 ATTN: Those with REAL ESTATE knowledge-- Is now a good time to buy real estate? |
| I keep hearing that the prices are starting to fall... if I buy now as a first time home buyer, will the prices keep falling? I am wondering if I should wait to test the waters or buy now- if I buy ... |
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 What are some things i should be wary of, in a 10yr fixed intrest only, loan? |
| i am looking at purchase of redondo prop, at 830k, and can live there up to the 10 yr point if nesc. what are the good aspects? the bad? who can i get the best, legitimate rate to compare from? my ... |
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 Where can I advertise my house for sale on the internet for free? |
| Is there a UK website where I can advertise my house for sale on the internet for free? Ideally I would like to include photographs too.... |
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 How nessesary is it to get a mortgage pre-approval if it is not your first home buying? |
| Our house is for sale and we want to start looking for a new one. I know 1st time buyers should get a mortgage pre-approval before looking at houses, But if this isn't our 1st house, how ... |
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 Can I still sell my house if I have a mortgage? |
| I bought a house a couple years ago for $213000...it was appraised at $215000...we have two mortgages to cover the whole $213000...If we were to sell our house for $210000(housing costs have actually ... |
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 Real Estate Question? |
I have 48 acres located in Webster County West Virginia. 46 acres are timber, and 2 are field. I own the Oil, and Gas rights on this property.
I've been trying to sell this land for ... |
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 HELP!!!! I just signed a month to month lease, the apartment is terrible. How do I put in my notice to vacate? |
Wait till my next rent payment or turn in as early as now?
The apartment was not ready to move into when the first told me it was and rented to me. I had at most luke warm water for the ... |
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 I would like to know if it costs anything to put your home on the market to be sold? |
| Also, we were considering doing this through Keller-Williams Realty. If you've ever dealt with Keller-Williams, what was your experience(Good/Bad)?... |
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 Is There A Mortgage Available For Someone Like Me? |
| Here is the situation: I am currently living at home with parents. I am not a home owner and I do not have my own property. I am looking to get my foot on the property ladder and purchase my first ... |
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 Financially, is it better to pay off my car or buy a condo/townhome? |
| I have a year of car payments left. My apartment lease is up in May. I can pay the car off soon, or keep those savings for a downpayment on a condo/townhome. I'd essentially just delay paying ... |
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 How Do I get out of an apartment Lease? |
| I signed for a lease last night and I went back in the area today and seen it was a really bad neighbor hood. Since I have not moved in yet, and not even gotten the keys, can I get my deposit back, ... |
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 What does a Realtor really do? |
| My husband and I recently put an offer in on a house. The realtor that we used is really rubbing me the wrong way! The market here is VERY slow and he is overly desperate for the commission which I ... |
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 Is it a good time to buy a house? |
| I am in NJ. It looks like house prices have come down a little (nothing drastic). Meanwhile interest rates are not going down. Should I postpone buying a house? How can someone keep track of how ... |
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 Can my rent be raised if I am in a lease.? |
If the owner of the shopping center sells his property can the new owner raise my rent or make me leave to tear the building down?
Additional Details
The building hasnt been sold yet but ... |
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 I am moving out for the first time in 3 weeks time, im nervious as im frightened ill go into debt |
| i feel i can afford to move out but im worried i wont afford bills n stuff. my friend is moving in with me. any hints or tips to stop me worrying on how to manage my money and bills better??answers ... |
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 I am on a 3 year rental deal just and wish to buy, can any percentage of the rent be used as my deposit? |
| i wish to purchase the property which i have just started renting, can any percentage of the rent be put towards my deposit from my ... |
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1108 | I have another question about purchasing a home for the first time.? |
Is it really necessary that you have to have a checking or savings account with a bank in order to get a home loan? |
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Texasmom26/30
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Yes I think so but I would go through a financial company that handles home loans better interest rates and stuff |
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life is good
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Absolutely! And credit cards, previous long term loans (a car, for example), and proof of income. When applying for a major loan, such as a home loan, lenders are going to do a COMPLETE credit check to ensure you are worthy of their money and will reliably pay it back! |
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Pure Genius
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yes they need to see record of income coming in on a regular basis.. they can see paystubs but bank account is another way to make sure you have steady money coming in.. here is a site with some good buyer tips maybe it will have something that will explain it better
http://www.deedeehomes.com/RealEstateTips/HomeBuying/Default.aspx |
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hopimom
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probably- they want to check to see you have at least 3 months mortgage payments - at least that is what our lender wanted to see |
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Ron B
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To evaluate the risk that they are taking by loaning money to you, the bank needs to establish your financial history. They do this by checking your credit, and seeing that you have been able to save money in the past. Without bank accounts, they have no way of telling what kind of borrower you will be and thus are not going to give you a loan. |
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argus
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Since it is necessary to have some money to put down as a percentage of the money you are going to borrow ( except some extraordinary cases)
For example 5% down or 10% dow or 20% down, it all depends How you qualify for the mortgage.
The bank will ask you where do you keep the money and
most often they will verify whether what you say is accurate.
For that reason the money has to be deposited, so they are able to verify if you have the necessary money
Suggestion to you; Go to any bank and ask them to
pre - qualify you for a mortgage, it is free of charge and it should be your first step |
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bostonianinmo
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Yes, as a practical matter you do. The mortgage underwriter is going to want to see proof that you have the necessary funds for the down payment and closing costs. The standard way to verify that is to examine your bank statements going back 3 months or so.
As an underwriter, I'd be very concerned about a borrower who didn't even have a savings account. Managing bank accounts helps establish evidence of financial responsibility along with being part of your credit history. |
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tabulator32
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Really, it does.
It helps establish that you have an economic foundation of some sort and is kind of a prerequisite to getting a house.
It does NOT have to be with the same bank that is providing the loan, even though they would LIKE you to, it is not required. |
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Glamour Girl
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Yes it is. I just purchased my first home in 2004. Lenders like to see checking and savings to see that you know how to save/manage money and that you pay your bills. It shows stability. It is also good for you because with a house may unexpected things can come up like roof problems, termites, or improvements etc. You need to have a nest egg saved up to cover these unforseen events or additions.. |
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cpblair
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I'm not sure its necessary, but its definitely helpful. You may get a lending company specializing in loaning to people with credit issues, but your interest rates are gonna probably be ridiculous |
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Jason T
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Generally speaking... yes. Almost all mortgages function on an automatic withdrawal system. They don't want to have to rely on you to send them a check, or do an on-line payment every month. |
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