going to pay that price. I might as well put it into a house.
But my problem at the time, I had no money. I could barely pay the rent, and bills that I kept getting stacks of. But I told myself, there has to be a way. There has to be away of paying for house or getting one. I’m sure that I’m not the only person with this problem. There has to be away.
I’m a research kind of guy, so I thought that I would put that talent to work for myself. So I did, and I found away. I knew it and it could work. I didn’t think that everyone knew this and I’m sure that no bank or credit union will tell you this. But yes you can get into a home with putting money down. No, you don’t have to give up first-born or they do not remove one of your legs but there is away.
This is what I found out and a lot of people do it. It’s also easy. First you must be in a paying job for 2 years. Then you must come up with an application fee and then you have to come up with an inspection fee, that it, that all.
I’m sure you are thinking now, there has to be a catch to this or someone is going to come and get you with something but that it. Bankers, credit union & Mortgage Companies have known this secrete for years. They just don’t tell anyone. Remember that those people are in the business of making quick money and they do that by you paying your fees and also putting your money in their accounts. I know that, I used to work in a bank for 5 years. But that is it.
- You have to show that you can be employed for more than 2 years. By you showing that you have steady work, that means to the any mortgage agency that you a lower risk to let you borrow so much money. The job shows also that you have some type of money following in your pocket. It’s showed the lender that you can be trusted.
- The application fee, if you can come up with that money. That money goes in order for them to do some type of research on you and see if you are really saying who you are. They search everything and it painless. So nothing to worry about. Now, application fees can be from $100.00 to $500.00. Depending on the company you go to. You can pickup the application now and when you come up with the money, and then you turn in the money and the application all at once. This process can take from 5 day to 10 days.
- Inspection fee, this will depend on which part of the country you live in. The inspection fee is for someone to look at the condition of the home before you move in. Like that you will be told, if there is going to be some type of problem with in the future or are you willing to deal with the problems that you might have. It for your safety and for good reason. You don’t want to move into a home that major plumbing have to happen. Unless you are a plumber by trade. This might be a fun thing for you.
Banker, Credit Unions, Mortgage companies keep telling you that you have to have a percentage down, they are right but that percentage is closing fee, taxes, and legal fee, also their fee. All that money goes to them and you still have to pay the full price of the house. There is where the no money comes in the percentage of a down payment. What they will do is sometime they will pay for it or the seller of the house will pay for it. But it will not come out of your pocket. You are making them pay for it. If they say no, then you go to the next company and the next house.
When I bought my house, I didn’t have a dime on me to spare. But I did want a home. So I searched for a mortgage company and found one and I asked them, what is it going to take for me to get a home? They asked, how long have you been with your job? I said 6 years. Then they asked me, can you come up with $350.00 for an application fee. I said not now but I can get that money together, just to give me some time. They said sure, they told me, whenever I was ready.
I took the application, went and sold an old sofa and dining room table that I wanted to get rid of. That totaled $300.00 dollars. Then on payday and I took $50.00 bucks out of my paycheck. I knew I was going to spend it anyway on going out to dine and a movie. Took my $350.00 dollars and application back to them. This took me about three weeks to collect and turned it in.
10 days later, I got a phone call that I got approve for a $120,000.00 loan from a mortgage company. I could not believe it. I was shocked. I smiled for days. Then I took my letter, which they fed-ex to me and took it to a real estate agent they I felt that I could trust. The letter is to tell the real estate agent that you have money ready to be spent on a house. And we started shopping for a home. After looking at 15 houses, I finally made a decision to choose the one I moved into.
When I found a house that I could live in. At that time, I had to come up with the inspection fee. That was $200.00; they waited for me until I could come up with it. It took me a week. I waited till payday for that money. Once I got paid, I went to the mortgage company and told them I had the money. They booked an inspector that they work with. I was also told that I could go on my own. It was up to me. So I chose the mortgage inspector, it was easier and quicker. That’s it.
I sure lots of you are saying, well I have bad credit or my credit is not good. When it comes to a house, your credit rating is checked and that is how a lender will see what kind of interest rate that they are going to charge you for the life of your mortgage. The better your credit rating the lower the interest rate, the worse your credit rate is. The higher the interest rate you will be charge. That is why they are telling you to improve your credit rating, get it better. Work on it.
I learned a lot of things during this process. One of the biggest lessons that I learned was, don’t fear of not getting a house. Go for it, if you are rejected once; ask them what will it take to get a house. What do you as the future homeowner has to do to get one. Work and listen to what they are telling you. If your not happy with them or they are not on your side. Go to someone else; keep looking until you are happy with the outcome. Don’t give up. You can do it.
My final message in this story, we live in a society that can give you things. You just have to go after it to get it. We are built on working hard and understanding different concept and trying to find out what can really happen to us. It’s all on how you handle things and what you need to do, in order for you to win. You can do it. I did it and it was so easy that I thought to myself. That was too easy. Something has to go wrong. Here I am in my home for 5 years and so far, so good.
