Preview

Buying A House - My Experience

Better Essays
Open Document
Open Document
2268 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Buying A House - My Experience
Buying a home is a big decision, yet if done wisely can be a hugely rewarding experience. For me, being a first time home buyer, it was an extremely complicated and confusing process. Purchasing a home involves much more than simply spotting the perfect house for sale on the corner, calling the number listed and moving in. Thankfully, I found the right people to help and guide me through this thrilling yet exhausting experience. These are the channels that I went through when I purchased my home. When I started this process I knew literally not one single thing about how one goes about buying their first home. I think it’s a valuable thing to hear about how it all goes down from someone who, for better or for worse, is just a normal person that was trying to figure out how to do this so-called “normal” thing. The first thing that I did was met with a Mortgage Specialist, who ultimately through this whole process was my worst enemy but then became my best friend. She had to pull my credit report and get my score. I had known that it wasn’t going to be high enough but she agreed to work with me in fixing my bad credit to put me in a place where I would qualify for a house loan. This took years….two years to be exact. I had a lot of unpaid debt that needed to get paid off before I could even consider buying a house. Every extra penny I had went into paying old credit card debt and my hard work paid off. I had increased my credit score by 150 points and was ready for the next step which was figuring out how much I could afford and get approved for. My Mortgage Specialist explained to me that since I was a first time home buyer and that I met the financial requirements that I would qualify for an FHA, (Federal Housing Association) Loan. This was great news! An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if


Cited: "FHA Loans." www.zillow.com. Yahoo!-Zillow Real Estate Network, 2013. Web. 10 Apr. 2013. .
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Satisfactory Essays

    GDP11 Unit10 Rep046 13 S
    • 303 Words
    • 2 Pages

    GDP11 Unit10 Rep046 13 S

    Buying a home is a process that many of us will go through in our lifetime. If we are like many other prospective buyers, we will experience this major decision three or four times in our working years. A home is often the largest purchase we will make, and it therefore deserves our careful attention.…

    • 303 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Best Essays

    Business Plan for Pm430
    • 3109 Words
    • 13 Pages

    Business Plan for Pm430

    Buying a house can be a challenging and expensive decision for most families. There are many things to consider in the process and could take years to finalize the project. Today, buying a house can be challenging because of the market and the economy falling every hour of the day. The purpose of…

    • 3109 Words
    • 13 Pages
    Best Essays
    Read More
  • Good Essays

    Flower Bound Home Case Study
    • 469 Words
    • 2 Pages

    Flower Bound Home Case Study

    Improve your chances of getting pre-approved for a home loan by being thrifty six months or so before looking at Flower Mound homes for sale. Avoid buying big ticket items or opening new credit cards before buying a house. If you incur too much debt around the time of your home search, lenders will be hesitant to give you a…

    • 469 Words
    • 2 Pages
    Good Essays
    Read More
  • Good Essays

    Fannie Mae Foundation Summary
    • 376 Words
    • 2 Pages

    Fannie Mae Foundation Summary

    The Fannie Mae Foundation created a guide, titled Knowing and Understanding Your Credit, to inform people on how to maintain good credit and move them closer to their dream of owning their own home. This guide covered the topics of building and maintaining a good credit as well as figuring out what kind of credit you have.…

    • 376 Words
    • 2 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Mortgage Lenders Of America Case Study
    • 302 Words
    • 2 Pages

    Mortgage Lenders Of America Case Study

    It appears that Mortgage Lenders of America provides excellent service overall, with a few rude associates responsible for the negative reviews. Nearly every negative review talks about discourteous comments, not poor mortgage…

    • 302 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Better Essays

    Westpac Case Study
    • 1387 Words
    • 6 Pages

    Westpac Case Study

    Please find below a personal example of our recent dealings with a finance and mortgage broker.…

    • 1387 Words
    • 6 Pages
    Better Essays
    Read More
  • Good Essays

    Home Mortgage Research Paper
    • 568 Words
    • 3 Pages

    Home Mortgage Research Paper

    If you were previously considering a home mortgage refinance but found that it didn't make sense financially, or was impossible due to restrictions placed by the lender, then it may be the perfect time to revisit this option.…

