I have yet to meet a person who enjoys losing money. All of us who currently market on
Internet are continually striving to learn "how" to make money and avoid losing it. Once we learn that secret, we would be living this dream. Still, one answer that I get more often than not is: "If I could buy a home and stop losing money on renting or buy that cash making rental property, THAT would be
Ultimate Dream for me and my family!"
The rules as it were for buying a home have changed immensely through
years. I recall my grandfather telling me that he 'shook hands' with his banker to build his house back in 1948.
And when he needed an additional amount to finish
house,
banker came to
home, looked at a huge beautiful Weeping Willow tree and said: "Harry, we'll use that mighty tree for collateral to help you finish
house."
The point? Yes, things have definitely changed. It has become increasingly difficult for many to buy a home for several different reasons. One major reason is credit!
I was reading
other day a statistic that literally made my mouth drop to
floor. "Nearly 85% of Americans have some type of credit impairment or problem on their credit report." But that was not all. Of those 85%, over 37% cannot for one reason or another buy a house.
I was shocked at those numbers. Still, another reason that many cannot buy a home or even rental properties is lack of down payment. This as well as a 'unhealthy' debt to income ratio can be as hurtful to someone buying a home as having a negative credit report.
Yes, it pains many, many people to keep losing this money by renting... month after month, never seeing any equity in what they are paying for.
Or how about
business minded person that understands
concept of investing in rental properties to build their equity and net worth but cannot due to their credit being over extended or not having
cash flow or down payment needed to close this type of business deal.
Whatever a person's situation is, ranging from bad credit to low down payments to being over extended, ...this keeps many from enjoying
Ultimate Dream.
However, there are proven steps that a buyer can take to improve whatever situation is keeping them from buying their home. Listen closely, because this can greatly benefit you, a relative or a friend in this situation!
- First, check your credit report to see what is on there. Preferably before you apply for a house loan. In fact, there are many websites that offer a 'FREE' credit report. http://ultimatetrafficjam.com/freecreditreport Free Credit Report