 I have a realtor but no one has even called to see my property, should I rent it instead of sell? |
| its a one bed one bath condo in the northshore of IL. On the market for 149,900. Totally remodeled, granite, stainless steel appliances, pool, garage, great location. Would it be more beneficial to ... |
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 I just looked at a house I am interested in buying on the internet, but I have a question? |
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 What happens to the deposit on a house at closing? |
We are buying a house and we put down money for a deposit on the house. Do I get the deposit back at closing? Or is it used to pay other fees?
Additional Details
I do have estimated ... |
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 Update to landlord evict issue. Am I protected by law? |
I went home and checked my lease. "Landlord shall have the right at all reasonable times during the term of this agreement to enter the premises for the purpose of inspection..."
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 Regarding a new home? |
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 What are repercussions of backing out on the purchase of a home two days before the closing? ? |
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 How do I sell my house in spain quickly? |
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 Is there a way of getting out of a recently purchased Home? |
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 Buying a house. dont know anything? |
what are property taxes? how do they work? do you pay a little each month? what causes them to go up? can you please explain property tax to me. please make it as simple as possible
Additional D... |
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cateyes | I've been approved for a home loan, we're first time buyers with fair credit, the lender approved us at 10.7 |
% interest rates (wow) he said that after a year we can refinance our house and get lower interest rates. It's my first time, So I don't know much about it. What are the chances that what he's telling us is true? |
 |
 
Carolinahomerates.com
 |
it sounds like your lender doesnt do any FHA programs....the highest on a FHA program is 7.375%.
be careful with lenders who deal with government loans.
1st time homebuyer's program generally consists of government loans |
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Larry T
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He is lying through his teeth. 10.7 is at least 3 points higher than it should be. Oh and he hasn't told you that if you refi in a year you will have to pay a prepayment penalty.
Find another lender. |
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Always working
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Don't take that interest rate! Our par rates were at 6.125% today if that tells you anything! Shop around! |
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Kelsey
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Okay, no offense, but if you're being offered 10.7% you either have horrible credit, or a lender that's screwing you over.
Rates right now for 100% financing are around 6.25% for good credit.
DO NOT go through with this loan!! Shop around with other lenders, and if you cannot find a better rate than you're not ready to buy because your credit is not in good enough shape.
You're lender telling you that you can refinance in a year or so is just him trying to sell the current loan to you. THIS exact reason is why so many people are losing their homes!! People thought they could refinance out of high rate or arm mortgages, but then home prices slowly increased or in some cases decreased, thus, refinances are now not possible.
Proceed with caution. |
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stikk
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No one, and I mean No One, can tell you what a good rate is for you with out knowing who you are financially. Your lender asks you many questions to analyze the banks' risk and should give you the best rate available at that moment in time. Maybe you can do better, maybe you can't. If you are concerned about your rate, try going to the Freddie Mac website "Don't Borrow Trouble" they can lead you in the right direction to getting the best answers that apply to your state. Also, see another lender and get a second opinion. Good luck. |
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Mike C
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Hi There! I Got This For Your... As Always, Its Always Better That You Get The Info Firsthand. So Check It Out Yourself, Im Pretty Sure You'll Discover Something... |
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iggy_68
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Yes it is possible that what he is telling you is true, but extremely unlikely. If you really do have ok credit and enough income to afford the house, I would say that your best bet is to find a local FHA approved lender because there is government oversight of their lending practices, pretty good rates, and some nice programs for first time home-buyers.
p.s. if you are in IL, WI, or MI I would be more than happy to help you out. |
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todd
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Don't take that rate!!!!! Even if you have poor credit you can do better. He is taking advantage of you because you are a first time home buyer. I don't know your situation, but I just approved someone with a 585 credit score for 7.5%. I would say be careful and look around. If you would like some help or some questions answered feel free to email me.
trecene@civicmortgage.com |
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REIQ
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10.7% is very high. It depends on the program they are using, if you can qualify full doc with an FHA program you should be getting around 6.625%. What I mean by full doc you are proving your income and they limit your total debts to around 46% of your gross including your PITI. That being said the chances of you doing a REFI in a year are slim. Last but not least dont listen to everything thats posted here, theres a very good chance you have no prepayment penalty (but make sure to ask.) Not knowing exactly what your situation is you might be only able to qualify with a stated income home loan and then that rate sounds about right these days... I would definatly get a second opinion. |
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