Is buying a home your next move?
A response to the most common scenario:
So, you have been paying rent for the past 3+ years and realize you have nothing to show for it, except less money in your bank account. Your rent continues to increase while the size of your living room decreases and you are feeling a little stuck. You may, or may not, have made a couple financial decisions in your not-too-distant past that make you cringe anytime someone pulls your credit and you are pretty sure you wouldn't qualify for a mortgage loan anyway. THEN there is the issue of coming up with enough money for a down payment. Sound familiar?
You would be surprised by how many people I talk to with this exact same scenario and the amount of times I have been able to help ease their worries. I was once there myself and I know how frustrating, and maybe even embarrassing, it can be.
The scariest step is usually the first step: ask for help. Glad we addressed that; moving on! This means, find a real estate professional (I know a great one!) that can give you the right contacts for financing a home. Think of this step as a marathon rather than a sprint. They should be able to get you in touch with a trusted lender (or 3) to begin a conversation about what it would take to be approved for a loan. If you are not currently qualified, a great lender will give you the steps to take to get back on track at no cost. I also recommend getting set-up with a credit monitoring service (there are many free services offered through major credit card companies and banks) so you can keep track of your progress. It's sort of like going to the dentist after 3 years of no care: you know there are going to be some things to address. You hope there is nothing surprising like a root canal but you might also get out of the chair with nothing more than a quick cleaning.
The next step is to work with your lender and your real estate agent to make sure you find a home that allows you to make a secure financial decision. In many cases it costs more to rent than it does to own...plus when you are paying down your mortgage, it's more or less paying into a savings account for yourself (equity). You get to live in a sweet pad AND put money back into your nest egg. Bonus!
The final step is to breathe. You do not have to do this alone and it does not have to be stressful. I work hard to give the best experience to my buyers and sellers because there are so many other things in our lives to worry about. This experience CAN be fun and in the end, the ultimate goal is for you to turn the doorknob on a place you are excited to call home.
Remember:
Seek out someone you trust to help you
Become aware of where you are and where you need to be
Relax, this process does not have to be stressful
Looking forward to helping you with your next move!