Since the vast majority of homeowners, especially, of first – time ones, use a mortgage, as a major component, in having the necessary funds, needed to purchase a particular property, common sense should indicate, it’s essential to ensure your CREDIT is of a quality, which makes you credit – worthy, and capable of qualifying, for the necessary financing. Buying a house, is a complex, complicated, important process, which, for most people, represents, not only a place to live, but their single – biggest, financial asset. With that in mind, this article will attempt to briefly examine, consider, and review, using the mnemonic approach, why this matters, and some things to consider.
1. Cash on hand; creative; consider: Buying a house requires having a considerable amount of cash, on hand, even when you use a mortgage. This includes, monies needed for a down – payment, closing costs, necessary reserves, and generally, at least 6 months, monthly payment, is required by many lending institutions. Home buyers should have the creativity and vision, to consider whether a particular property is right for you, and whether the bones, of the house, make it a smart decision.
2. Reserves; reside; region; right for you: Do you have the necessary reserves needed, both as a requirement of the lender, as well as for repairs, renovations, etc? Will it be a place, you wish, to reside? Always consider, after looking at the pros and cons, whether a particular house, is right, for you!
3. Exist; excellence; energy: Will a particular property, enhance your focus on doing more than, merely, existing, and, rather, seeking whatever you consider, to be, the utmost excellence? The right house should energize your existence!
4. Delve deeply; discover; deduce: Begin the process, by delving deeply, into your financial picture. Acquire your free copy of your Credit Report, and check for any detrimental areas, etc, and fix them, prior to beginning your search. Discover as much, relevant information, as possible, and seek, to deduce, what might be needed, to make you more credit – worthy!
5. Image; imagination; incentives; insights: For most, their personal self – image, directs them to a particular house. You need the imagination, to balance what is, with the possibilities, and potential. Examine which lending institutions, might be offering incentives, and whether, you qualify, or what you must do! It’s your personal insights, which make the biggest difference!
6. Timely: Is this the right time, to buy a house? Are you prepared, emotionally, and financially? Are mortgage interest rates, favorable, and are all your personal finances, prepared, and set – up, for the better? Once you discover the home, for you, will you be ready, willing and able, to take, well – considered, timely action?
Consider you CREDIT, and do all you can, to enhance your credit rating. If you want to purchase a house, it’s important, to begin, prepared and ready.
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