So You Want to Buy a House?

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Real Estate


So you want to buy a house?  That’s a good idea.  Interest rates are still relatively low and housing prices are very competitive.  Compare all of that However, many renters are afflicted with a “can’t do” approach when it comes to the prospect of buying a home.  Rental prices are as high, if not higher, than a mortgage payment in most markets.  Lower inventories of starter homes and rising prices also hinder first time buyers.  Student loan debt is also a problem.


However, none of these issued must be a deterrent.  In fact, first time buyers have more options than they realize but misconceptions and general confusion about the home buying process creates the biggest roadblock for renters hoping to buy.


If you’re renting, here are steps you can take to pursue homeownership


  1. Have a Realtor guide you as far as the down payments and lender choices are concerned.  There are loans that require only a little or no down payments.


  1. Get the right information about credit scores.  There are mortgage loans that can accommodate a wide range of credit scores.

    3. Sometimes use of a credit card is better than a debit card.  Debit card use is not reported to credit bureaus.  Using a credit     sparingly, responsibly and paying on time will help boost a credit score.