 How long does it take to get lies straightened out? |
| So I bought property thinking it had 2 1/2 acres and the house built in 1964. Only to find out day after closing that there is 1/2 acrea missing and house was built in 57. I go to my agent for help ... |
|
 I own a house ($2500 mortgage). My girlfriend is moving in. How much, if any, should she pay in rent? |
| She currently pays $800 a month for her apartment. My home is 3bed/2bath and we would be sharing a room. Do girlfriends pay anything? Fair market rent? Discount for love? This is a relationship ... |
|
 Are we stupid!????!!!? |
Me and my boyf are buying a house, we have a mortgage set up and about a 50% deposit. I have been obssesively looking at flats in my area and there has always been one that I love.
Before ... |
|
 Real estate question???please help? |
| is 7500.00 alot for closing fees for a condo woth about 145,000.00.the mortgage guy explained where each fee comes from but i kinda forgot,im getting the mortage from a federal credit union.should i ... |
|
 I rent a house on a month to month basis, without a lease. Am I responsible for maintaining and repairing? |
| The 10-year-old washer stopped working on Monday. I called the landlady about the matter and she told me I am responsible for getting it fixed. I was a little stunned since the washer isn't mine,... |
|
 Can i afford an apartment? |
| Can i afford apartment on 8.00 dollars an hour ? full time i live in mn 2... |
|
 Would you buy it????????? |
I am Christian...prefer other Christian opinions...
Hi,
How are you?
I need a little advice...
I am considering purchasing a fixer upper home in very good shape, only an ... |
|
 Can landlord raise rent? ? |
| hi my names Shawn me and my parents moved to this apartment (in Maine) about 6 months ago ( i'm 17 ) and the rent was 800.00 for a 2 bedroom well two months later my brother moved in with us ... |
|
 Whats the deal here? |
| I got a phonecall this evening from a telemarketer who told me that I had been selected to "win" $1000 worth of resort checks that are valid in several different parts of the world, if I go ... |
|
 I am looking for the very best real estate agent to sell my house. How do I find that person? |
| I live in the Austin, Tx area and our real estate market is not as bad as some of the other parts of the country. That being said...we will be needing to sell by May or June. I want to put it on ... |
|
 Does a above-ground swimming pool add to the value of a home? |
| We're thinking of getting rid of our 26' pool, but want to keep it if it will help whenever we decide to sell the house in a few years.... |
|
| A Messy Situation in Real Estate? |
| My father is getting ready to begin a huge home improvement project(i.e. renovation and restoration). However he has a huge problem. When my grandmother passed back in 1984, she left the house and ... |
|
 Should I require my new tenant to get renter's insurance? |
| I'm renting out my house for the first time. Should I put in the lease that I recommend they get renter's insurance, or should I require it? I'm not sure if that will scare them off. ... |
|
 Am I crazy for renting to family? |
| My husband took a new job which required us to move 2000 miles away. Our house has been on the market for sale for 60 days but we have had no offers. We have it reasonably priced but the market is ... |
|
|  |
reina87 | First Time Homebuyer - Down Payment? |
My husband is in the military, and so right now we are living on base housing. We both work, so we can save some money for our down payment on a house. We both have pretty good credit and were not to worried about getting a loan, especially since my husband has the option of getting a VA Loan which can require little to no down payment. However, we do not want a very high interest rate or a high monthly payment amount, so shouldn't we try to put down at least 10%? Any help or advice would be greatly appreciated. My husband and i still have two years until we buy our house, but the whole process is very confusing! There are so many loan options and so many different types of loans and loan companies. How in the world do we know which one to choose and which company to choose? I'm trying to research all our options but i just feel drowned with information! Please help! Thank you!!! |
 |
 
saurus3118
 |
You are correct, the bigger your down payment, the better off you are. My experience was just as confusing and I had an aunt who worked for the bank to help me! We wound up with a construction/perm loan so as to avoid two closings and the costs associated with them. You can also lock into a rate and take a chance it will go down or float lock (a range that locks at a preset point) or take a chance and land whereever the interest is when you get ready to sign. There are a million kinds of loans and this site is sort of a primer to get started: http://homebuying.about.com/b/a/000170.htm
We refinanced with our credit union after the second discount (mortgage holder sells the loan to another company) and got fed up with not being able to reach a real person to ask questions and got a wonderful rate with no closing to boot. If you are eligible for Navy Federal Credit UNion, they are absolutely the BEST and they don't discount their loans...it stays with them always. Here is a link to their home page and it describes membership and the available services/locations etc. ( http://www.navyfcu.org/ )It helps since you have time to make a list of the pros and cons of the types of mortgages you are intersted in and your financial needs. I would recommend you stay away from ARMs that can jump astronomically and balloon mortgages unless you want to make a huge payoff in a few years or refinance and have to guess what the rate is. Good luck! |
|
mazziatplay
|
The good news is that the rate of interest on your VA loan will not vary by the size of your down payment. VA offers 100% financing to qualified veterans and the par rate is the same at 100% as it would be at 10%.
This is a marvellous opportunity for veterans and any loan officer who tells you differently either doesn't have access to VA or wants to make more than the 1% maximum loan fee allowed on VA loans. |
|
KennyJitFu
 |
Save your money and put down whatever you are comfortable with. I suggest at least 10% to 20% if possible.
I further suggest you meet and get comfortable with a local mortgage broker. Banks only have a handful of loan options and are more likely to offer the customer service you are looking for. A local broker who is VA certified can assist with the information your seek, the banking expertise you want to have and of course the most important competitive rates you most desire.
