Before You Buy

Before you start looking for a home, figure out what you can realistically afford to pay per month. Check out the market in the area you want to buy. Find out what price houses are going for and what the payments are per month. Remember that you may end up paying a little more per month than someone with a conventional bank loan, so keep that in mind as you figure out what you can afford.

You are going to have to work harder to find a home you can get without a loan. You will have to shop around more. So, concentrate on your needs in housing before your wants. Make a list of the minimum that you will accept in a house. Only write down your essential needs. Do you have to have three bedrooms or can you make do with less? Do you have to have a two-car garage or will a carport do? Do you have to have a single story home for health reasons? How close do you have to be to a school?

Make a separate list of the things you want. Wants might include things like a pool or hot tub, a walk-in closet, wooden floors, a deck, or a certain type of architecture. It would be nice if you can find a home with some of your wants, but to begin with, concentrate on finding a home that meets your needs. Often many of these things can be added to a home later.

Also make a third list of things you absolutely do not want in a home, such as: too many stairs to climb, a fixer-upper, certain areas of town you dislike, a location too close to a freeway, or a location too far from the center of town.

You may not be in a position to be too picky. Perhaps you can make do with a smaller home for now, while you establish your credit and get equity in the smaller home. Then you will be in a position to trade that home in for a bigger home.

Re-establishing your financial footing is not as difficult as it used to be, but it is impossible if you attempt to buy more house than makes sense. Be conservative!

Are you ready to get started? Go to I-can-buy.com and get the instant download e-book, "Buying a Home When You Have Bad Credit."

From the book "Buying a Home When You Have Bad Credit-- 12 Ways to Purchase a House When You Can't Get a Home Loan" by Alexis Dey. © 2005 Mohave Publishing. All rights reserved. http://i-can-buy.com

In The News:

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Washington Times
How can I avoid a mortgage refinancing rip-off?
IndiaPost.com, CA - 25 minutes ago
For mortgage refinancing, that means knowing the terms of your existing mortgage and the latest mortgage rates, as well as reviewing your credit report and ...
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Money High Street
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New York Times, United States - 11 hours ago
Of course, buying a home is a more lengthy process than simply calling up a mortgage broker to refinance, and activity typically slows during the holiday ...
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WJBF-TV
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Bloomberg - 20 hours ago
The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan dropped to 1143.8 for the week ending Jan. ...
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Under the Cardoza plan, the payment on that mortgage refinanced to 4 percent fixed rate would drop to $1194 a month. Contact reporter Bruce Spence at (209) ...

REFILE-UPDATE 1-US mortgage demand dipped before Fed move-MBA
Reuters - Jan 7, 2009
The jump in applications during December may have been driven by homeowners already "on the fence" and prepared to refinance on a drop in mortgage rates, ...
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Boston Globe
Fed’s Rosengren Calls for ‘Concerted’ Fiscal, Monetary Policies
Bloomberg - 6 hours ago
... to purchase or refinance homes,� Rosengren said. The average rate on a 30-year fixed-rate mortgage dropped for a 10th week to 5.01 percent yesterday, ...
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AFP
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"Despite efforts by Congress to address this issue, not enough lenders have come to the table to help borrowers with bad mortgages refinance into new, ...
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TopNews
Question & Answer on mortgage refinancing
Boston Herald, United States - Jan 1, 2009
If I refinance the mortgage on my current house, will I hurt my chances for getting a loan for a new place later on? A: No. Refinancing a loan shouldn’t ...
MORTGAGES: 30-year Mortgage Rate Falls For Ninth Straight Week To ... CNNMoney.com
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“Quite a few people have remortgaged,� said Craig Jarrell, loan officer with Pulaski Mortgage. “Most people who refinance are new homeowners as recent as ...

Mortgage refinancing skyrockets
Cincinnati.com, OH - Jan 3, 2009
... 2009 With US mortgage rates the lowest in 30 years, local lenders say they've seen a strong surge in loan applications as homeowners seek to refinance ...
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