Many of us are still working through the aftermath of a short sale, foreclosure, or some other financially devastating event. Rather than buying another house you need to rent till you get back on your feet.
Yes, the current mortgage rates are great and it would be a great time for buyers to get into the Real Estate market but when you are still working through your aftermath of a possible divorce, short sale, death, or have a lot of late payments, or even judgments at this time against you, you would be better off to rent rather than buying. Even with many lenders now loosening their lending guidelines, many of them are still looking for a 1 to 3 year clean credit record. This does not mean it has to be absolutely perfect but when you are constantly late on utility bills or have reoccurring judgments showing up on your credit report, you could still be a credit risk to the lender and they might not be willing to give you a loan until you show that you are a truly responsible consumer.
You need to be prepared that your potential landlord will run a credit check and there is the chance that you might not get to rent the house or apartment due to what is on your credit report.
Either way it is time to tackle the financial past and finally kick the bad ratings out of our life. Unless you tackle them they will haunt you for the rest of your life and they will affect everything you do from renting, buying another vehicle or house, or possible employment.
When you would like to have more information on how to get started kicking your financial past out of your life please contact us for an absolutely free and confidential meeting where we can discuss your individual situation.
When you have found the right person to room with, and the perfect home or apartment to make it work, you two still would have to pass the prying eyes of the landlord and get past the rental application process. When the application and screening process is completed and both of you have signed the lease agreement with the landlord, have you discussed or considered having a roommate agreement in writing between the two of you?
You are all exited and ready to move in and move on from your current place, stretching your wings for the first time. Being so excited to get out of the smaller apartment to a larger unit you might forget that you should keep several things in mind while you are signing the lease.
For starters do not advertise that you are going to be gone. In the time of social media most of us tend to announce that we are leaving. One thing you should consider doing before you are leaving is creating a 
Not knowing what they can afford in the beginning they begin looking at homes online that are priced higher than their financial ability and sooner or later they become disappointed when they discover they cannot have the home of their dreams. With so many homes now listed as a short sale and REO’s (bank owned), a pre- approval is a must to submit an offer.
How many times do you find yourself unable to follow through with commitments you made to others? This could apply to work or personal commitments. Every day I see good people who have great intentions but don’t follow thought with a commitment they made.
Some of them are looking for the connectivity and closeness of work, home and play. They can just keep the car parked and maybe either walk or take the bicycle to work. Others might just look for the entertainment and closeness to shopping and friends.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, which became federal law on July 21, 2010 used the term “qualified mortgage” (QM) first. You need to envision the QM loan like a funnel were everything needs to filter though and this funnel was given certain government guide lines it needs to meet. Some of this information came from the