    • 568 Words
    • 3 Pages
    Good Essays
    Read More
  • Powerful Essays

    Predatory Lending in the Housing Industry
    • 3069 Words
    • 13 Pages

    Predatory Lending in the Housing Industry

    Those involved in the mortgage lending process have some duty to the borrower. They are expected to perform their specific duties in an ethical manner and have some form of direct or indirect contact with the client. Banks (Prime Market): Banks are lenders who generally handle all facets of the lending process through their own institution. They function differently from brokers in that they usually only service those clients with good credit ratings/scores of 700 or more. Mortgage Brokers (Sub-prime Market): According to HUD, the Department of Housing and Urban Development, mortgage brokers are involved in about sixty percent of all mortgage loan transactions. Brokers try to find the best loan for their clients by shopping their loan applications around to lenders who are willing to accept the clients credit package. Brokers generally service clients, known as B-C-D credit clients, with ratings/scores of 650 and below. In some instances, a major problem for borrowers is that a broker may work in the best interest of the lender as well. Furthermore, in some states they can act as brokers and lenders. Brokers can be considered dual agents. Brokers (1) originate loans using "table funding" provided by a pre-arranged buyer of the loan (2) originate loans using a line of credit from a bank/financial institution (3) originate loans using their own funds (4) bring the borrower and lender together in a transaction that they do…

    • 3069 Words
    • 13 Pages
    Powerful Essays
    Read More
  • Good Essays

    Lori Widgot vs Wells Fargo
    • 8618 Words
    • 35 Pages

    Lori Widgot vs Wells Fargo

    Department of Treasury, Housing and Urban Development (2009). Overview of Home Affordable Mortgage Program. Making Homes Affordable Program. Retrieved online from: http://www.makinghomeaffordable.gov/programs/lower-payments/Pages/hamp.aspx…

    • 8618 Words
    • 35 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Home Buying Process
    • 412 Words
    • 2 Pages

    Home Buying Process

    At this point you have a budget and have started saving for your down payment. You have checked for credit report and score and researched which type of mortgage works best for your financial situation. The fourth step is to get preapproved from a mortgage lender. You obtain preapproval by working with a lender to figure out whether you are qualified for the type of loan that you want and how much the lender is willing to give you. This step is very significant because it will give you the confirmation of the final budget you can afford so you can begin shopping for your perfect home.…

    • 412 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Reverse Mortgage
    • 460 Words
    • 2 Pages

    Reverse Mortgage

    When interested in a reverse mortgage loan, look at all the facts. This service is helpful for many, but there are other mortgage loan solutions for others. It all depends on what you are looking for and your current…

    • 460 Words
    • 2 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Business
    • 405 Words
    • 2 Pages

    Business

    Despite the current struggles of our country and the fluctuation in the economy, people will always need to buy houses. Many Americans cannot afford to buy a house in one payment. Since 1929, Americans were provided with different options in order to make their decision of buying a home more comfortable and affordable. A 30-year mortgage rate on a home is vital to the development of new families. This allows families to start a healthy line of credit with minimal risk. Also for new homeowners, government grants can help cut the cost of housing. A 30-year fixed mortgage rate along with a government grant can help new homeowners afford their…

    • 405 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Home Ownership Research Paper
    • 1425 Words
    • 6 Pages

    Home Ownership Research Paper

    The Home Ownership Workshop was held on Saturday, February 6, 2016. It was held in the Logan City Library and was put on by the USU Family Life Center - Housing and Financial Counseling. There were several staff, interns, and community members that presented at this workshop. The following is an overview of what each speaker presented on, and may not be in chorological order of how they presented the information.…

    • 1425 Words
    • 6 Pages
    Good Essays
    Read More
  • Good Essays

    Home Buying Myths
    • 1005 Words
    • 5 Pages

    Home Buying Myths

    Home buying should be something you look forward to and are excited about. However, there are several home buying myths that keep people from actually committing to buying a home simply because of untruths that are floating around out there. That's why we have compiled the most common myths about home buying and are going to give you the facts once and for all. Don't let any of these home buying myths keep you from enjoying one of the greatest pleasures in life, which is owning your own home.…

    • 1005 Words
    • 5 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Personal Finance
    • 1238 Words
    • 5 Pages

    Personal Finance

    To make myself more attractive to a lender, I would probably use my credit cards more often and build up my credit history to make it stronger. I would also add my name to my spouses mortgage because he owned the home before he met me. I would also increase my income by working full-time opposed to part-time that way I could show that I would be able to afford to have a higher balance on my credit card.…

    • 1238 Words
    • 5 Pages
    Satisfactory Essays
    Read More

Related Topics