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ricardo l | First time homebuying? |
can anyone help me how do I know if I qualify for a home loan? |
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Miss Know It All
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Call a local mortgage broker and have them work up your application. They will tell you if you are ready or not and if not they will tell you what to do to get ready.
Good Luck! |
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corazon_muy_dulce
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Go to a mortgage lender, they will prequalify you and tell you how much you will qualify for. If you have a real estate agent they can connect you with a mortgage lender. If you go to an open house to look at a house, ask the agent to get you an appointment with a good mortgage lender, but do NOT pay anything up front, they should prequalify you for free, walk away if they you charge you anything up front. If you can't get qualified the first time, go to other lenders, they don't all have the same answer. Keep checking until you find one that will lend to you. If your credit is not badly damaged and you have a steady job for at least 6 months, you should be able to qualify. Good luck! |
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zyberianwarrior
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the last two have it right you have to pre qualify now to get a loan that way you can see what you are up against. |
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EllenLouise
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You go to a bank and get pre-approved. That will be good for a number of weeks. When you find your house, you are all set to make an offer with the realtor.
If you aren't pre-approved, you won't really know how much you can afford. It becomes unnecessary guesswork, and a lot of lost time.
You will have fewer monthly payments the more of a down payment you have. Get a conventional loan so the loan won't drive you out in a few years.
Happy house hunting! |
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twv706
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A site at http://www.mortgageawareness.com has free consumer advice and information on first time home buyer loans. |
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Marty S
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I can help. Shoot me an email to msmith@premierloangroup.com, and let's chat.
Marty |
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Andrew R
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Hi Ricardo,
You can get yourself prequalified. You will find out your debt to income and many other factors to know how much house you can afford. This is a very important thing to do before you start looking for a home. The best thing you can do for yourself is find out where to draw the price line so you do not get oversold. You do not want someone to try to make you look like you can afford something that you can not afford. The reason so many people are having problems and losing their homes now is from those kind of tactics. You need to buy something that is affordable for you now and later.
You also don't want to waste your time looking at houses that you can not afford. Your time is valuable and should be focused on getting the best for your dollar.
I am a professional financial mortgage consultant. If you would like me to give you free financial advice, free prequalification and free evaluation I would be glad to help you. |
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J *
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credit score!
EDIT:
You will need to have not only good credit, but they will often inquire about salary and time employed, etc. |
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shirt
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In the Los Angeles area, expect to pay at least $500,000 for a decent home in a decent locale. It only goes up from there.
-a $500k loan will be about $2500 monthly payment (interest only). Ask yourself if you can handle that. Your goal here is to be able to make MORE than this payment each month so you continue to pay off the loan.
Dont forget other expenses too like:
-gasoline
-car insurance
-gas for the house
-electricity
-water
-vacation from having to think about your house loan
-dining out from time to time
-family gifts
-holidays
and more. Its best if you can handle all this and still be able to put a tiny bit in savings.
Lenders also want to see at least THREE MONTHS loan payments available in your bank account.
You should also have a credit score (FICO rating) above 740 in order to qualify for the best interest rates. As example, if your FICO score sucks then a 5.9% loan will be much higher, like 8 or 9% or you may not even be approved for a loan.
If you think you are ready, do some hardcore research on buying a home and not getting ripped off on the loan deal. Buy that book "homebuying for dummies" at the very least. This is your life and people want your money, dont let them screw you over! Pay attention to what these loan people are doing. If it feels too good to be true, then they are doing something shady. Walk away and go find another loan person.
Pre-qualifying for a loan is important and only do so if you are sure you are ready, because your FICO score can be affected if you try to pre-qualify too many times with different lenders (they have to do a "hard" credit check). If not totally sure, go to places like bankrate.com where you can input your info and it will guestimate your monthly loan prices and tell you if you will pre-qualify. |
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