You need three basic things to purchase a home: good income, good credit and a good amount of cash. If you are lacking in one area, don't worry, with a little effort, you can find a solution.
For example, if you have a lot of cash, your income and credit may not matter. You simply pay for your home outright. That is the ideal situation. You can usually negotiate with a seller for a lower purchase price because you don't require a mortgage approval. You are a simple, quick transaction to the seller.
You may be in the opposite situation. You could have a good income and excellent credit, but little cash saved. There are options for you as well. You can find many loan programs, especially those for first-time homebuyers, which offer low down payments, sometimes as low a 3%. You will have to pay for private mortgage insurance, but it is worth it to be able to purchase a home.
There are loan programs out there for those who do not want to disclose their income information. These loans are called no-doc mortgages. You will pay a higher interest rate and might have to put a large down payment on the mortgage, but you won't have to submit your income information. Many self-employed individuals turn to this option.
There are ways to purchase a home, no matter your situation. If you have made poor choices in the past and have questionable credit, you can find lenders out there willing to grant you a mortgage. You may have to prepay points. You will most likely pay a higher interest rate as you are more risky to the lender. But if you are willing to make the sacrifice, there is no reason you can't refinance your mortgage in five to ten years, when your credit is improved.
Look into all of your options when considering purchasing a home. It may be that you are better off waiting, saving some money and improving your credit history. Given time, you may be in a better position to purchase.
What you ideally need to obtain the best interest rates and repayment terms is a good, steady income with a long-term employer; a great credit score; and a large downpayment of at least 20%. It may be worth it, especially with rates on an upward trend, to wait a while and get your ducks in order before you buy a home. The more you are able to reduce your interest rate, the less you will pay back over time.
But if you are ready to buy now, do a little research and find out what is available to you. There are many loan programs and options that make owning a home a possibility for everyone. Yes, you may pay a higher interest rate, but you receive a home in return. However, later on you can always refinance your mortgage and get lower payments and lower interest rate.
In the stormy waves of life, it is easy to get lost. Car accidents, sudden break-ups in friendships and in love, the loss of a job or a contract- all these things create an insecurity in life and questions about, if indeed, we are connected to a Higher Reality. How do we deal with such a problem? How do we get out of the subterranean, semi-conscious fears that besiege us when we get into these dark corridors?
In an ancient Greek myth, Jason finds himself lost in the cave of the Minotaur. But Ariadne, the king's daughter, decides to help him and gives him a golden thread by which he can escape. When we are lost and, internally, are somewhat terrorized by our situation, what can we do to find respite and hope?
One way to do this is to invoke the positive in the middle of situations that appear to have negative outcomes. In the new film, The Secret, fifty-two teachers speak about the Law of Attraction and how thoughts and feelings can influence the course and direction of your life. Two powerful responses recommended by these teachers are the conscious exercise of forgiveness and gratitude. Focusing on forgiveness and gratitude when one is beset with problems is quite difficult. It seems almost to be the opposite of one's nature. When one would rather indulge in thoughts of retaliation and revenge, one forgives one's aggressor. When would rather sit and bewail one's situation, one thanks God for every little visible goodness in one's life, even to the point of thanking God for a way out of an impossible situation.
By utilizing the forces of gratitude at impossible times, one can find one's way out of the Cave. This is the testimony of Lee Brower, one of the principal teachers in The Secret, who discovered how a tiny pocket-sized rock could be a powerful tool for transformation. In the film, Brower describes how he used the rock to remind him to be grateful in a period of time when events were testing his faith. While observing him, a friend named the tiny talisman, the Gratitude Rock. Later on, when his friend returned to South Africa, he asked Brower to send him some rocks to aid him in his attempt to pray for his son's recovery from life-threatening hepatitis. After his son's recovery, both he and Brower became even more excited about the Rock.
Can the world find its way out of the dark corridors with Gratitude? Whether the world can or not, we always have a choice. Choose gratitude and forgiveness and you will find your way.
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