Understanding The Qualifications When You Purchase A Second Home!!

Are you thinking about buying a second home? If your purchase is for investment purposes you need to learn how to buy a second home to rent. While the process is the same for the most part, the qualifications are somewhat more stringent. You don’t want to make the mistake many people do (myself included) and think just because the home will secure the loan that you are guaranteed approval. It’s much easier to buy a home in which you are going to live with bad credit than one for investment purposes.

Your First Home and Credit Score

It’s exciting to think about buying your first home, but before you make that step you need to think about your credit and how it might affect your dreams. No, this doesn’t mean buying your first home with bad credit is impossible, but it does mean you will have to find a lender who is willing to work with you in order to make your dream of home ownership come true. You can find a great deal of information on the Real-Estate-Yogi.com website, but some of the things you can learn from Real Estate Yogi include:

• How to find lenders willing to work with buyers with less than perfect credit
• Learning what interest rate you can expect to pay based on your credit score
• Researching lenders within the market to locate the best terms
• Becoming pre-approved when you have bad credit
• Cleaning up your credit report in order to obtain a better interest rate

Another thing you should do and something I learned the hard way is to know what is on your credit report before you begin applying for a home. This gives you an idea what to expect, and you won’t be shocked. Take some time to fill out the online contact information form so you can speak with one of the Real-Estate-Yogi consultants before you begin looking. Once you fill out the form someone will contact you immediately.

Following the Right Steps

There are specific steps to buying first home that you should expect. What I did was put together a list for myself so I wouldn’t forget anything. I also obtained a copy of my credit report and viewed it for accuracy; I even found a couple of things I didn’t know were there and cleared those up since they were small balances. You have to assess your own situation and do what you can afford, but trust me, having this information at my disposal made the process a whole lot easier.

Second Home Purchases

One of the hardest steps to follow when you purchase a second home is making sure your first home sells prior to the sale of your second home. Sometimes this can be difficult especially in the current economy. My brother actually ended up renting his primary residence in order to move to his second home because it didn’t sell. Fortunately for him he had the income to support the decision because the bank wouldn’t accept the rental income as part of his total gross income even with a lease on the house.

Buying a first home can be a scary process, and many young people and even those in their 30s buying for the first time can become frustrated. Take a minute to visit www.real-estate-yogi.com and take advantage of the wealth of information that appears on the website. Another resource you will find extremely helpful is the free database of over 200,000 lawyers and financial experts located all across the country. Do you have questions you would like to ask? Just pick up the phone and call 1-800-987-1397 to schedule a free consultation with one of the thousands of experts. 

What To Know When Buying Your First Home With Bad Credit

I was young and in love. I started having real visions of where I wanted my life to be ten, twenty years from now. We both wanted a home, but unfortunately neither of us had good credit. Actually, my credit score was pretty bad, and all I had heard throughout my brief adult life was that you needed a good credit score to get a mortgage to pay for a home. I certainly wasn't in any position to buy a home without a loan, so I had to find someone who knew how to buy your first home with bad credit.

How we figured things out

Together we sat down and started doing some research on if it was even possible. Here are some tips on buying your first home with bad credit that we learned.

• Payday loans. These are loans that do not affect your credit score unless you don’t repay them. They are great for quick cash in the event of unexpected situations.

• ​Brokers. A broker might be able to match you with a lender that regularly works with bad credit loans. Mortgage brokers usually know a variety of mortgage lending companies and banks. They often can find a match for people from all credit backgrounds.

• ​Find someone to cosign. Find someone who has good credit. Most people choose a family member, friend or acquaintance. The cosigner agrees to take on the responsibility of the loan if you cannot make the payments. Because your name is on the mortgage your credit score will improve dramatically simply by making the payments on time. Then you will be able to look for loans without a cosigner.

• ​Offer collateral. This is property you can offer a lender as a form of down payment towards getting a loan. Homes are the most common form of collateral but people often use their cars as collateral to get loans, and businesses will sometimes use their machines or expensive equipment to get business loans. Collateral will give a lender confidence the loan will be repaid in full.

Being young we didn't have much in the way to offer for collateral, though that may have been our first choice otherwise. Buying our first home with bad credit was going to take some creativity. We looked a bit deeper into payday loans and tried to think of a way to possibly take out a loan, and also work with a broker to find a lending company that works with people with low credit scores.

Putting my plan to work

My plan was to get a payday loan and use that to help pay off a bad credit mortgage. I learned that payday loans are short term and are made strictly based on your ability to repay the loan. My fiance would do the same thing, and together we’d get a temporary boost in our initial investment power. Credit reports are generally not checked in this situation either, and unless we didn't pay back the loan, it wouldn't affect our credit score.

