I Got Home Loan

I actually got a good home loan. For many years, I watched so many friends and family members buy new homes and I felt left out. I was still living at home with my parents, unable to find a good paying job in my field of study. I watched people get married, get new cars and houses and all the things that apple pie eating Americans are suppose to have. I felt like a loser. It would take me several years before I could buy a home of my own but I did it the right way. I know that you must want to know what is the bad way to do it. If you have been paying attention to the news for the last five years, then you would have heard about the real estate bust that caused so many people to lose their homes. This global slow down would even cause many of the people who I was jealous of to lose their home.

 

What really is the right way? Many of these people who lost their homes didn't do so just because they lost their jobs, some of them had really awful loans that were destined to be foreclosed. Many people had ARM and interest only loans that appeared very affordable but they were back loaded loans. By back loaded I mean that they initially paid very little money to the mortgage company but during the middle cycle of the loan they were required to pay a huge balloon payment that most of them couldn't afford to pay. This is what I call doing it the wrong way. This wrong way can lead you down the path of financial ruin, foreclosure and even homelessness. The goal of this article is too keep you away from that path.

 

The right way is what I did and I can't even take credit for it. I felt like so much of a loser because I wasn't buying new houses or cars that I worked really hard to position myself to buy a home. I saved a ton of money, I paid down my debt, I fixed my credit and years later I was sitting with a really high credit score, enough income to qualify for a home loan and I had enough money to pay a twenty percent down payment. Reread this any you will find the secret to qualifying for a low interest home loan.