are we on the right track to buying our first home?

**jenny20** · 12-07-2010, 09:21 AM

me and my husband would like to possibly be ready to be pre approved and buy our first house in about a year. do you think this is a realistic goal? we moved to a apartment so we could save money because we were renting a house before, we had around 12,000 in savings about 4 months ago and since then we have been direct depositing in our savings 200 weekly and haven't been touching it, we don't really have any credit so we took out a small loan against out own money to build some credit. other than that we don't have any debt. the lady at the bank was telling us in about 6 months we should talk to somebody to see if we are on the right track to buying a house so we can get pre approved and start looking, but my hubby doesn't remember the type of person she told him to talk to any ideas what she might be talking about? please tell me are we on the right track? any other info will be appreciated! thanks.

**REJakeSD** · 12-07-2010, 12:43 PM

You are on the right track! Where are you located?

**jenny20** · 12-07-2010, 12:55 PM

thanks for replying. we live in massachusetts

Originally Posted by REJakeSD

You are on the right track! Where are you located?

**lvagent** · 12-07-2010, 01:58 PM

Hi, I would probably recomend that you talk with a lender, I am not one. I've seen many clients try to create credit and end up damaging it because they don't know how to do it correctly. In addition, there are lenders that will accept alternative forms of credit history, such as phone bills, electric bills, car insurance and more. Start with a lender sooner rather than later. You might want to look into local non profit groups, there are some such as NACA.com that have what is known to be the best loan available, and theoretically you can buy your rate down to 0.25, they are very strict and can be a pain sometimes, but if you get the loan and can live with the strings that come with it, nearly no interest for the term of the loan can be great.

**mnhouses** · 12-07-2010, 03:32 PM

Yes, it sounds like you are on the right path. As mentioned above, however, credit building can be a tricky game if you are just beginning to build your credit profile, so solicit a lending professional. You will want to be timely with any credit payments, and also, you will want to be careful of your credit loan balance relative to your maximum allowed credit. Like above, I am not a mortgage lender, rather more someone who watches my finances closely. Good luck!

**jenny20** · 12-07-2010, 04:01 PM

OK we weren't sure if it was too soon to talk to a lender i guess mostly because this just seems so surreal and we cant believe we are taking this step. the only credit payment we have at the moment is for the loan we took out and that payment get directly withdrawn so its always on time. thanks for all the tips they are greatly appreciated!

**roryrichard** · 12-13-2010, 09:47 PM

Hello Jenny, I think your right on track! Goodluck!

Rory

**sonee mark** · 12-14-2010, 08:52 PM

As i think you are at right way so keep it up and good luck, may you will be start to search a lender as soon as possible.

**parklandgroupohio** · 12-15-2010, 04:14 AM

Well there actually a couple of people I can think of that you can talk to, I think one of them would be an inspector or something. I forget, or you can ask my friend here, she really knows her stuff, she is a Columbus real estate agent that I trust.

**jenny20** · 12-15-2010, 03:43 PM

glad to hear that it sounds like were on the right track! we are so excited. i spoke to a family member who was a mortgage broker and he advised us to apply for a credit card through our bank after we have made a few more payments on our personal loan to help us build our credit faster.