It is never wise to make the same mistake twice, and that is what many people will be doing this year if they are not careful.
Rock bottom prices, low interest rates, record number of foreclosure, and even government aid to help you buy a home has made this the time to try and purchase a property.
So many people are rushing to get a mortgage right now that they are not taking the time to realize what they need, and even if they do get approved it will end up costing them big time.
When you apply for a loan at the bank they will demand that you have three things; established income, money down, and a good credit score.
The first two are more important as far as getting approved because they will prove that you can pay for this loan.
The established income needs to date back months and even years if you want to be taken seriously, and you need to have 20% of the purchase price available as a deposit.
This is tough because even on a median house of $150,000, that is $30,000 you need to have saved up.
That does not include money saved for the closing costs, furniture and appliances, moving expenses and other things.
If you have the finances taken care of you want to make sure that your credit is as solid as possible.
A bad score will cost you big time because it will keep interest rates and finance charges high and make it harder to pay your monthly bill.
The average person is overpaying by $400 a month, not a year, for a home loan if they got the deal with a bad score.
If you do not have the time to repair your score the old fashion way you may want to use credit repair.
The great thing about credit repair is that it can fix your score in weeks, just in time for you to get a great deal on your new home.