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Is this sick and perverted?
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orion901 | Mortgage pre approval question? |
I am a first time home buyer and i just recieved my mortgage pre approval letter for $116,000 or a maximum monthly payment of 1281.09 including tax and insurance. I was wondering what should by my next step, realator? look for houses myself? And if i found a house for 110k could i use the extra money to cover closing costs (i have no idea) |
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m1kegbrown
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Here's an answer that most realtors won't like. Find a home you like on a site like realestate.yahoo.com or realtor.com. Call the agent and ask to see the house.
When you find a house you like ask the sellers agent to represent you.
This is why that is helpful.... the seller is usually only paying one agents fees. This means he/she can usually take that extra 3% and apply that towards reducing the price of the house, buying down the rate, etc....
And in most deals the seller pays all closing costs. Don't get stuck with that baggage. |
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fathead
 |
Try www.realtor.com and learn the neighborhoods in your area first. You want to find something that is in the "worst" 1/3 of the houses in the area for better price improvement. |
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mel
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do you take home 3,600 a month? if not, that payment is too high for you.
1/3 of your monthly take home pay is the payment you can afford.
don't get sucked in by "pre-approvals". |
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babidollishere
 |
Yikes.......they always go over what you REALLY can afford, just cause your pre-approved for a certain amount, I wouldn't actually spend THAT. You will be living from paycheck to paycheck IF your lucky! lol They don't factor in the fact that you need to EAT and CLOTHE yourself. Be VERY careful. |
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dptvegas
 |
yes next step Realtor no you cant use the extra money on closing cost dosent work like that |
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ღ*Pink Cat *ღ
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You will probably need a Realtor to help you on this, but I am sure you can. |
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Robert C
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I would get a Realtor, he or she may be able to save you money in the long run. Don't forget to hire an inspector too. They are both trained and well worth the money. After all this is one of the largest purchases in your life. Make sure you get a fixed rate loan, a variable can change and then you may not be able to afford it. Good luck! It's starting to be a buyers market, good shopping. |
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REALTOR
|
Definitely talk to a Realtor. It doesn't cost you anything to have a Realtor working for you, when you are a buyer. You'll get yourself in a huge mess, if you do it yourself.
As for the second part of your question, no, you cannot use "extra" money. You cannot "finance cash," when buying real estate. Your approval means that they'll loan you up to this amount for mortgage, not for anything else.
BUT since it's a buyers market now, many sellers are willing to cover closing cost for a buyer. Have your Realtor know you want this and he or she will put it into an offer, when you make one. Do yourself a favor and do not do ANYTHING without a Realtor. |
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Flower
 |
Don't look for houses by yourself.
Get the help of a realtor. You will (most likely) need one anyway, and they can be really helpful at getting you into the places you'd like to see. They will also help you figure out a fair price when you're ready to make an offer because they have access to databases that show what all of the comparable homes in the area are selling for. Choose a good realtor, based on referrals from people you know. If you don't trust your realtor, or don't feel like they're listening to you, you can fire them and find someone who will. You should not pay your realtor anything until they start to write a contract on a home for you.
The closing costs... a lot of them are associated with that loan, so I doubt you will be able to use the loan money to pay the fees. Your realtor will negotiate with the seller for closing assistance, but you will need to pay those fees with cash savings.
Congratulations! |
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Suzy
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The best thing to do is find a good Realtor. Go with a reputable company with proven success in customer service. Google a few to find the best and go from there. A Realtor really does work for you and has your best intrest at heart. If you are a first time home buyer you need someone with experience to help you out. There are so many different programs and details that go along with purchasing a home you need some one you can trust on your side. |
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