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If you want to buy a house but don’t think you can for any of the following reasons, this page is intended to give you correct information so that you can make smarter choices and open yourself up to a world of wealth, possibilities and realistic expectations. The truth is you are being unrealistic when you believe the following reasons to be true: |
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I purchased my first home when I was 26. I had been working as an office assistant for approximately 6 months, making $30,000 a year salary with $20,000 in credit card debt and no money in the bank. When I say no money, I mean NO money. Zero, zilch, nada. I was living paycheck to paycheck, all my earnings going toward the interest on my credit cards. |
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Adjustable Rate Mortgage (ARM): A mortgage in which the interest rate is periodically adjusted to reflect changes in the Index. The frequency and amount is determined at the inception of the loan. Adjustment Interval: The period of time between adjustments for an adjustable rate mortgage. Common intervals are one, three and five years. |
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Help With Closing Costs And Mortgage Payments |
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PAYING THE CLOSING COSTS There are several ways to pay for closing costs if you don't have any money. Most lenders allow you to receive a "gift" from a relative or friend. Some require written proof that it's a gift and not a loan. Basically, your mom writes a letter stating she is giving you $2,000 so you will move out of her house once and for all and you don't have to pay it back. Lenders require this to be a gift to ensure you are not adding more debt to your load. If it's a personal loan, your debt-to-income ratio will increase, thereby potentially affecting your mortgage loan. |
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A Word About Credit Cards |
As a side note to my story, let me stress that I am NOT encouraging racking up high credit card debt and potentially spending the rest of your life working just to pay interest. It is a very dangerous game to play and definitely NOT for everyone. Getting swept up in the credit card craze can be life draining and lead to feelings of helplessness, hopelessness and sheer desperation. |
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