Secondly, I was aware that it will cost more than the money I had saved up as I had decided to acquire a loan from family members or a financial institution. Being a single mom and working one job I knew from the start that that I would face financial constraints in buying my dream home. I decided to meet with a financial institution to ascertain how much money I would preapprove for. As stated by Bateman (2012), the second stage of decision making links problem diagnosis to the development of alternative courses of action aimed at solving the problem. From meeting with the loan officer at the bank, he provided the following steps in loan application process:
• Make a loan application and get preapproved.
• Determine what you want to pay and select a loan option.
• Submit to the lender an accepted purchase offer contract.
• Get an appraisal and title commitment.
• Obtain funding for closing cost
During third stage, I analyzed alternatives such as continuing to live with my parents, seek a loan with a low interest rate or ask a family to be a co applicant on the loan application so I will receive more money from the bank. Bateman states that often time’s alternatives are evaluated with insufficient thought or logic. In evaluating alternatives, I decided that I will sell a property that was given to by a grandfather in order to come up with the total amount for the necessary fees to complete the application process.
By knowing the total money that was available to me I started house…