Hiccups in the Home Buying Process
Being a first time homebuyer is tough no matter how you slice it. Regardless of if the housing market is up, down or sideways. The prospect of buying your first home is daunting. The fact remains that even if you’re in the upper echelon of salary ranges. That just won’t cut it anymore if you want to buy a home that you can live and grow in comfortably in the future.
This was how our family’s home buying experience began.
Being a first time homebuyer with a family, we set our sights set to find a home that we could grow in to understand what our price point would be. My husband and my dual 6-figure salaries and near 700 credit scores had us thinking that we could afford a decent sized home in no time. Over time though, we found out the hard way that in the current housing market, money talks; and by money, I mean a sizable down payment.
When we were told that we would have to pony up nearly $100k as a down payment for the home of our dreams, we were devastated. We worked hard to get to where we were at in our careers while keeping our credit scores in good standing. We thought that we had played by the rules. Unfortunately, it wasn’t until our home buying process that we found out that the rules for home buying had been changed after the 2008 housing market crash.
What Are Our Choices?
Once the dust settled on the predicament that we found ourselves in, we were left with a few choices. Either we settle for a shoebox of a starter home which would be smaller than the home that we were currently renting. Neither of those options appealed to us so we decided to focus all of our attention on what we could do now to secure an affordable mortgage. This would allow our family to grow without feeling cramped. That’s when we came across Mortgage Number.
Hearing a dozen different stories about mortgage qualification from a dozen different realtors, we were confused. We really needed someone who would help us understand how close or far away we were to our goal of owning a home. Mortgage Number helped us understand that if we could improve our credit scores, put down an extra $15k. Not $100k as we were told by others! That we would be great candidates for a mortgage loan. This was music to our ears!
Mortgage Number Saved Us Time and Money
Mortgage Number was able to identify our overall strengths and weaknesses in today’s mortgage environment. Giving us insight into how financial institutions view us as a borrower. When we put in our numbers in the beginning, we found a lot of red (weaknesses)! We also a lot of green (strengths). This was truly eye opening (in a good way!).
We were able to take the knowledge that we had accrued from Mortgage Number to hone in on what we needed to do to buy the home of our dreams. Instead of feeling like we were playing whack-a-mole, we had a plan and a number that helped us define our worthiness to own our first home. Which will ultimately be our forever home. We know that Mortgage Number’s ability to give us an inside look into how the financial world views us as a borrower. It ultimately saved us time and money as we continue to push forward to buy our first home. Get your mortgage number today!