We were able to find a great broker through a website called www.real-estate-yogi.com. He had helped much first time home buyers find loans in the past, and it wasn’t long till we were negotiating some prices on our first home. If you want some great advice and need to find a real estate agent, visit real-estate-yogi.com today, or call them for a free consultation at 1-800-987-1397.

How to Buy a Home and Keep it!

I've been a real estate agent for a number of years now and have helped my fair share of people buy real estate and learn how to own homes. It can be both a rewarding profession and sometimes a heart breaking profession. Sometimes I have to tell people there's very little I can do to help them afford a home. Other times I get to celebrate with them in the joy of owning their first home as a family.

As anyone involved in the housing market will tell you, the times are changing. In many ways this is a great time to be a home buyer. All across America homes are being sold under their typical market value. As a stock broker might say, buy low, sell high. However with this advantage comes the pitfalls of a still unstable market. Important Things To Know When Buying Your First Home. If you buy now, do you risk losing even more value? Let's take a moment to look at how most people will be able to afford a home and keep one in the first place.

• Can you afford a home? Is it even financially feasible at this time? Look at the market where you are looking to relocate? Will there be a job there waiting for you that can possibly support paying a mortgage?

• Most people need a mortgage loan in order to afford owning a home. What type of mortgage is best for you?

• Once you do purchase a house, you should be prepared for the changing landscape of the financial world. There may come a day where you will need to refinance to meet the status of your economic condition. Will you be able to possibly negotiate bad credit mortgage refinancing?

• Where will you find the help necessary to learn more about the real estate world and the many avenues people take to own a home?

Is now a good time to buy?

First, take a look at your financial situation? Are you still living paycheck to paycheck? If so it might be a good idea to rethink the thought of owning a home. However, if you are determined to own a home soon, there are ways to make it happen, even with a lower income scale. Look at the available real estate in the neighborhood where you'd like to live. Is it trending upward? Or are housing prices steadily decreasing. It might be a poor decision to move to a neighborhood that people are slowly evacuating over time.

Adjustable verse Fixed

What type of mortgage is best for you? Typically the two most common involve adjustable mortgage rates, and fixed rate mortgages. If you are a first time home owner you probably want to explore the market for the lowest fixed rate mortgages you can find first. These typically are more stable and make more sense for the home owner who fully intends to pay off the mortgage in full one day. People who don't intend to own a home for a very long time tend to lean towards adjustable mortgage rates because they don't require as much of a down payment and are easier to initially pay. However the interest rates eventually will increase substantially after a few years.

Once you do own a home it might be a good idea to explore the options available to you through home equity. Speak with a lender or real estate agency about finding the best rates for a home equity line of credit. With this extra money you one day will be able to invest in other areas of your life such as your children, business, or even back into your home. Contact Real-Estate-Yogi.Com today for more information by calling 1-800-987-1397.

First Steps To Buying Your First Home

My husband and I are thinking about buying a house. The problem is that we have no idea what the First Steps For Buying A Home are. I've asked around to others who have bought homes but are getting a lot of conflicting advice. I have now taken matters into my own hands and am doing my own research. One of the first steps is making sure we’re ready to buy a house. We have to take into consideration that, once we own the house, we’re the ones who have to pay for all the repairs, in addition to the utilities and other household bills. We’re in a little bit of debt, but my husband says that it’s not enough to worry about. I worry about everything!

Another issue that we’re dealing with is the fact that my credit isn't very good, which, of course, affects his credit negatively. We have to look into how to buy our first home with bad credit, and that makes this whole proposition more difficult. Fortunately for us, I tripped upon this terrific website, Real-estate-yogi.com, that gave me some great advice. It pointed out that we have to search for lenders that can help people like us get financing for our house. That’s the second and most important step in the process. This website also pointed out the necessity of making sure we weren't shopping for too much house, that is, one larger or more expensive than we can afford comfortably.

After providing me and my husband with reliable, free information about buying our first home, I sent my sister to Real-Estate-Yogi.Com. She’s looking to buy her second home and needs some sage advice. The website told her everything she needed to know about how to buy your second home. She learned that she needed to thoroughly look at her finances so she won’t bite off more than she can chew. She already has a house picked out that meshes with her credit rating and financial abilities, so being reminded that she needs to consider tax implications and come up with a down payment was helpful. The site also prompted her to get a home inspection, title insurance, and hazard insurance in case of flood or fire. My sister is very pleased with the direction she received from Real-estate-yogi.com.

Just for kicks, I wanted to look into using home equity to buy a second home. You know what? Real-estate-yogi.com had information on that, too. This website is a home buyer’s dream! They offer a free initial consultation to interested parties. Just call 800-987-1397 to get yours. You’ll be glad you did!