If you want to try to get approved by a specific bank a mortgage broker can often times get you the very same loan BofA, WAMU, Wells Fargo or Citi is offering in branches at better rates.
Good luck in your purchase process. You are doing the right things by seeking help early in the process. You will do fine. |
|
chris4realestate
|
There should be someone on the base who can help you. If you are using a VA option, you can go no money down, but it's not necessarily your best option. If you're still 2 years out now, I wouldn't worry about it until it gets closer. Things change so fast in the housing market, from available property to different loan packages. Just keep your credit clean and keep saving money for the next year. Then, when you're about 8-12 months out from buying, find a lender on the base who deals with VA loans and talk to them. Good luck! |
|
financing_loans
 |
If you go on a VA loan it doesnt matter if you put 0% down or 50% down your rate is going to be the same. Same with FHA as well.
As your husband is in the military I would always suggest VA. 0% down, put down as much as you want but your rate doesnt change based on how much you put down. |
|
QuarterRoy
 |
It is always a good idea to put as much down as possible giving you more equity in your home. The VA loan program has some of the best interest rates. Keep your credit clean and save what you can. |
|
Ari
|
Since you are eligible for a VA loan, you will automatically receive interest rates that are below what the average homebuyer would spend. You won't necessarily need to put money down on the property, however keep in mind that:
1.) The less money you owe on your mortgage, the lower your payment will be. However, 10% may only make a $3-$4 difference on the monthly payment.
2.) By putting money down on the property, you will already have equity in your home, which is good incase he is relocated and you have to sell. Then you may break even or even make some proceeds from the sale |
|
walkinandrockin
|
The already received answers are good, but not great. A VA loan is a great option when you do not have a down payment - easier qualifying and lower down payment requirements, and so on. However, you need to compare that option against a conventional type of financing, especially when you have good credit and a down payment to use.
With a 10% down payment, you could get a 80% first and a 10% second mortgage with a slightly higher rate and still come out better than a 90% VA loan that will require you to pay a VA Funding Fee (their form of mortgage insurance - not homeowners insurance). This could save you many thousands of dollars on your payments over the first several years.
The best bet is to understand enough about mortgage lending to understand your different options, but not enough to confuse you. Even people in this business for 20 years don't know all there is out there - it is too volumnous for anyone. Your best bet is to get with a trustworthy broker to review your options. And, yes I would advise that this person be able to offer VA as an option for you, so you can reasonably compare.
Remember to keep your best interest in mind, and do not worry about the broker's commissions. Do you really care if thebroker makes 1% or 1.5% from the transaction? Or, do you care that you are getting the very best option that costs you the least? If you do care about the broker's earnings - stick with VA and get what you get.
I have been in the business for 14 years, and I always offer the solution that benefits teh client most, regardless of how I will be paid. Sometimes I get a little more, sometimes a little less, but it all works out |
|
words_smith_4u
|
I would suggest putting as much of a downpayment as you can. That money will become your equity (ownership) inthe house. If a VA loan is how you decide to finance, that's great - something to ask however is WHEN in the process is your rate determined. For a conventional loan, that number (interest rate) is decided at the beginning. A VA loan might be different.
A fixed rate will stay the same $$ for the life of the loan. So, if you have a loan for $1000/month, then what is $1000 going to be worth in 10 years? In 20 years? You will be able to afford more as time goes on.
An adjustable rate is just that - there might be a fixed time period, but after that - it can go up EVERY MONTH.
In my experience, I put every penny I could 'down' and then had the monthly payment as much as my wife and I could afford. After 5 years, it was a much lower percentage of our takehome pay.
good luck |
|
residentialinvestorservices
|
Buying your first home will probably give you the same kind of joyful anxieties as getting married to the one you love, or expecting your first child - it is definitely creates the belly jitters - but it is all good, and all will be well.
If you are going with the VA loan, then all your confusions are over. The program is not up for negotiation between mortgage brokers, they are told how to work with you as a military family, and your Realtor and Mortgage Broker will take all their leads from the outlines of that program.
You are right, you should not need ANY deposit with that program, and I would suggest that any $ you do save, might be needed toward your closing costs, or fixing your new home to your unique taste - so by all means, continue saving.
Of course, you do not have to use the VA loan, and if you chose not use that program, then you have more negotiating room with the various programs out there, including getting into investment properties. However, why put one additional dollar out of your pocket when the VA program is the envy of us non-military folks.
Talk to a mortgage Broker who is familiar with VA programs to calm your anxieties about what is involved with purchasing a home through that program. That is the best way to go.
If you are curious about the non-military options, contact a Mortgage Broker and ask about all the other programs you could qualify for. Bear in mind, these programs change DAILY and new programs are created to match the economic times - so when you inquire, remember - those options are only be good for the moment. However, the VA loan and its fine print details, change VERY little.
All the best in this exciting new adventure!!!!
Trudy Beerman, Realtor/Broker
www.residentialinvestorservices.com
Tampa, FL |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 34 minutes(s) ago
| | | |
11 | 2 hour(s) ago
| | | |
10 | 3 hour(s) ago
| | | |
10 | 6 hour(s) ago
| | | |
10 | 8 hour(s) ago
| | | |
10 | 11 hour(s) ago
| | | |
6 | 1 day(s) ago
| | | |
10 | 4 day(s) ago
| | | |
7 | 2 week(s) ago
| | | |
10 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
