 Roomates: What do you wish you had known? |
| My parents moved out of my house and they said it was ok for me to rent out the remaining two rooms. So im looking to make a survey for prospective roomates so that i have the best chance to "... |
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 Can my Landlord do this? |
| Im moving out of my rented flat the end of October. I gave him my 30days notice today which he was happy about. He did said however that he will have to start looking for new tenant's, which is ... |
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 Instead of going after the poor people trapped in ARMs, why doesn't the government go after the loan sharks? |
| They keep saying the sub-prime loan problem is due to people getting loans they couldn't afford. But the problem is the ARMs have been adjusting up by 2% a year. Who can afford a 12% mortgage? ... |
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 Was my father right or wrong?!? Pretty simple question lol? |
| Hey im 13 and in 8th grade and i have this to desire to be rich lol and happy, but really rich lol. My father said that if you purchase a condominium you can trade with other buyers in different ... |
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 I'm thnking that home mortgage rates will go as low as 5% and that home will probably decrease about 20 % in |
| most markets and that prices will remain in a valley for about 8 to 10 years ...... What's your forecast ????... |
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 How much do you think a seller will lower down the price of their home? |
I'm just searching homes. If they list a price, how much lower can they go down or that they might be willing to go down?
For examle:
I just want to know, because the ... |
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 If a rented property floods, is that just the landlords problem? |
| I've found a nice place to live but it floods (not too bad) a little each spring. If i rent it and it's damaged by floods, is that my problem or can i just move out and leave the landlord ... |
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 ARM or Fixed Mortgage? |
| Planning on buying a condo for 175,000 in Texas. First time buyer. I've done some research and know I can afford it, but dont know much about mortgages. I will probably be in the place for 10 ... |
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 Someone tricked me into signing papers. What should I do? |
| My sister & I owned a house together. I've been living here for more then 15 years. I trusted her. However, on the night before I was supposed to leave for Japan, she told me that we ... |
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 We live in a 1 bedroom flat, but share the building with 3 other tenants.? |
Last night (Thursday) one of the tenants had people over. They talked loudly and had loud music on from 11:30pm until 5am. I told them to keep it down, but it simply started up again.
They ... |
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 What would be the best advice a homeowner could give to a first timer? |
| I'm getting ready to purchase a home for the first time and I need advice, what are some very important things that I should know before and after I close the deal.... |
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 How much more of drop in the price of houses can we expect in the next 6 months? I'm looking to buy. Wait? |
I'm looking to buy in Chicago's NW suburbs. I can wait another 4 months if I need to. Is that my best bet?
What can I expect to pay for a house that is listed for 300k right now ... |
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 I signed a contract with a real estate agency which said I pay 4%when they sell my property & now they want 6% |
| They said I have to pay 6 % now because the sale was from another real estate agency and they want a cut. They said I could have prevented this by muli- listing but I thought I was doing them a ... |
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| Does putting pictures of the inside of your house on the MLS help it sell? |
| I just want to know if seeing the inside of the house on the website is actually helpful or not for the seller. T... |
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 House for sale owned by the listing agent.? |
| We are in NJ. We're interested in a particular house which we have an appt to see. I checked into the tax info and saw who currently owns the home. I just realized he is the real estate agent ... |
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 Moved out of apartment and off lease now my ex boyfriend wont let me get my things.? |
| I was on a lease with my ex bf and less then two weeks ago and i had to remove myself off cause of school purposes for my son. At that time i was involved in a bad car accident and was not able to ... |
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 Is it illegal for a realtor to help with down payments on a house? |
| I am trying to close on a house that had many issues on the loan. I've even got to the end, and the bank saw a judgement on my credit that the underwriter didnt catch. 2 mos later, my credit has ... |
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+Night+Nurse+ | Getting 1st Mortgage. What do I need to know and have to do? |
Im thinking of buying a small house I have seen for sale, I have an appointment to view it on Monday.
I dont want to be ripped off. I have about 5% deposit of the house value to put down. I really dont know anything about mortgages, taxes, and surveys and any of the other stuff that goes with it. Can anyone tell me the essentials. Anyone wish they'd done something different when buying their first property? Im thinking of buying to let it for the first year maybe. I'd really appreciate any help on types of mortgages and insurances etc I should be thinking about. Thank you |
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ste_pej
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In the current climate i don't think you'll get a 95% mortgage on a buy-to-let property. Lenders are looking for deposits of around 20%.
Best advice is to seek out an Independent Financial Advisor (IFA) they'll give you some advice on the best products on the market. If you can get an IFA by personal recommendation all the better.
Try not to use the mortgage person recommended by the estate agent - the agent will be on a commission and the advisor may not be truly 'independent' and look at the 'whole market'.
I would also recommend getting a mortgage 'agreed in principle' before looking at any property. This involves the lender agreeing a mortgage of a certain amount and means that if you see a house you really love you can get things moving straight away.
A good IFA can advise on all the financial products you may need - their payment mostly comes from the people who's products you buy so their time can cost very little to you. |
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ascoile
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The company, usually building society, will put you under a lot of pressure to take more of their products.
They will try to sell you contents/buildings/life/sickness policies.
You will invariably get better deals from comparison sites.
