 Renting a house without heating? |
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 Which willl help the value of my home more. closing a agrage for a fourth bedroom or finishing a basement? |
| I recently bought but have a prepayment penalty. My job may be changing and I will have to sell. I can close in the garage and finish it for about $1000. The basement will cost more but I need an ... |
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| were putting our house on the market soon, we have two fish ponds in the back garden one is quite large 10ft x 6ft x 3ft deep and is home to ghost Koi,the other is a lot smaller and just has goldfish,... |
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 1 year from now will your home be worth more or less than it is today? |
Additional Details
Based on the current market, economy, politics, location, etc. do you BELIEVE your house will be more...... |
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 Apartment roof leaked, computer destroyed, is my landlord liable? |
This is for a friend. I am on here to get information to help her.
She lives in California, 3rd floor (top floor), of an apartment building.
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we are in the process of looking for a house to buy, do you think that house prices will come down eventually?
Additional Details
house prices in the ... |
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Additional Details
We're moving from a semi to wait in rented for the ideal property (hopefully) a detached in the NW of England. From the answers so far, doesn't look like I ... |
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 My house is worth 256,000 less than I owe...? |
| I am very nervous because my house has dropped significantly in value. We owe $642,000 on it and according to zillow.com it is worth $386,000. We have 3 mortgages on it 1st for $405,000, second for ... |
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 WHAT ABOUT THE ONES THAT ALREADY LOST THERE HOMES? I WAS A HOME OWNER FOR 12 YEARS I WANT MY HOUSE BACK. HELP? |
I WORKED HARD FOR MY HOUSE AND I COULD AFFORD IT TOO.
I THINK IT IS MY ERROR BECAUSE I LACKED KNOWLEDGE OF ARMS AND HOW SUB PRIMING WORKED. (MY FAULT).
BUT I AM NOW LIVING IN AN APARTMENT ... |
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| I have lived in my house for 8months only & having difficulty paying the mortgage should I sell or rent my hom |
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twobrare | Looking at buying a house. I have never talked to anyone and I wanted to know where to start? |
My wife and I have already kind of already picked he house but I don't know who we need to talk too... Either the mortgage broker or a real estate agent? Please help! |
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OMG!
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Difference between a Mortgage Broker and a Real Estate Agent/ Real Estate Broker...
First you need to know the difference....
Mortgage Broker- A person or company who find funding for you. They run your credit one time and submit it to a ton of lenders to see who can get you the best deal. What is the loan amount approval, down payment required, Interest rate, tradelines required, what proof do you need to have, etc.
Or you other option will be going to your bank to see what they can give you... They will run your credit once, it will only benefit that bank and normally you bank will give you the best offer.
Real estate broker/ Real estate agent... They will negogiate for you. They work in finding you the right house and they work for you in making sure you are taking care of in every aspect. There is a selling agent and a buyer agent. Check you state for real estate laws but, most agents can make up to 6% per sale. When they are both a buyers agent and a sellers agent, each agent makes up to 3%. Who pays for the real estate agent, in most cases the seller. But, make sure you discuss those terms if you feel like you need an agent.
If you chose to get a real estate agent, you can ask the sellers agent to be your agent, but it puts them in a sticky situation and if the agent is very honest and trustworthy, it not a smart thing to do. You can just call up a real estate company and say hey I am a buyer and I need an agent. I would look at their track record. How many homes have they sold? How many succesfull clients? Check their attitude and character. You don't want to be fooling with an agent that is too pushy. But, a stern one is a good one. Someone that is not going to take no for an answer to easily.
If you chose to go with a MORTGAGE Broker... They will charge you points. So, ask how many points they are going to make. Most cases they can charge up to 6, again check your state. It varies from state to state. If they can charge 6 points, that is like 6% of the sales price. Who pays for that, YOU DO. That is how mortgage brokers and independent loan officer make their money.
You need to find how which route you are going to take in obtaining funding. Then get your approval amount. Then you can make sure that the house you are eyeing is affordable. Call up the agent, tell them you want to see the house. In the process of buying the house, you are going to get numerous inspections that are required in a real estate sell. Such as house inspection, termite inspection, a survey may be required by your lender, in most cases the buyer foot the bill for that, etc.
