by Charlets

Created on: August 16, 2008   Last Updated: August 20, 2008

In today's economy everything is getting harder and harder to get.An ordinary consumer like me with low income,it's hard to even get a low limit credit card for myself.So what do you think,it will take for you to get approve for a home loan or mortgage officer?

I once stumbled with an ad online that says,bad credit or not credit is fine to apply for a mortgage.So, what do you think I felt that moment? I was jumping for joy! of course.I told to myself,finally a mortgage company that has a heart for the masses. So I rush to fill the application form because it says you will get answer in minutes and a mortgage expert will assist you to the process.After a series of answering,I finally reach to the expert mortgage officer online.We were chatting and everything seems just so great.I told this person that before this conversation is going to waste our both time,I would like to say that I do not have credit history because I just got my credit card which is only $300 limit.And this person told,alright no problem.I felt I was going to die for the excitement.

I was dreaming to own my own house for a very long time so I just though that this is the right time,at last.But after giving all my information like Social Security number and my complete address and other stuff about me,this person told me,alright just wait a couple of minutes because I would like to pull your credit score.And at that moment,I thought to myself,darn!what credit score this person is talking about? I already told that I do not have any credit cards nor credit history,but anyway I just waited for few minutes and then this person told me that my credit history is not good.

I should not wait for a long time for the conversation, because i already to him/her in the first message in our chat.Why bother about to talk when he/she knows already that my credit is not build yet.So for me,shopping for mortgage company can be a nightmare if you do not have much savings to put up in your down payment and also have a stable job to prove that you are capable of paying the loan.

If owning your own house can bring you a financial disaster, I believed you need to save first and then build your credit records because even if you have a good credit history or high score in credit card still it's not a guarantee to get approve for a home loan.

If your income is not enough to support while you are renting,then you might have to look for a high paying job to save more money for the down payment or save for your retirement.

You also have to learn to budget your salary because even if you earn enough money to buy your home but then you are lack of discipline in your spending then eventually you are going to foreclose your home soon.So build your records and save more and then decide later if owning your own house can bring your life peace and harmony that will last long.

Some of us,just rush to buy a house but don't have enough back up if ever your financial sources will go down or unexpected emergency comes along the way.

Owning a home is good investment but applying for a mortgage loan that crush your finances is just not worthy to live with.So if you are renting an apartment right now for an affordable price then stay there for a while until you will build your financial assets and saves money for whatever you want in life without paying high interest.What else you can do? It's really up to you.There are many expert tips on how to and how to but it's not really applicable or beneficial for all of us.

Mortgage company is doing business to make a profit or earn money so do you think if you will do business with them, you will not pay interests? Maybe government grant can help you out with their Home Financing program.

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