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Cool Breeze | I'm in the market for a house (first time). What are some pitfalls to avoid? |
Also how do I shop for the best/lowest rates? I've heard that the more your credit is checked, the lower your beacon score drops. |
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dcgirl
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Be very cautious when looking at any loan that has an initial, short term followed by a different, longer term--- for example, the "interest only" loans where you pay only the raw interest on the loan for the first five years, then switch to combined principle and compound interest for the remaining 25 years. Too many people get lured in by the easy terms in the first part of the loan and drown in debt when the second phase kicks in.
Your credit does change every time a lender does a "hard hit" on your credit so ask the potential lenders if they'll be doing "hard hits" or "soft hits" for the preapproval. It's most common for a lender to do "soft hit" checks first, to see if you have any credit at all, before investing the time required to do the more thorough check that causes a "hard hit." A mortgage broker can better explain the difference between the two but a "good" lender will do the soft search first, then tailor a loan to your needs and run the final hard search once you've picked out a loan.
You can withdraw up to $10,000 from your 401(k) or IRA for your first-time home purchase--- assuming of course you have that much in there to begin with. This is a really, really good place to get part of your down-payment with. Check with your accountant or with the broker holding the retirement account because you may still owe tax on the money but at least you don't pay penalties. Depends on how you put the money in.
The best advice--- do not spend all of your savings on your down-payment, and don't mortgage yourself so hard that you end up "house poor." Even a brand-new home is going to want a lot of your money when you buy it. Just because you qualify on paper for a $200,000 mortgage does not mean you really can afford it! Your lender is going to approve you for the highest possible loan so they make the most profit they can--- don't take it just because you have the opportunity, even if you really, really want the more expensive house. Taxes and homeowner's insurance are not factored into the original mortgage quote but have to get paid to the lender monthly, and could add up to a hundred dollars a month or more. That comes out of your vacation fund, entertainment budget, etc... you will end up hating your house if you can't afford to furnish or fix it, or if you can't spend some money getting away from it every now and then! |
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mangenteng
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Rates for home loans is a factor of the real issue behind a mortgage, affordability of your monthly payment. Make your decision on affordability and an understanding of what your loan is doing. Be warry of people trying to scare you to stay away from this product or that product. At the end of the day, get yourself some different options, do your research, make a good decision that fits your needs, goals and lifestyle and go for it :)
As far as your credit is concerned, you can have up to 4 inquiries on your credit and it will not negatively affect your score as long as in 30 days from the first inquiries you have a mortgage. |
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marce73678
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You must do three things before you borrow and buy....
1) Research 2) Research 3)Research |
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Skip
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I have looked at your question several times and finally decided to see if I could throw my 4 cent worth in. All the others have good points and are mostly on target.
In order not to have as many hits on your credit report find yourself a mortgage "Broker" locally. He is your best bet because he will run one credit report, and have many lenders to send your loan application to using the same credit report.
In order to get pre-approved when you see this mortgage broker you will need a month of pay stubs from each borrower, W-2 for 2 yrs from each borrower as well as 2 yrs of fed income tax returns, 6 months of bank statements from each account savings and checking. Six months of any other type of savings like stocks,munnies or bonds to include any 401k programs you might have, or profit sharing at your place of employment.
Once this broker has these items and you complete an application, he will then run a credit report. This credit report will have your credit scores which will determine the type loan you will get as well as the rate in which you will get. Once you have been told of your credit scores you might at this point inquire about any first time buyer programs available in your city or state. Let this broker shop for your rate, he will get the best he can for you.
He will also inform you of how much house you are qualified to purchase based on your income and the amount of money you pay on your debts each month.
He will then get one of the real estate professionals that he has done business with to assist you in finding you a home based on the information he has provided.
Once you have found a home the real estate agent will draw up a purchase contract and inform your mortgage broker of that fact, he will also turn over any other documents necessary to close the transaction.
Your mortgage broker will then order an appraiser,open escrow or closing agent,secure the necessary documents to complete your loan which should take another 10-14 days to close.
