I decided to write a series about mortgaging your dream house after the government took over Fannie Mae and Freddie Mac. As the housing bubble bursts and more people face foreclosure, how do you get and keep your dream house?
First of all, a girl has to be in the know. The first step is to get your current credit rating so you can deal with the good, the bad and the ugly. Improve your credit rating (also known as a FICO score) or actively pursue fair, reasonable lenders who work with people with poor or no credit.
Secondly, you have to figure out what you can afford. Certain mortgages allow you to speculate about future income, which we will discuss next week. These can be risky, especially if your future doesn't turn out as prosperous as you hope. It is best to determine how much house you can afford today. Online loan calculators make it easier to determine how much you can afford.
Finally, much like getting the perfect pair of shoes, you have to shop around to find the best interest rates and options for your personal situation.
Next, we'll discuss different types of mortgages and what makes them work - or not. After all, every queen needs her castle!
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