When you have funding, make sure you get the approval in writing.
When you are ready, submit an offer to seller. (on a contract) - your real estate agent will do this if you have one. If not, your local title company can probably give you a blank real estate contract to use and you can just fill in the blanks.
You will give it to a title company with earnest money- Then after the offer is accepted, the inspection process will take place. Along with the title being examined by a title company....
Then if everything goes well, you are off to closing.
It is helpful to get a real estate agent. This is a very stressful process! If you don't know what you are doing, get help. Get a real estate agent and they will guid you through the process. |
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infinite crisis 247
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you are doing this backwards. your best bet is to not even look at any homes until you have your mortgage approved...especially in this day and age. if you find the home first, you will just be getting your hopes up for what could amount to nothing. what good is a great home if you can't get approved for financing for it, after all?
you need to talk to some lenders. if you have bad credit and don't have money to put down (3 percent for FHA), than forget it right now. assuming that you do have these things, shop around for the best rates. once you target your lender, you need to get preapproved for the range of homes that you're looking for. if the asking price of the home is 300k, and you get approved for 280k, don't assume that the seller will lower their price out of desperation. it might not happen that way and you don't want to waste yours or the realtors time. |
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sassy08
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you need to get with your bank so you can find out how much you can get approved for, then contact the seller...you are going to need to be prepared to pay for the home inspection, potential closing costs, earnest money (money you lose if you back out the deal....that will go to the seller), etc... When I purchased my home I used remax and my agent was so-so. Thank God I had my parents....make sure you get everything in writing and you stand firm to what you want. If you like the draps, ask for them, appliances.....put it in writing, etc... |
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Mountain!!
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You need to get your own real estate agent....called a buyers agent. This person will take you through all the steps and cut through any red tape that develops. |
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Alterfemego
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You should talk with several lenders first. You not only need to know if you can afford this house you like, but there are different programs each lender has that may impact your buying decision. I always tell my clients to talk with Realtors at open houses. You will quickly begin to recognize the ones who really know the area and ones who don't. Or you could ask family and friends for a recommendation. Sometimes, it's just someone you feel comfortable with. It's not like you'll become best bud's but you need to trust this person and his/her abilities to help you through a complex transaction smoothly. Best of luck and thank you for being in the market to buy a home!
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queen of answers
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My dad once told me ( its funny but true)
Find a house you like.
Write a check everytime someone asks you for one.
Thats all there is to it !
The most important thing is getting an AMORTIZATION SCHEDULE at the closing.
You have to pay one Interest pmt & one Principal payment per month.
However, you can pay as many add'l principal payments per month, as you wish.
In the beginning, you can pay off a couple years of payments..just by adding an add'l small amt to your pmt.
Those first few years:
Say $500 monthly pmt.
499 Interest and 1.00 goes against principal
498 -----------------2.00
497 -----------------3.00
You think this is going to take forever to pay off 100,000 at 2.00 per month coming off the balance .
Why pay this large interest amount when you can swoop up several months of tiny principle payments while only paying one month of large interest money.
YOU DO have to still pay monthly, but you can get deep into year 10 very fast, and w/ little add'l money per month.
NO ONE WILL TELL YOU THIS SECRET.
Certainly not the bank. They want all the interest money |
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Longhaired Libertarian
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Start with the mortgage broker, there is no point in looking at a house if you can't buy it. Find out how much you can borrow and you will know which homes to look at. |
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CINDY W
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First thing you should do is get pre-approved from your mortgage broker. I don't mean pre-qualified as in just a letter from the mortgage broker branch manger - I mean pre-approved as in a full credit approval from the underwriter.
This can help in many ways. First, this can be a big plus in contract negotiations. Your seller is more apt to take a lower price if they know you are officially qualified to buy the house and have already gone through the underwriting process. Once you are credit approved, the only thing that will be needed in an appraisal on the property and then settlement.
In addition to the seller taking a lower price, getting pre-approved gives you peace of mind too. You will know exactly how much house you are qualified to buy and what your payments will be.
