Can I and Should I Really Buy a Home Now?

It is not always a ordeal getting a mortgage IF you have good credit and are managing your debt load. If you are having or have had credit issues in the past getting a mortgage can be very difficult at times. Many borrowers quite honestly are trying to buy a home when the credit facts show they cannot at THAT time afford one. The other problem is on the Mortgage Industry side. There now is a loan out there for ANYONE who WANTS to buy a home EVEN if they cannot afford to buy or maintain one. That can make getting a mortgage a nightmare because of all the hoops you have to jump though and will cost you a lot of fees and usually a very high interest rate. Is it worth it just to keep up with the Jones? Why not take some time and work on your credit issues and save some money for a down payment and then buy a home you can afford to buy AND maintain. This just makes good financial sense. You can clean your credit up by slowly paying down your bills and building your credit score back up. Do not overbuy a home you cannot afford to maintain just because you have the down payment. That does not make any financial sense. It is true it will take time to accomplish this but it will bring you a great payback down the road. Get off the path of credit card debt that more and more people are following and walk on the path of financial success by controlling your debt and spending habits. We live in the NOW generation and people want it now even if they cannot afford it now. The problem is you will pay for it later and at a much greater cost. You can check your credit scores online at My Fico.Com or Equifax.Next, you need to have some savings for a 5% or more down payment. Do you have a good way to save for a down payment? We highly recommend Emigrant Direct. They pay 5.05% on their savings account, with no minimums, no fees.