 Mortgage question-why so high? |
| Why is a $200,000 mortgate over $1100 a month? Every way I add 5-7% monthly, annually, whatever, I get a payment that is much lower. At $1100, with no interest, I'd be paying the bank $396,000 ... |
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 Can landlord give day notice? |
| Ive been residing here in my apartment for 5years and the owner call me last month to tell me he sold the property and I should move I agreed. Today I received a letter of one day eviction. is this ... |
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 Can a beauty shop move right next door to a beauty shop? |
| i have been at the same location for eleven or so years i work alone it is very nice i am located in the middle of town just recently a beauty shop moved right on top of me with three other girls ... |
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 Does my fiance have to be there for closing on our new house.? |
| My fiance and I are closing on our first home next week. I told my realtor several weeks ago that we do not want a Wednesday or Friday closing because he is out of town on business during those days.... |
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 Fair deal? I'd give my car to sis who would assume my car payments, and I in turn would purchase new car.? |
| I have a 2005 AWD Pontiac Vibe in great condition. Problem is, I am a mile-maniac, and my two and a half year old car has 65,000 miles on it. I owe $8,000 on it, and half way through my loan pay-... |
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 Can foreclosures happen in the winter months? |
I heard that when you rent an apartment the landlord can't kick you out during the months of October all the way to April.
Is this how it is with houses that are in foreclosure as well?... |
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 I am a 1st time home buyer and found a for sale by owner myself. Is there a way out of my realtors contact? |
| In my contact I have agreed to pay 2.5% to my realtor on for sale by owner properties. However, I found this property myself and the realtor has not been part of my negotiations. i don’t want to ... |
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 Owner financed home, can they report to credit union? how? |
| My husband and I are buying a home from a personal seller. Everything is official, we have a legal binding contract, and everything. We just make payments to them, instead of getting a bank loan. We ... |
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 I'm at a loss.... not sure what to do? |
| I work 2 jobs, approximately 60 hours per week. My wife also works full time but in a salaried position about the same amount of hours. We were both raked over the coals in our previous marriages and ... |
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 How would you choose a realtor? |
| My friend is realtor for more then a year now. His houses sell less then 30 days even in this difficult market right now his last one in 4 days…. But he still seems to struggle to get new business ... |
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 My dad wants my name off the title of our mobile home? |
| about 9 months ago my dad bought a mobile home for me, my husban and him self to all live in when we got it he put all of our names on the title of the home because he wanted us to always have a ... |
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 What kind of loan do you get to fix up a new home you just purchased? |
| I am purchasing a foreclosed home and the previous owners took the kitchen cabinets and counter tops. Now my banker says I can't get additional money to purchase what i need to fix the kitchen. S... |
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 Tenants rights who are not on lease? |
| me my girlfriend and our two little ones moved in with a co worker.i guess her roomate moved out and she needed someone quick so we got the main room and paid 70% of rent we have been here six months,... |
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 Should i take someone with me to home inspection? like a friend or family memeber? |
| i just bought a condo and need to do a home inspection. Can i do this on my own with my realtor or should i wait until someone else can go with me.... |
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Spiky | I want to put an offer in for a house but I haven't arranged my mortgage yet? |
Is this a bad idea? Im worried if I dont put an offer in soon someone else will and it will be too late, but will they be put off if I dont have a mortgage ready? |
 |
 
MSAD
 |
Have you gotten pre-qualified?
If not - there is not much too it. Just call one of the local mortgage brokers.
If you put an offer on the house and have to back out due to no financing - you will lose your earnest money. So, go ahead and get pre-qualified. Make sure you can get a loan for the amount of money you want. |
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Sam B
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You should go to your bank and get a pre approval. It only takes a few minutes. That will put you in a better position when you make an offer. A pre-approval assures the seller you can get a mortgage and that your offer will go through. |
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A D
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What does your real estate agent say?
If you don't have an agent, I suggest you get an agent to represent you in this transaction. More than likely, your agent's commission will be paid by the listing agent in agreement with the seller. It shouldn't cost you anything to have a real estate professional represent your interests.
Absolutely get pre-approved for a mortgage loan. How do you know that you qualify for a loan amount to make the purchase? How do you know how to make an offer if you don't know what kind of loan you will be getting?
If I were the listing agent and an offer was received without a lender's letter of pre-approval, I would recommend the seller require that as a counter offer. In this tight real estate market, I don't think it is wise to accept an offer without some reassurance that the buyer can actually complete the purchase.
Good luck. |
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estielmo
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Your offer won't be taken seriously without at least some prep-work. Get a Buyers Agent to help you. |
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MICHAEL
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Go through a realtor and get yourself pre-qualified for xxx amount of mortgage dollars right now. Then, put your bid in. This way you will know what you can afford and the seller will treat it as a legitimate bid. |
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glenn
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It only takes less than a half hour to get "pre-qualified". Pick a good local loan officer that friends or family have used recently- not an internet thing.
You can change the loan amount or structure next week if you need to. |
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Chris
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I'm actually going through the same thing right now, but I have a big advantage: I work for a bank! I've gotten a lot of good advice from my friends there. Basically, the best thing you can do is get pre-approved, it's much more substantial to a potential seller than being pre-qualified. Preapproval means a bank has approved you for X amount, as long as things remain the same (financially, in the market, etc).
Second, when you make the offer (usually through a realtor or lawyer), make sure there are the appropriate contingencies... basically, you're making an offer, but the contingencies are your way out of it if something is falling through. (An offer, mind you, is a legal contract.) You will always make your offer contingent to the buyer (you) securing financing... if you're selling another house, you might make the purchase/sale contingent on the sale of that property.
Third, it's best to have a real estate lawyer look over your offer if possible. The realtor would probably be good enough, but especially if you're making up the offer yourself, you will want some legal consultation. It should be fairly affordable, since it's basically just "hey, can you make sure this is okay." That said, lawyers are always too expensive, haha.
You're going to want to get in and apply for pre-approval as soon as possible. Over the weekend, start compiling the things you'll most likely need: at least two paystubs for each income earner, two to six months of bank and stock statements showing your liquidity (cash), an application from your bank which your loan officer can help fill out with you.
Best of luck! |
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I Buy And Sell Houses
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As the others say, the prequalification process is quick. Now, that's not the same as preapproval, in which you--to use your language--have a mortgage ready. And an offer with a preapproval is stronger than one just with a prequalification.
Still, go and get a prequalification. It's better than nothing, and will give you (as well as the sellers) some indiciation of what you can afford. Your Realtor will construct your offer to allow sufficient time to apply for and receive a mortgage.
However, overall it would be better for you to begin the preapproval process, too.
Hope that helps. |
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Alterfemego
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Then technically you aren't qualified. If you don't proceed with the correct steps, you could lose out on the dream home. Because the market is so tight today, even one day off the market for sellers could cost them a sale. So be prepared. Go get qualified today, most loan officers are only too glad to help on the weekend.
Oh and please don't fall for the solicitations on this venue. Talk with local lenders, they can't up and move over night. |
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