Resist their sales talk, stay focused, and only do the mortgage deal. |
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Eddy T
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Go and view the house on monday and if you want to buy the house get a copy of the title deed from the owner and seller of the house. Then go to a bank and apply for a mortgage loan to purchase the house.
The bank will ask you to fill an application form to apply for the mortgage loan. Fill up the form and the amount and the period you require to borrow.
The bank may take some time to process your application and if they are satisfied with the particulars and the amount of the loan you had applied, they will inform you accordingly. And asked you see their lawyer to execute a sale and purchase agreement, which you and the seller have to be present in front of the lawyer to execute the agreement. When lawyer have made the necessary searches at the land office, and had registered the original copy of the title deed in favour of the bank as mortgagee and you as the mortgagor, they will inform the bank in writing to that effect.
When the bank received the charged original title deed from the lawyer, they will released the amount of the loan to the lawyer who will then give the cheque with the amount to the seller to complete the sale.
The bank will inform you that they have given you the mortgage loan for the amount and that you have to pay the monthly instalments until the full amount of the mortgage loan is fully paid as stipulated in the sale and purchased agreement. And the insurance cover you need to apply. |
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tracie1025
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With taxes and insurance the best thing is to have it included in your mortgage payment. That way you don't have to worry about it come time to pay them. The title search and inspection etc. get done after your offer is accepted but before settlement, which sucks because if something wrong is found then it's your problem and not the seller's. I would take along someone who knows what they're looking at when you view the house. Check the foundation for cracks and make sure all the mechanicals (water heater, etc.) are either relatively new or have been serviced recently. Especially check the roof. Good luck! |
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chris l
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Look into FHA or Calhfa loans, but they require that you occupy the property. If you are a vet there are VA Loans. There are still decent rates of FNMA or Freddic Mac Loans. You really should talk to a mortgage professional. Someone who can give you the full picture of the good, bad and the ugly. 680 credit score is a great start with 3% down. You will need reserves of roughly 6 months of what your payment, interest, taxes and insurance would be, some lenders require 6 months reserves based on your monthly income. You are going to be paying 1% of loan amount in most cases along with the lenders processing, underwriting fees, doc prep fees. If a mortgage guy brokers your loan to another lender there is usually a minimum of 1.5% charge to you unless they can make it up in rebate. There is also escrow fees from title and 1 years insurance on your property along property taxes that will be calculated based on when you buy the property. If your house is in an association, there are those fees. Not to put a damper on buying a home. It is expensive. IT IS WORTH IT. Be careful what type of loan you get into, be honest with yourself on what you can afford as far as a payment. You have all the utility, phone etc that you have with your rental, don't forget to add those in. You should have 3 tradelines of credit that have 2 years consistent payments made, no lates. It is good to keep your credit card balances at 30% of your total credit available. This will keep your scores high and not hurt your debt to income ratios. Do not make any big credit card purchases 60 days before buying a house. This could effect your ability to get a loan. There really is so much information to learn. I have only brushed a little bit. I am sure you are getting a lot of advise online here. If not, please seek a mortgage professional. If you don't know one I can point you in the right direction. I have worked for a man who has been working in this industry for 20 years, who is honest and shows people how to best buy homes and create plans on what to do next. If you want to talk to him email me back. If not, I hope some of this information was helpful. |
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Minnie Mouse
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nope crap |
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BARRY B
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Go to Mortgage broker sites on the net. Charcoal is one. Or Yahoo finance. You will get some idea of how it all works from there. Buy to let means a higher interest rate. Best to get an ordinary repayment mortgage and rent out a spare room to help pay your mortgage. No income tax to pay on this and no security of tenure for the lodger. Choose your lodger with care. Good luck. p.s. Bargain hard to get the price reduced as they are falling like stones at present although the agents will hate to admit this. |
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Rob P
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The estate agent works for the SELLER - remember that.
The more houses they sell the higher ££$$££ commission he gets!
Remember that you can get help from the UK govt ( If you are British) with help buying affordable homes... ask your HR dept for the forms..
Remember that 5% will be a minimum amount you can afford at present. the more that you can put up, the less your repayments will be!
Try to buy in an area you WANT, as you can be there for years.
Good Luck, It is VERY stressful to buy, but get a decent lawyer - reccomended by friends, not picked from the phone book!
When you move in, invite your neighbours round for a 'meeting' uppa tea/coffee. Works wonders!
Good luck. |
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Danny
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Ok; common mortgages are for purchase to live in. You can't put 5% down and rent out your property. The bank needs to know you have an interest in the property - and if they think you're renting it, you are classed as more of a risk because of the fact you may have what we call "void" periods of no tenants.
Anyway, the long and short of it is, you'll need to check the legality of this. Be aware that if the lender finds out about this you would loose any promotional rate etc etc.
Anyway; 5% isn't enough for your deposit at the moment, and you'll have a duff deal with a 5% down. You really would be best waiting until the end of the year.
Nevertheless, all the best. Getting on the ladder is tough and you'll probably look back and say "thank god I got on when I did" just beware of the pitfalls. |
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h
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its always a good move to research like this.
never get an arm loan... fixed loan is the best. try not to get home line of equity loan either...
when you select a house, see if it's something you can do home improvement on yourself. see if theres a place for potential room rental for others. location is important too.
find out about their hoa and if house is passed hoa standards.
no lien against to the house. |
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