Real Estate

The American Dream.

The American dream is to own a piece of land for yourself. Something you can call your own. When homeownership is high in an area, stabilization and neighborhood pride tends to exist. Property is an investment that will hopefully increase in value over time if it is maintained. Property can be handed down to our children as an inheritance. There are also tax benefits. It is said that the average net worth of a home owner to a renter is 47% greater. It truly is a wealth building mechanism.
So how does a person achieve, their person piece of the American Dream.
Most people will not be able to pay cash for their first home and will need to obtain a home loan. So in order for a lender to approve a buyer for a loan you need to demonstrate that you can manage money and credit with other minor purchases. I advise people to get a credit card (this may need to be a secure card, at first) and charge a tank of gas or dinner out once a month and pay it off when you get the bill. Do not over charge on credit cards. You should not carry more than 50% of the credit limit on your cards. Do not over draft on your bank accounts. Pay your bills on time. And then save a little money.
There is some down payment money available for buyers who qualify in Oklahoma and you can always ask the seller to pay your closing costs. But you will still need earnest money when you write the offer, money to pay inspectors, and money to pay for the appraisal up front. In addition, once you close on the property all the repairs will be your responsibility so you will want to have a little cash incase something breaks.
If you have questions regarding real estate, please feel free to call me at 405-213-2992 or visit my website http://www.sandiwalker.net And be sure to follow my blog.

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