 I keep hearing that it's a 'Buyer's Market' - but where are all the buyers??? |
| So I keep hearing that it's a buyer's market and everyone's telling people to BUY NOW because it's a great time to buy, but my question is, where are all the buyers??? lol My ... |
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 Apartments without Refrigerators, Why? |
My husband and I are trying to find apartments in California because we will be moving in a few weeks for his job. We currently live in Missouri.
Nearly every aparment listing we find doesn&#... |
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 Any advice on selling your home and going back to renting for a while? |
| My husband and I are new homeowners (less than 5 years), and we may have purchased a home too hastily. I say this because we are not truly happy in it and feel if we save money, we could do a lot ... |
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 I make $35k - how much home could I afford? |
| Condos are as low as $99k where I live, plus I'm eligible for first-time homebuyer grants.... |
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| I have received one open credit statement and one opened net flix dvd. I also don't get mail the day it comes. What laws protect me?... |
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 Does anyone know how a "REVERSE MORTGAGE works? |
My mohter in law wants to take out a reverse mortgage on their house. They own it free and clear and they are both retired. They want the money to travel, vacation etc.
someone told me ... |
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| The sale was handled through real estate agents...all by the book. It was an "as is" sale and I disclosed all known structural defects and flaws. The buyers sent me a nice, biographical ... |
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 Is now a good time to buy a house or should i wait a little more? |
| Hi, i live on San Francisco and we are trying to find a house around Oakland or Richmond, but we have a lot of people going on different direction, our realtor of course said the better than now we ... |
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| because In recent years I was not planning on buying a house, but just up and decided to purchase a home, what or how can I prove that I have been working steadily for ... |
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 Why are builders building all of these expensive houses people can't afford? |
| I live in a typical middle class town, however, for the past few years builders have been building all of these expensive, massive, monster homes that nobody can afford. Despite, the bid price tag, ... |
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 We are thinking of buying a home? |
| We still need to get pre qualified first. My question is, would it be better to wait and get pre qualified after we are married or is it not going to make much of a difference. Because if it ... |
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 My landlord has sent me a bill for heat we never asked him to supply in our rented home? |
| Suddenly this winter the kerosene guys delivered and filled our tank without us calling. At first we thought it was an accident becuase they left no bill. It happened a few more times and we then ... |
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 Real estate question? |
| for example, if i was going to rent a house out to someone. where do i get the lease agreement from, and who do I consult if i want to add certain clauses.... |
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 What is a reverse mortgage........? |
Additional Details
What if the house is paid off.............. |
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R.Womack | Mortgage Broker offering 7.25% interest. Is this too much? |
My combined credit score is 605. It is so low because I have debt that is at least 6 yrs old. I have been on my job for 6 yrs. My debt ratio is next to none. Is this too much or do I need to continue to shop? I don't want to let too many people run my credit because it will only lower the score. |
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tarponrd2002
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That's a good rate for 605 but I would figure out why you are low. Is it late payments or too many cards. Close some department store accounts if you have them.
Another TIP. If you are buying a New Construction home make sure you are funding the escrow properly for the correct tax assessment. By conservative and over-fund the first you. That way you won't get surprised.
File for Homestead exemption fast. |
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katlanta
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Without knowing the rest of the loan details I would say that is a decent rate with a credit score of 605. |
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yourmtgbanker
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I would check around. My company has signed with Fannie Mae as a preferred lender. FHA has lowered their credit score acceptance levels. I just got a 577 down to 6.375%. I would suggest contacting a mortgage company not a broker that you are paying fees to for their service and explore a government backed program for a lower rate. Your job consistency and low DTI are in your favor . If you need any other info email me. |
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Real Estate Guy
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With that credit score, 7.25% is GREAT>
However, you need to ask yourself this question. Can you afford this house. You state that you have debt that you can't pay off from 6 years ago.
In your case, I wouldn't go over 28% of your gross income to go towards the total mortgage payment.
Take your monthy GROSS (before taxes, etc) and (x) it by 28%. This is what you should be spending on a mortgage payment. Anything more will get you in trouble down the road. |
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thinking-guru
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You are in the subprime market so 7.25% is not bad. Your score is too low for the best conventional rate (today it is 6%on a 30-yr fixed. |
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acermill
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If you can get a thirty year fixed finance with that rate, I'd go for it. You're below the standard and current accepted credit score of 625 for "A grade financing." They are nailing you roughly one percentage point for your subpar credit score. That's not too bad.
You can shop around, advising other brokers what your combined score is, and ask for comparisons. Just don't let them run your credit report. My guess is that it won't help much, however, since mortgage brokers generally have the same sources of money available to them, and you will probably find the same general situation no matter where you look. |
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chris4realestate
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You have a certain window for people to run your credit when you're making a big purchase, like a house. During that time it won't lower your score. If you have debt that is 6 years old and you can wait, I'd wait for the 7th year when that stuff falls off your credit report. Big stuff like bankruptcy won't go away, but small stuff like old utility bills will fall off, and it can greatly increase your score. You should be able to do better at that time. 7.25 seems a little high to me, but I don't know what your particular situation is. I'd shop around. |
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kj3044
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You're subprime, so that's a good rate. And when mortgage companies run your credit, it doesn't lower your score. |
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helprhome
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Don't worry about the lowering of the score as long as it is for the same purpose(buying a home) it won't count against you!. I would probably get one more opinion. Find another mortgage broker that you like and trust. or you could go online and try something like lendingtree.com Mortgage brokers are supposed to find you the best loan based upon your financial situation. Good Luck. |
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