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Can Buying Your Dream House, Become a Nightmare?
As Published in The New Tomorrow Volume 3, Number 19 April Issue 2005
By Robert Ruiz
Everyone wants to buy a house; it seems as though it were second nature, you get married
and you buy a house, that simple, the American way.
Only in your dreams! Buying a home for some Minorities has become more like window
shopping on 5th Ave. Never goes further than that. We walk around freely spreading the
word to our neighbors, family, friends, and even to people that don’t care. We even go
through the motions and actually start looking at the real estate sections of the local paper,
start calling real estate agents and taking tours of houses. At some point in time you find
your dream house (or at least close to it), you start spreading the word to the same people
you told that you were shopping for a house, that you found your dream house.
So here you are ready to make your proposal and the real estate agent asks if you’ve been
pre-qualified. You look at your significant other and both of you ask with bewilderment what’s
that? The real estate agent briefly goes over the need to be pre-qualified. As you listen
closely your dream starts to fall apart. Then your real estate agent tells you about the
mortgage broker who is going to save your dream.
Now you’re ecstatic, someone is going to help you get the financing so you can purchase
your dream house. You meet with the Mortgage broker over the phone, he takes your
information does a credit check. Two things can happen your credit score is horrible and you’
re denied a mortgage or your credit score is good and you’re pre-qualified for a certain
amount of money.
I won’t discuss the worst case scenario we’ll assume that your credit was decent enough to
get you pre-qualified. However, the bank would only qualify you for $150,000.00, which is
cool if you were buying a house out in Rhode Island. Your dream house asking price
happens to be a whopping $525,000.00, your dream just turned into a nightmare.
What most Hispanics fail to realize is, that shopping for a house is not as easy as it looks
and sounds. There is more to shopping for a house than just looking for one then buying it.
Believe it or not there is a process to it.
Everyone wants to buy a house, but not everyone can (not by themselves). Without the right
guidance and know how we only set ourselves up for disappointment. Here is a checklist
you may want to follow when shopping for a house:
If you are shopping for a house by yourselves remember the five steps, if you want your
process and experience to go smoothly just use step six. Would you go to court without a
lawyer? Do you not use an accountant during tax season? Do you not use a plumber to fix
your pipes? Why wouldn’t you use a real estate professional to buy or sell your house?
Though we all walk around thinking that we know it all, WE DON’T! Don’t wait for the last
minute to ask for help. Remember it’s someone’s job to make our lives easier. Don’t let
disaster happen to you.
About The Author:
Robert Ruiz is an editorial writer who writes for many publications. He is also the founder
and senior editor for Latin Society;silent voices www.hispanicsilentvoices.com. He also has
a monthly column in The New Tomorrow. Also writes for the web magazine Did You Really
Believe www.didyoureallybelieve.com.
As Published in The New Tomorrow Volume 3, Number 19 April Issue 2005
By Robert Ruiz
Everyone wants to buy a house; it seems as though it were second nature, you get married
and you buy a house, that simple, the American way.
Only in your dreams! Buying a home for some Minorities has become more like window
shopping on 5th Ave. Never goes further than that. We walk around freely spreading the
word to our neighbors, family, friends, and even to people that don’t care. We even go
through the motions and actually start looking at the real estate sections of the local paper,
start calling real estate agents and taking tours of houses. At some point in time you find
your dream house (or at least close to it), you start spreading the word to the same people
you told that you were shopping for a house, that you found your dream house.
So here you are ready to make your proposal and the real estate agent asks if you’ve been
pre-qualified. You look at your significant other and both of you ask with bewilderment what’s
that? The real estate agent briefly goes over the need to be pre-qualified. As you listen
closely your dream starts to fall apart. Then your real estate agent tells you about the
mortgage broker who is going to save your dream.
Now you’re ecstatic, someone is going to help you get the financing so you can purchase
your dream house. You meet with the Mortgage broker over the phone, he takes your
information does a credit check. Two things can happen your credit score is horrible and you’
re denied a mortgage or your credit score is good and you’re pre-qualified for a certain
amount of money.
I won’t discuss the worst case scenario we’ll assume that your credit was decent enough to
get you pre-qualified. However, the bank would only qualify you for $150,000.00, which is
cool if you were buying a house out in Rhode Island. Your dream house asking price
happens to be a whopping $525,000.00, your dream just turned into a nightmare.
What most Hispanics fail to realize is, that shopping for a house is not as easy as it looks
and sounds. There is more to shopping for a house than just looking for one then buying it.
Believe it or not there is a process to it.
Everyone wants to buy a house, but not everyone can (not by themselves). Without the right
guidance and know how we only set ourselves up for disappointment. Here is a checklist
you may want to follow when shopping for a house:
- First thing that you should do before anything else is check your credit rating. Check
the rating of who ever is going to be involved in the buying transaction. This way if
anyone’s credit is low or tainted you can begin to fix it. (Many mortgage brokers will
provide the check for you and tell you how to fix it, in hope that your business remains
with them.)
- Second, get pre-approved for a mortgage you can accomplish this step through
traditional bank or a mortgage broker. Decide how much you can afford. Usually
between 2 to 3 times your gross income. Always explore different mortgage options
and decide which one best fits you.
- Third, map out some neighborhoods you are considering to move into. If you have
kids research the qualities of the schools, recreational areas, crime rate, etc.
- Fourth, calculate if you have enough cash available for a down payment (if you don’t
qualify for 100% financing), closing cost, taxes, attorney fees and transfer fees (
usually average anywhere from 3 to 7 percent of home price).
- Fifth, calculate all homeownership cost; property taxes, insurance, maintenance fees
and other reoccurring fees attached to the property of your choice (remember that
these are reoccurring fees that must be paid besides your mortgage payment).
- Sixth, find and experience realtor at 888-267-4442, who can help you through this
process.
If you are shopping for a house by yourselves remember the five steps, if you want your
process and experience to go smoothly just use step six. Would you go to court without a
lawyer? Do you not use an accountant during tax season? Do you not use a plumber to fix
your pipes? Why wouldn’t you use a real estate professional to buy or sell your house?
Though we all walk around thinking that we know it all, WE DON’T! Don’t wait for the last
minute to ask for help. Remember it’s someone’s job to make our lives easier. Don’t let
disaster happen to you.
About The Author:
Robert Ruiz is an editorial writer who writes for many publications. He is also the founder
and senior editor for Latin Society;silent voices www.hispanicsilentvoices.com. He also has
a monthly column in The New Tomorrow. Also writes for the web magazine Did You Really
Believe www.didyoureallybelieve.com.
| Articles Written By Robert Ruiz |
- How Does The New
Bankruptcy Laws Affect
Minorities? - Whatever You Do,Don't Co-
sign! - Retirement Planning, Have
Hispanics Missed the
Importance of it all. - Can Buying Your Dream
House, Become a
Nightmare? - College Years and Your
Credit. - Think Smart!
Other Articles By Robert Ruiz
(click here)
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