 What is the process for a first time home buyer? |
| I'm planning on bying a house in the next couple of months and I do not know where to start. I don't have all that much money built up so I will need a huge loan.... |
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 I'm trying to move out of my parents house and i need help with some questions? |
I'm trying to move out of my parents house and i need help with some questions?
i was wondering what is the average amount of money it cost to live in a apartment a month after you include A... |
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| I just recently bought my first townhouse, using it as my primary residence. I'm going to rent out the two rooms upstairs, while taking the nearly-finished basement as my own room. After I get ... |
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 Does adding a pool to you home raise the property value? |
Not an above ground pool.
Additional Details
I really want want not just for the raise in value but i was just wondering would that be an added benefit.I also live in Texas if that helps.... |
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 Buying a House for the first time....? |
What are some things you need to do to prepare yourself & your credit rating to buy a house? And also what types of loans can first time home buyers qualify for?
Thank you!... |
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| HELP!!! - Tenancy contract!? |
| I moved into a flat in October and signed a one year contract. I cant afford the flat and i need to move out. What can i do? HELP!!!... |
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 First-time homebuyers? |
I am in need of some help. With all that's happening in the real estate market, my husband and I are thinking about purchasing our first home in about 6 months. I have several questions.
<... |
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 Big Problem- Income is less than cc debt, utilities, mortgage, car payment; no money left over for anything!? |
| Both my husband and my income is less than our debts, this doesn't even include food and gas! All of this due to our cluelessness when we bought our home with no money down, 100% financed, 3/1 (... |
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 Why can't I get a tenant? |
| I've had my rental house listed for a month. So far, 5 people have eagerly inquired, and 3 have come to see it. I know someone will rent it at some point, but I'm frustrated at the lack of ... |
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 When applying for mortgage? |
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 Removing someone's name from the Deed to the house? |
| I'm needing information on how to remove my "x"'s name off the deed to the house. She has since moved to another state. I have asked her to quick claim her name off the deed and I ... |
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 Is paying 50% of your take home income to renting an apartment to much? |
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 Is it a bad idea to buy a 1 bed/1 bath home? |
| I'm moving to the northern Virginia area, and I'm looking to buy a condo or a small home. It's just me, so I figure a 1 bedroom and 1 bathroom condo or house would suffice and it'... |
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Debbie V | Soon to be 1st time home buyer, is it better to go to a bank or deal with a broker, credit score 710? |
my husband and I have both been at are job for over three years,
are debt to income ratio is pretty good we only use credit cards for emergency's and pay them off immediately , and have nothing negative on are credit.
The only problem is that we want to get pre-approve for an FHA loan because we only have around 5% to put down.
Which would be better to go to are neighborhood bank or a broker? |
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ajsnskool
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I'm also in the process of buying my first home and am looking at various sources for a mortgage. I went thru Lending Tree and had 2 mortgage lenders contact me. Both came in with an estimate for a 6% loan, but their fees varied greatly. Make sure whoever you go with spells out ALL of the fees in writing, then try to negotiate some of them out or down. I then went to my bank, who gave me a 6.15% interest rate. I asked my realtor if they have anyone they could recommend and they came in with Countrywide who has an office locally. He came in with a 6% fee, rates equal to the lower of the 2 that contacted me from Lending Tree, and I can see him in person whenever I need to. He also informed me that with 5% down, there are conventional loans available (that you don't necessarily need an FHA loan) but that I'm obviously free to go either way. (I'm putting a bit more than 5% down...more like 8%). And Countrywide keeps the loans to service throughout the life of the mortgage. To me, that's a win/win situation. Don't go with a broker though, there's no point in paying them a fee for something you can research yourself, and all of these lenders gave me their best estimates without ever pulling my credit report...which is very good.
As for PMI, unless you're putting 20% down, you'll have to pay for the PMI insurance. BUT.... if you're buying a $100K home with $5000 down and a year from now that home is appraised at $115K... the need for PMI is now gone because you get the credit for the higher appraisal together with your downpayment ($15K over purchase price on new appraisal, plus $5K down = $20K =20% of $100K purchase price.) Don't hold your breath though, the market is still going down, not up, yet. |
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HanZ
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go to a neighborhood bank, but with only 5% to put down that's really pushing it. Although, I will not consider it subprime, still that's way too low. Just imagine if something breaks down in your house, where's the money to fix it?? Excellent time to buy only if you have the equity.
the broker charges you a fee to look for the best possible loan, but you can do that yourself. |
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jxr182@att.net
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Why not check both? Banks are known for better rates generally, but brokers are individuals so have a great deal of flexibility too. Having your credit pulled twice within a month, both times for a mortgage, is still only going to count as one pull. Besides all that, it's really up to the individual how hard they want to work at finding you first-time home buyer grants. I would shop around! |
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Christin K
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Banks usually keep their mortgages and do all the servicing themselves. The biggest advantage to this is having a person you can actually go to if you ever have problems or need anything else. It also looks good to support your local businesses, and can be nice to have people who actually know you working for you.
