I wanted to leave you with this thought for Monday, when buying a house, DO YOUR HOMEWORK! Those who have already gone through this process will agree. Find out what mortgage amount you can get approved for BEFORE you begin to look for a house to buy. Doing that will give you the range of prices when you actually start looking for a house. For most, the mortgage should be a traditional, FIXED for the LIFE of the loan. Do not assume that if you ask for a fixed payment it will be there, to be certain check your TRUTH AND LENDING STATEMENT. On that sheet, there will be all the details of your mortgage. You can NOT be denied for a loan on the basis of your race, but if you are not educated on the subject matter, than you MIGHT be taken advantage of. If you already have a mortgage, I suggest that you check your paperwork, READ THE FINE PRINT. If you have an adjustable rate mortgage (ARM) than you might not be able to refinance, which means you might be joining the countless other screwed over souls in foreclosure if you can not afford the resetting payments. Also keep an eye out for BALLOON payments! Here you will see in the truth and lending statement, a fixed amount to pay each month but the last payment is some CRAZY lump sum. I wish you the best of luck if you are on this journey currently!
Stay Tuned for tomorrow’s blog by MrRua as we follow his series Confessions of an Entrepreneur! He will share with us what you need to have in place to purchase a home to rent. In the meantime take a look at his blog at http://www.mrrua.com/.