Once all this has been completed you will be called for an appointment to sign for your loan and other closing documents. Your broker and real estate agent will work together to close this transaction.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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Sidoney
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Have a knowledgeable Realtor. Get the worst house in the best neighborhood. (it can only go up and will substantially usually) Yes your credit does take a hit if the lenders are checking it as if they ARE lending you the money not just that you're shopping around. Best to go to mortgage broker, they can hit it once and turn you onto several different lenders. Look into any discounts or special rates you might qualify for (aside from obvious, like Military) I worked for a BIG telecommunications company and for a while (I don't know why) they were getting breaks on mortgages; or if it's a new tract see if your particular income range qualifies for a special deal. Look for your kids or future kids or to be away from kids, but the kids factor - VERY BIG You can do anything with paint. Shrubs last longer than flowers and pools are a ***** to maintain. (all of my house buying rules in one succinct message!) |
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dolphinchick
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Make sure you get a home inspection and you review the inspection report thoroughly. Also, if your inspector does not want to take the time to go over it with you, get a new inspector.
You do lose a point or so everytime your credit is checked, however if you are in the market for a house then you should get pre-approved for a mortgage first. Typically, if you are not pre-approved then your offer will not be taken seriously by the seller. In order to get pre-approved, the bank will run your credit one time. With that information, you won't have to worry about numerous inquiries into your credit history and you have already chosen your bank. As for low rates, ask a loan officer at a bank. They tend to change daily. |
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Funchy
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Get a GOOD buyers agent. Do not buy a house from the same realtor who is the listing/selling agent.
Always get a thorough home inspection. Go with the inspector if you can and watch to see what he's looking at.
Set aside more money than you think you'll need. Even with careful budgeting, home inspection, and lots of planning there can still be big unexpected expenses during or right after purchase.
To see about rates, the smart thing to do is talk to one lender you like. Get prequalified so you know what your budget is. Be aware that most lenders all use the same criteria for approving loans so that their loans can be resold later if need be. This means that if one average lender approves you, others should as well. You can check their rates in the newspaper or realtor magazines.
Do be careful reading the fine print in the lender's rates. Some require points. Some loans aren't fixed rates. Some are short term or interest-only loans.
Just do your homework! Don't be in a hurry to buy the first few houses you see. It's ok to spend months searching for just the right home & lender. Good luck! |
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seventhundersuttered
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ask people who might pull your credit ahead of time if they are going to do so. i bought a car once and the stupid car agency pulled my credit 5 or 6 times. i was pissed |
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boohoo
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DO NOT USE BOND MONEY! You then will be stuck with the house for a long time or be hit with big taxes. Buy as much house as you can afford---example you want to spend 1000.00 for month on a mortage, but if you do without cable and eating out every night you can afford 1300.00 a month--go for the bigger/better house.You will make more money in the next coming years. Most people only stay in their first house for 4 years. Do not get a loan at a bank. You pay unnessary fees. Go to a morgage company and ask if they will pay for certain things (appraisals or take less on anything--shop around and get good friends with your mortage person!). Oh, also, when you make an offer ask in writing thru your Realtor for the the sellers for things-----------like the refrig., paying all your closing and pre-paids. I have never paid closing cost!!!! They will counter but I promise you will get something free! |
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mister_fin
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Do not buy the first house you look at! Shop around.
When you make an offer on a house and the bid is accepted, contact Termite and House Inspectors immediately. Make the seller fix items on the Termite and Inspectors Report immediately.
Request a $1,000 Home Appliance Warranty too.
Try your bank/credit union etc first. Then try mortgage brokers and see if they can cut a better deal.
Your credit will only drop if you have your credit ran on different days on multiple occasions. Once you find out your credit score shop around by saying this is my credit score, what's the best rate I can get? |
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jennlupe
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Find a bank you trust and get pre-qualified. This way you know what you can get and for how much. Then find a good Real estate agent that knows what you are looking for and ask for a buyers agreement. There are some ways of doing this so that the sellers commission will pay. If you can't do that know that the REaltor will be working for the seller and will get them the best price he/she can get. You can make an offer, they can counter you can counter until there is an agreement. Ask the sellers to pay all applicable closing costs. That really helps. Don't try to get qualified at many banks because it drop your score a couple points every trime your credit is checked. |
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