Top 12 Home-buying Mistakes to watch out for

wirat1977 · Joined: 14 Oct 2008 Posts: 5

“ If you are preparing to buy a home of your own, then check out the top 12 home-buying mistakes that most people often commit. Being aware of such mistakes will prevent you from falling into traps just like others. ”

1. Not being aware of mortgage:

There is a general perception that mortgages are meant for people with moderate and high income levels. Those with low income or poor credit avoid going for such a loan because they feel either they won’t qualify for it or won’t be able to pay the charges and interest payments associated with it.
However, there are plenty of programs with special features available for borrowers with different income level. What buyers need is a little knowledge of mortgage and its pros and cons so that they can purchase their dream homes using the best program available.

Read More..
http://look4myloan.com/mortgage_loans/?p=148

trishaltbr · Joined: 18 Sep 2008 Posts: 5

wirat1977 wrote: “ If you are preparing to buy a home of your own, then check out the top 12 home-buying mistakes that most people often commit. Being aware of such mistakes will prevent you from falling into traps just like others. ”

1. Not being aware of mortgage:

There is a general perception that mortgages are meant for people with moderate and high income levels. Those with low income or poor credit avoid going for such a loan because they feel either they won’t qualify for it or won’t be able to pay the charges and interest payments associated with it.
However, there are plenty of programs with special features available for borrowers with different income level. What buyers need is a little knowledge of mortgage and its pros and cons so that they can purchase their dream homes using the best program available.

Read More..
http://look4myloan.com/mortgage_loans/?p=148

Yah I agree as well, Be aware of mortgage... Today, there is a growing realization of the need to offer home loan products that are specifically designed for borrowers with an imperfect credit or financial history. Mortgage programs have been created especially for borrowers who have gone through a bankruptcy. In fact, those with a bankruptcy discharged for even one day may apply for a home loan. That's right, if your bankruptcy was discharged yesterday, you can qualify for a mortgage today!

Now you are probably thinking that although you are eligible, it will be difficult to qualify. The truth is that qualifying is much easier than you think. The fact that you have been through bankruptcy is not even considered in the evaluation of your credit. Any liens, collections or judgments that appear on your credit report will also not be used in the evaluation of credit and will not need to be paid off.

EricJ · Joined: 09 Jan 2009 Posts: 321 Location: New Jersey

You can avoid most of those issues by working with professionals. Hire an attorney to review the contracts.

Jenie0109 · Joined: 27 Jan 2009 Posts: 307 Location: chicago IL

thanks for the link...