Finding the Ideal Place to Retire
is Still Possible in This Economy

If you have been searching for the ideal place to retire, but have begun to second guess that decision – don’t. While it is true that the economy has been the worst in years, it does not mean you have to forego your dreams. Rather, it will require an honest and careful assessment of your finances; don't despair finding the ideal place to retire is still in the card!

While there are thousands of homes in foreclosure; and while you may think this may be a great time to buy one of these homes – think again. If you are a first-time buyer, here are some tips you will need to know before you consider buying a home – any home, but especially one that is in foreclosure:

1. There is a mountain of information available for new home buyers. Read as much as you can.

2. Due to the credit crisis involving banks, they are currently not lending money to new home buyers unless you have an outstanding FICO score, that is, 750 or above.

3. In order to qualify to purchase a new home, you need to get pre-approved. This means that a determination will be made by the bank as to whether or not you can afford to purchase the home by checking your current income, and credit history.

4. If you have been pre-approved, then you can seek the services of a realtor based upon the mortgage amount the bank has pre-approved you for. The bank will also provide you with a letter delineating the pre-approved amount as well.

5. Your realtor will then look for homes based on the pre-approved mortgage amount and consult with you each step of the way. If you find a home that is within your price range, remember too that you will have to have the home inspected, pay for closing costs, and address any additional problems associated with the home that may occur. After everything has been checked and double checked, you can then proceed to make a down payment.

If you have chosen an ideal place to retire in another part of the U.S., it is advisable to contact a realtor beforehand to determine if the laws are different than your home state. In addition, while there are a myriad of online realtors who are showcasing foreclosed homes, it is a good idea to visit the homes you have selected in person and not rely on internet transactions.

Remember, there still may be predatory lenders out there, so choose a bank and Realtor wisely. Check then out thoroughly to ensure they are legitimate. Finding the ideal place to retire is still possible but because of the economic crisis and mortgage fiasco, be well-prepared and knowledgeable before you act.

Here are additional tips:

Determine what your credit score is

Retirement and financial planner

Will I ever be able to retire?

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