My uncle's advice about not buying a house right away saved my butt

When I first got asylum in Chicago, my uncle said wait at least a year before getting a mortgage because credit takes forever to build as a newcomer. I almost ignored him and bought a place after 6 months, then my credit score came back at 580 and I would have been stuck with a terrible rate. Has anyone else gotten family advice that actually worked out better than what you wanted to do?

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margaretw4127d ago

A friend of mine from Nigeria moved to Texas and was dead set on buying a house within three months. Her cousin who'd been in the US for ten years told her to wait two years minimum. She didn't listen and bought a small condo at 12% interest rate because her credit file was almost empty. Now she's stuck in that loan for five years before she can refinance without huge penalties. Her cousin's advice would have saved her about 400 bucks a month in payments.