Getting A Mortgage After Short Sale or Foreclosure
You might have several question to ask when getting into a new home purchase, with the economy changing and home prices and values changing as well. The investment into a new home can seem daunting. The first few things to consider in the current property value and some type of future value estimate. Once you establish this you can proceed in the consideration of the purchase of this home. This is key when making your next home purchase to determine if this is a solid investment. Look at our investment tips for more information and plans you can use.
-Will buying cost less each year than renting?
- You need to have done thorough analysis. ( price/ current value/estimated future value)
- You need to be reasonably sure that you won’t lose your money.
- You need to be reasonably sure that you will make some money.
-How will moving for a different job or position affect this purchase in the next several years? (is this a possibility)
1. Get your credit reports from AnnualCreditReport.com or a credit monitoring service and review them carefully. Make note of anything you don’t understand. If you are hoping to get a mortgage soon, don’t dispute or close accounts until you have talked with a loan officer.
2. Understand your credit scores. You can get an idea of where you stand using a tool like Credit.com’s free Credit Report Card or by purchasing at least one of your FICO scores. FICO scores are the most commonly used scores in the mortgage loan evaluation process.
3.Get qualified by a loan officer to review your credit and your financial situation to see if you qualify.
4.Shop for your next home,give your self plenty of time to find the best opportunity for you and your family.
