A few years ago, a mom called to make an appointment — not for herself, but for her two adult children. She was proud of them, both hard-working and responsible, and she thought they should be buying a home instead of renting. They came in together, and it turned out to be one of my favorite kinds of consultations.
They were doing a lot of things right. But they were also missing a few pieces that lenders look for: established credit history, a longer employment track record, and some savings set aside. Rather than push them into a loan they weren’t fully ready for, we put together a plan. A year or so later, they were in a much better position.
That kind of conversation happens more often than you might think. And it’s one of my favorite parts of this job — helping people get their financial house in order before they buy a home, so they can do it with confidence and on the best possible terms.
If you’re not quite ready to buy yet but want to be, here’s what I typically recommend. [Read more…]