On the other hand.....
That can be the biggest disadvantage, too. If you run into trouble, you could have everyone in town knowing your business before you turned it around. That might be embarrassing.
Mortgage brokers do a lot of busines and can get you better deals interest-wise. They have more creative financing options available.
The big disadvantage is that sometimes these "creative" loans bite you in the butt later. (Like ARMS, or Balloon payments, or "interest only" payment options or Pre-payment penalties.) READ CAREFULLY every offer you get. Ask what it will cost you if you pay this loan off early. Ask if you CAN pay it off early without penalty or without losing money.
Ask when you can refinance it--should a better deal come along later. (sometimes you have to wait a couple of years or pay big bucks.) MAke them explain everything, even if they get really annoyed. (If they do, find another mortgage broker.)
Another disadvantage of brokers is that they rarely, if ever, service the loans themselves. That means that you will have your mortgage sold over and over again--through the life of the loan--to servicing companies. This can be incredibly annoying to you. One month you pay the payment to XYZ company, the next month you pay it to ABC company in another state. Some companies are better than others, too. Some do not have real people answering the telephone--only recordings. Some are in states you've never heard of. Some charge $50 late fees, and some charge $20 late fees.
It can be worth it to use a broker if you get a very good deal--but if you don't get a better deal than the bank, go with the bank.
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the d
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oh boy i'm not even sure if they will approve you with just 5% down.
even though a 710 is good, they are REALLY tough right now.
I would go through a bank. I can't stand them mortgage guys(brokers) they just are so full of bull, Deal with a few of them like i have and you'll see what i mean. |
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Realtor in CA
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You should look for a loan broker who specializes in FHA mortgages. Dealing with a mountain of paperwork is not easy when you working with a government agency. If the agent is not familiar with FHA process, you could be delayed.
Also a bank can offer you only the loan programs they have. An comparison is if you walk into a Honda dealer, they can only offer you Honda cars (bank programs). So you ask them can you tell me what kind of deal can Toyota give me? If you walk into a Toyota dealership, they can't tell you what kind of deal Acura can give you.
A loan broker has access to all the same banks as you do, but also has access to other lenders, so they can give you a better deal by comparing all the loan programs all the lenders have to fit your exact needs. |
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Mortgagegirl05
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Check with both and compare. I have found myself while working at a mortgage bank with the ability to broker a loan, that I can usually offer a better rate on the broker end, less closing costs on the banking side, so look at your options BUT don't assume FHA is the only way to go. FHA is definitely a great option for some, but with 5% down and your credit score, you can easily qualify for a conventional fannie mae/freddie mac loan and you will not have to pay the upfront mortgage insurance associated with an FHA loan which will cost you about $1500-$1750 per every 100K. Plus, FHA loans are a lot more difficult and time consuming than a conventional loan, so look into all options. |
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hottotrot1_usa
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Go to as many people as you can. Several banks and several brokers. Take the best deal. Take the deal with the lowest interest rates, assuming it has a reasonable set of fees. |
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J W
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Broker will just find a bank so you don't have to and you will be paying them to do so. I had my home built three years ago and I went with chase. I received a better rate than my local banks could offer and I also got in with zero down. Economy is in worst shape now, so it may be difficult to get a loan with some banks. you do have a an excellent credit score though, mine was 720 when I received my loan. Get a fixed interest rate and try to find something that appraises high enough so you don't have to pay PMI. |
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kemperk
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MY peers have not stated one additional, valuable piece of data;
there are mortgage brokers and real estate brokers.
I would get comfortable with a RE broker first, one that
SPECIALIZES in exclusive buyer's agency.or at least
buyer's agency......he can line you up with
mortgage brokers........ |
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Christine
 |
Buying a house and making it your home is a dream almost everyone cherishes, irrespective of the geographical boundaries. The American Dream refuses to diminish in sheen and size despite the lingering subprime dark clouds. However, the current situation is a goldmine of opportunity of a smart and savvy first time home buyer or investor..Here are many first time home buyers programs available. You may start by calling the city Housing Office in your city or the county housing office in the county in which you reside.If these offices don't have the programs you are seeking they will be able to tell you what agency in their jurisdiction has them.
http://www.worldbestloans.com/homebuyerprogram.htm
First time home buyers can now opt for first time home buyers loans and buy their choice of home more easily. Moreover, simply because you are buying a home for the first time doesn't mean you need to opt for this type of loan. |
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