It is not easy to make the decision to buy a home, especially in these hard economic times.
If you have the ability to buy a home that does not mean you should, but if you have ever had an interest or want to buy, now is the time to do so.
This economy has been rough on owners and other people but for some it has been a chance to get a steal on a new home.
The economy has cause foreclosure rates to skyrocket, prices and interest rates to drop, and force many people to ask for less money than they actually bought their home for.
This makes it a great time to buy but you need to be aware of the things you will need to successfully get a mortgage.
First you need to know that all lenders are not just giving money away anymore, they demand that you meet a few requirements, some are mandatory and others will benefit you.
You absolutely need to have established income that proves you make enough money to afford the monthly payments.
This is not easy because the bank will require that you have made this money for months and even years.
Figure that you need to earn at least three times what a monthly payment would be if you want to be taken seriously.
Once you have your payments taken care of you need to put down a deposit on the home, this will vary for each person but figure you need about 20%.
This is a lot of money because even on a cheap house it can add up to over $25,000.
Finally you will need a good credit score, if you do not have one you can use credit repair to fix it up in less than a month.
A good score is important because it will not only help you to get approved but it will help you to save thousands of dollars in payments each year, that is the true value of credit repair and why you need it.
By David George