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 Has anyone ever had trouble with an attorneys and fraudulent charges? |
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 I have my RE license. I dont want to be a realtor but I want to sell my parents 2mil dollar house. How ? |
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hello all
i am a new landlord. i just bought an apartment. i will be moving into it myself in a couple of years but i will be renting it out in the meantime. it is currently in livable ... |
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 Mortgage rates where are they going? |
what do you think about the mortgage rates in the next 2 months, will it go up or it will continue to sink?
i'm planning to buy a house but im thinking twice since i know that the fed ... |
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 Can a landlord terminate a rental lease at the end of the term period without a reason? |
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 Escrow Question...? |
| I have money sitting in escrow from a real estate deal that fell thru. I was denied by the co-op board... How do I go about getting it back? I have no lawyer anymore. How long can money sit in escrow?... |
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 Where do you think the housing market is going to be in 5 years? |
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 Landlord Obligations? |
| my sister is a landlord and is moving back into her house that she has leased so does she have to go through her solicitor to tell them they have to move out. what is her legal obligations for ... |
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 My landlord is taking me to small claims court after a year of moving out when he gave me my full deposit back |
| I moved out and then a year later he is suing me for 3000.00 for replacing the carpets. When i moved out we did the walk thru and he gave my full deposit back.... |
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 Mortgage Loan Question? |
Our good friends are buying their first home. They are more than confused about how to finance it.
The home costs $130,000
They do have $10,000 to use for closing and or down ... |
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 Compelling reasons for/against moving to Florida...please? |
| I'm a single mom of a five year old, and am considering a move to the Brevard County area of Florida. I don't really like Florida, but as I see it, I can struggle anywhere...and I have ... |
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 Looking for a lender that doesn't require employment verification with mid score of 768 and no late payments. |
| We have excellent credit, no late payments, not much debt apart from credit card and always pay on time. We are seeking a lender who can give us a break. Husband out of school and doesn't have 2 ... |
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BHS_Runner | Preparing to get our first mortgagae.? |
My wife and I are preparing to get buy our first house which also means that we are preparing to get our first mortgage. What kind of interest rate should we be looking for? Should we go to several different banks to compare? Any other advice would be helpfull. |
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gorilla
 |
The best rule I can tell you is to only enter into a deal that is affordable. Do not overstretch your finances and a good rule is to commit only 33% of your income to the mortgage payments.
In my area, council rates are now £200pm and gas/elecricity bills are beyond belief and still rising so there are other serious costs to take into account. Are you planning a family? If so, will you still have enough income or will you be forced to live badly until you are both working again? Build into your outgoings how much you spend on holidays each year - usually about £1000per person. - most people forget this money need.
Are you getting the picture? I used to advise people on debt restructuring and it often means a massive reduction in future expectations when you have overcommited and then someone cant work. Take out mortgage protection and personal income protection. Its not cheap but it sure looks cheap when you haven't got it and need it.
As for who is offering the best rate, go to an independent mortgage broker who will search out the best deal for you. Make sure they are registered and have a long history of doing the job. Most banks are shi te with their rates and you have to watch out for all the fees they charge - it can be thousands more which they offer to add to the loan in some cases.
Make sure you have an emergency pot to one side to pay for any redecorating or changes you need to make once you have been living there for a while.
Hope I haven't put you off but I remember staying in for over two years when I bought my first place and underestimated the outgoings.
Good Luck. |
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Queen City Gal
|
If you have minimum down payment, you may want to consider a FHAb loan (3% down payment).
Bank of America is offering a no closing cost loan if that is of interest.
I like my clients to deal locally, so they can see and speak with their loan officer. It always seems to go smoother. |
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Megan M
 |
try to go with a few different places, get "pre-qualified" (not pre approved) by a few local banks so you can check for the lowest interest rates, every banks rates change at 10AM every morning and every bank is different (don't call the 800 numbers, talk to local mortgage office, your real estate agent should be able to get you a few they know of that are repuitable and offer better rates, we got the best loan officer, full of info and very helpful), even credit unions locally can do good, (you do not need an accont there to get prequalified at most places). prequalifying will lock you in at a certain rate at most banks for 30 days which can really help but if it is lower when you finally purchase most banks will take the lower rate
plus ask each of them ahead of time what monthly payments will be for each price range of houses, helps you determine if you can afford certain houses, they can prequalify you for $125,000 but you may only be able to afford $75000 depending on interest rate at time and knowing what your monthly payment needs to be.
we ended up with an FHA loan, please look into this, really cool though most of our banks tried to get us to go against one, has fixed rate and federally protected, very nice, house has to have all standards met which seller pays for fixes, we got brand new water heater, walls in bathroom fixed, and a bunch of other things because we had the FHA loan, they were things we thought we would have to fix after we purchased house, saved us over $5000.
also they will always prequalify you for more than you may have available to pay, make sure you sit down and go through all your bills and figure for cable, internet, phone, gas, water, sewer, electic, eating out, gas, groceries, entertainment per month, kids if any, everything you can possibly think of to see how much you have left to make for payments, ****this is a must that most people do not do and end up losing thier house after first year since they did not plan on certain prices of utilities (i.e. gas, electric bill, water can fluctuate each month) our gas alone jumped from $70 to $256 in one month and i called and got on a plan to where they balance out past 12 months and make an equal payment each month, check your local utilities, most companies do this.
last piece of advice get FIXED RATE!!! no matter what banks tell you adjustable or variable will kill you in the end, start with fixed rate, you will know what you are gettring into and expect for next 30 years!!! |
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Grin Reeper
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Look at the agreement carefully. Some lending institution draw you in with a good rate but then drop the bomb with up front costs. Find out all costs ahead of time. Most likely all you really need to pay for is a appraisal.
Also dont get a loan that balloons. They may draw you in with a great rate for 5 years and then the balloon is due. Sure they will refinance, but they might jack up the interest or other fees may be involved.
Banks are very weary right now, they have lost alot of money lately on bad loans So just be careful.
Find out everything up front and see it in writing.
Never get escrow your property taxes.
Never get life ins on a mortgage.
Never get a mortgage broker. They do exactly the same thing the bank does and charge you an outrageous fee. Sure they try to get a better rate, but you can get the same rate on your own, make a few calls.
Never take the realtor on their word. Their job is to sell houses their loyalty goes to the home seller not you. Even thou they assert themselves in that way.
That's why they drive the caddy and we drive a cavalier
Always shop around. Even Internet lends are become more prevalent |
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onandonandonanon
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yes compare rates and points they charge. Shop around for a closing office too, prices can vary greatly. When you get the house inspected, be there and go with the inspctor, you can get your own, but still be there and go through the house with him! Otherwise you don't know what kind of inspection job you got done! Both times buying a house they missed things, one being termites!!! So be there for any inspections. Get EVERYTHING in writing. If you want them to leave the curtains in the bedroom, make sure it's in the contract! Anything they tell you, make sure it's in the contract, protect yourself all along the way. Hope you enjoy you new place and it all goes smooth!! |
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kimbakererie
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If you are working with a real estate agent they should be able to direct you to a mortgage broker. they will be able to find you the best rate. |
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anaise
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Right now I have my present mortgage company looking out to get at least 4-5.75%, plus I have another mortgage company competing for my business as well. Now I have two mortgage companies working to keep or gain my business if they can find me a low rate. Yeah! If your credit is in good standing, the mortgage companies are begging for your service. And yes, go to different banks, don't settle for one. |
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Eazy
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Watch the capitol one credit card commericals |
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johncondo47
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don't go anything over 6% try lending tree.com |
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