With rising real estate prices and more stringent lending requirements that often require large down payments, it’s increasingly difficult to buy a home on your own. So what’s a first-time buyer – particularly a young person – supposed to do? It might be time to consider buying a home with a partner, such as your boyfriend or girlfriend, parents, sibling(s) or even a friend.
Before approving a mortgage, lenders require documentation in order to verify your identity and creditworthiness. Lenders want to see proof of income and assets, for example, to ensure you qualify for a loan.
If you’re getting ready to enter the housing market, there are many things to learn. However, there is always new information to absorb, even if you’re a veteran homeowner. After the reality many experienced in recent years, it’s good to have a primer on what happens if difficult times occur for you, a friend or loved one.
What if every dollar you spend on this summer’s vacation helped pay for your next big getaway? If you play your ‘cards’ right, there can be a net positive result with every time you sign on that dotted line.