Available home buying options involve owner financing, borrowing money from a 401k, with foreknowledge planning. Mortgage programs that fit into homeowner budget planning also include a 15 year or 30 year fixed rate program. The year 2012 has seen a dramatic rate drop for both the 15 year and 30 year fixed rates, which involves a 4 percent decrease under the 30 year plan and 3.23 percent rate decrease for the 15 year program.

Both fixed rate programs carry an interest rate which does not change throughout the life of the rate program, making new homeowners and refinancing an attractive financial incentive. The first few years of a fixed mortgage rate goes toward the interest of the loan and the latter years go toward the principal. Personal financial planning is the only way to find the right mortgage to realize the dream of home ownership and to keep your dream home. Research banks which now offer different types of mortgage loans to fit new and existing homeowners borrowing needs.

The first thing that you are going to want to think about is the size of your family and, thus, the size of the house you will need as a result. Taking this into consideration, think about the number of bathrooms and bedrooms that you are going to need. Also, consider any additional amenities that you would like to have, such as a pool or deck.

From there, it is also important to consider your budget or the price of the loan you have been approved for. The next step would be to hire a real estate agent to find a home that suits these needs for you. Good luck!

Order your credit report from all three credit reporting agencies. It is important to get all three, as each may have different information. Look over these reports carefully. If you see any errors file a dispute to have them investigated.

If you have credit cards that are maxed out, work to pay them down. You want to ensure that all of your balances are below half of your approved credit limit. For example, if you have a $600.00 limit on your credit card, you want to keep the balance that you owe, below $300.00. When making payments on credit cards or loans, pay more than the minimum due.

Avoid applying for additional credit when you know that you will be applying for a mortgage in the near future. You want to avoid too many credit inquiries from appearing on your credit report. You also do not want to appear burdened with high debt when you apply for your mortgage.

There is no doubt that lender foreclosures in most all 50 states have put a glut of homes on the market, and in some cases, the purchase price is less than the price of a new car; think Michigan, Arizona, and Nevada. 2012 is an election year, and who knows where the chips may fall come November. Sure, right now in real estate, it’s all blue skies and green lights, but what if? Picturing this scenario, perhaps renting or leasing a home, condo, or apartment might be in the cards if for nothing more than peace of mind for you and your family.
The information party rocks on: Home Ownership Matters