Started the process...

iVillage Member
Registered: 11-17-2004
Started the process...
2
Thu, 05-10-2007 - 10:03pm

Well, my neighbor that is a mortgage guy is pulling my credit report and going to call me tomorrow to talk about it...and here it starts, the baby steps to making my way to purchasing a home :) I have no idea what he's going to say, I'm scared and nervous and wondering if I will be able to do it on my own, being a self employed, single-income "family" (just me) but it's definitely past time for this! If anyone has any tips, they are welcome!

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Avatar for floridagirl52
iVillage Member
Registered: 10-16-2006
Fri, 05-11-2007 - 6:13am

Hi reba,

I don't have so much advice as I do encouragement. You go! Buying a house is a very smart investment, one that you will not regret. I bought my own home in 1990 and it's paid for now. Plus the value has greatly increased. And, it's really cute (1938 brick bungalow). There's just no reason to pay rent when you can buy.

The only advice I would have would be to not get an exotic loan (there's a lot of them out there these days) and don't get in over your head. Banks will qualify you for much more than you might think, and some people end up with huge mortgage payments. I say keep those payments as low as possible so you aren't struggling every month.

Is there a particular house you are looking at or are you going through pre-qualifying? Let us know how it goes!

Avatar for cfk_3
iVillage Member
Registered: 05-14-1999
Fri, 05-11-2007 - 7:00am
How exciting! When you've found what you're looking for, hire a VERY thorough home inspector. If possible, get someone you know and trust. Other than that, I think floridagirl was on point with her advice. Congrats!