In order to get pre-approved, you will need pay stubs, w2 forms and bank statements for the most recent 60 day period. If either you or your wife are self employed, you will also need income tax papers for both business and personal for the past 2 years.
After you are pre-approved is when I would contact a realtor. Most people contact the realtor first, but it is a fact that you have more negotiating power if you are pre-approved.
Good Luck and Happy Home-Hunting! |
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Squat1
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I would talk with the real estate agent first, |
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estielmo
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Because you don't seem to know anything you need to understand all the trials and challenges of home ownership.
First you don't know how much debt you qualify for. You need to look into financing first. Finding a house first and then beginning the hunt for funding will be exasperating for you and as a seller I wouldn't accept an offer - and take my house off the market - for someone who hadn't even talked to a bank.
The best thing you can do is deal with a Buyer Agent, whose job it is to look out for your interests.
An added thought is to look at "how much house" you qualify for and then look at ones that cost less. Do not overextend your budget. You never know when illness or layoffs are around the corner. Keep a full six months living expenses in an emergency fund that is NEVER touched. |
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RM
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Mortgage broker first. Make sure you get pre-approved so you know what you can afford before you start looking at houses. Keep in mind if they say you're "qualified" for 200K that generally means you can afford it, but barely. Make sure your monthly payment is no more than 30% of your monthly income or you'll have to majorly cut back expenses in other areas.
Once you get approval, then look for houses. If you don't know much, it's best to get your own agent to search for a home for you. You can interview several realtors before deciding on one (I would recommend this as 75% of realtors are sleazy). Your agent should respect your budget, the location you want, the beds and baths- and they'll have access to insider information to give you and schedule appointments to tour the homes for sale. They take most of the guesswork out of it, you just have to meet them to tour the homes.
Also, make sure you have 10-20% down payment saved up before even starting to look. Getting financing is tough these days and without a down payment is even tougher. |
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Ross
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It really doesn't matter who you talk to first. You can start your search as you start your qualification process. You should have rough idea what you want to spend. Like Cindy W said you will get pre approved, not pre qualified.
In most cases what ever real estate agent shows you a home will be entitled to the commission. I would recommend talking with a few agents and pick one you like. In many states you can have the listing agent represent you as the buyer’s agent, not sure if I agree with that. Some will say go this way and have them give you some of the commission, but that money is nothing compared to what you could save or loose buy having the right or wrong type of representation.
Be careful you understand what representation means. You want a buyer’s agent representing you, not an agent that represents someone else. In my state, maybe others, the seller can require that you use only an agent represent them, at that point, if you use an agent representing your self you will have to pay the commission. You should be advised of this before you sign anything. Again, I don't agree with this.
If you feel your agent is not taking care of you stop using them but remember to let you knew agent know what homes the other agent has shown you if you want to look at them again. Usually we work this out by paying the other agent a referral few. This won't affect you but will make it easier in the long run. The original agent can be seen as causing the sale and is than owed the commission.
Your agent won't be the one qualifying you so you don't have to share financial info with them that you don't want to but you need to let them know you budget.
Even if the bank qualifies you for more than you want to spend go with YOUR BUDGET. Let your agent know your budget, if he/she tries to push you out of it or sell you properties you have told him you are not interested in be firm, if the agent pushes you STOP using them.
ADD: I have always found better deals using a bank as opposed to a Mortgage broker. From my experience banks are easier to work with and will negotiate more. |
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Ollie
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Hi,we went to a mortgage adviser.He advised us to get a guaranteed
mortgage we followed his advice & got one that put us in the driving seat.We did not have any ties like a house to sell.We ended up getting our property for £10,000 below the asking price.
Good Luck |
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muneepenee
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Yu need tu find a reelter. Yu need help. Best if sumwon yuno rekmend sumwon. If not, theer's alwaes the yello paejes. |
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Don
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Call the listing agent for the house. Keep in mind that they are primarily representing the sellers and not you. However they would like to sell to you since you have no agent and they could make more commission. That agent will show you the house and can direct you to financing as well as filling out an offer. Good Luck. |
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Vinita
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If you have picked the house, go there and talk to whoever lives there.You can also find one through advertisements in the local newspaper. |
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