 My tenancy agreement says no more than 3 in my home, my pregancy will make us four can they evict us? |
| My husband and I are renting and have a toddler, my tenancy states I can not exceed the amount of people beyond 3, I have discovered I am pregnant again, is this grounds for eviction once the baby is ... |
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| I bought a new home 1.5 years ago and paid 290k and did an 80/20 loan. The loans are interest only 1st 10yr 232k @6.5% and 58K@11.5% . Since the decline of the FL market the house is probably worth ... |
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We have been living in a property for 7 months now and our shorthold tenancy has just switched to 'month to month'. (it was for 6 months)
do they have to give 1 month, or two ... |
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Additional Details
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What would be the monthly payment on a $90,000 mortgage at a rate of 7.5% interest for 30 years?
Additional Details
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| my landlord called me last night and left a message that she had to come by and check the bathroom because the downstairs neighbors said there was a small leak, before i even got a chance to call her ... |
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 When renting out your home, can the tenants switch all utilities to their name? |
| we're in los angeles, and instead of billing the tenants, i'd rather they switched everything over to their name. power, water, trash, gas, tv, phone--everything. can that be done or do i ... |
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| We live in arizona and my husband is getting a promotion and we have to move Las Vegas but we have a rental agreement. Any suggestions??... |
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| How do I save my home from Foreclosure when I already have a Sheriffs sale date,and nobody will refinance us s |
| Since April 06 our adjustable rate mortgage has gone from 7%up to 11.5% which has forced us into Foreclosure.We love our home VERY much but are going to lose it.CAN ANYBODY HELP US? PLEASE PLEASE PL... |
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 II'm thinking about selling my house ...? |
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| I have started making enquiries about buying a house and I am due to view a property today. Any tips for what bad things to look out for in a house?... |
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newmommyjan22nd | Tips for buying first home any advice? |
We are looking into buying our first home. We are working with a mortgage company. Should we apply for more than one? How do we know we are getting the best rates? Should we go ahead and buy without a down payment? We just finished college and are looking ot moving closer to where we are going to be working...it looks like we qualify for a loan, but are unsure how much we can afford. According to the calculators that many of the sites have we can't afford as much as many of the houses are going for...but we are very good with our money and I think we can pay out 1/3 of our income if not more...any thoughts, thanks. |
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Don H
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Buying a house is a big step; my first question would be, do you really believe that you can pay out 1/3 of your income? I would never never advise anyone to attempt that percentage of their income. This will leave you no safety net, no money for unexpected bills. You need to have something set aside for the unexpected; and with 1/3 going into your mortgage payments you could get into trouble. I do not know if you have children, or are planning children. But one unexpected child will change your finances enormously. No one really should go over 25%. If you can wait, and save up more money and put a bigger down payment on a house, you will not have to overcommit yourselves. And don't think that your first house has to be a mansion; consider a "fixer-upper." A little sweat can save you a lot of money. Good luck, and don't be in a hurry to buy that house! |
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W. E
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Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score.
All is not HOPELESS - ok - take a deep breath. If your credit score is 500 or higher, anything is workable.
Lenders look at the middle score...of the 3 scores. If you only have 1 score or 2 scores (have seen it), it is still workable....but unless a lender sees the whole picture - credit - income - job time, etc - than you will not have a "true" picture of what you can afford - Hope this helps - There are also Government programs out there, but they too are looking for job time, etc.....They are not so much looking a credit - but the other factors are taken into consideration. With a government loan - collections and judgements will have to be paid (most ppl do not know that) but for FHA it is true.
Decided on the type of program (loan ) you are wanting. A 30 yr fix is still roughly at a 6.5 rate right now - but if you are needing a 90 percent ltv the rate is around 7 percent and a 95 ltv is 7.375 and a 100 percent rate is 7.5 ( This is a estimate only, since I do not know what your credit score's are....There are also, interest only loans - adjustable loans, option arms (where you pick the payment, from 4 payments, including interest only). Interest only are lower payments, but nothing is being paid on your home. Some self-employed ppl like the payment options, in a lean month when money is tight., they can pay a lesser amount.
Decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok -
It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realitor, and the seller has to pay the realitor their fee which runs from 2-6 percent of the selling price, and you ask for 4-5 percent toward closing cost -assistance) Follow me so far??
FHA loans have MI included, Conforming A+ borrower's loans have MI included, but the rates are better starting in the mid to high 6's (with rates going up.) The more money you borrow - the higher the rate normally. There are alot of factors involved.
After you close on your home: You will get a 1099 INT form, for interest you paid each year at tax time, you can take that off if you go 1040 long form. Sign up for your Mortgage exception and Homested exception and any other exceptions at your local court house 1 month after you close on your loan. This will LOWER your PROPERTY TAXES. Your Broker should mention it to you, or your closer at the closing. |
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Paul D of Keller Williams
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Need a good "Buyer's Agent?
If In Alabama - e-mail me
If not in Alabama - I can still recommend an experienced Realtor from your area that will give you OUTSTANDING service! I work with a network of Realtors across North America.
http://www.pauld-kw.com
http://www.bhammls.com/dziedzic |
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Paula M
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First - the bank may tell you what you qualify for, but remember, 100% of the people who have lost their homes in foreclosure qualified for their loan.......don't go by what the bank says....
How do you do thus far w/ the rent you are currently paying? and if a mortgage is "only" $1,000/mo, don't forget taxes, insurance, PMI, easily another 350/mo......
You don't want to struggle and be "house poor"...that's a slippery slope...
stay away from ARM loans - and make sure there is NO prepayment penalty....Under NO CIRCUMSTANCES sign up for the "Mortgage Payment Protection Plan" (different from PMI)...it is a crap insurance that is unnecessary....
Your goal cannot be to just meet the mortgage payment each month - your goals must include paying a little extra toward principal on a regular basis.....
Do not accept a piggy back loan or 80-20 loan....interest rates will kill you overall...
Look into FHA first time home buyer program....good luck. |
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chris r
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To answer your questions directly:
You can interview and have discussions with as many loan people as you'd like. But do not apply for more than 1. Especially if they are doing credit checks on you each time. This will hurt your credit ratings just from doing this.
Take your time. Ask questions and keep records. Find out who your friends and family have used for loans. Ask them why? The best way to find a good loan person is through a direct refferal from someone you know.
But do your homework.
There are so many loan packages and so many options that the best thing you can do is spend your time finding the right person that knows the industry. This could be a banker, loan officer, mortgage broker, etc. Once you find that person...you can have the in-depth discussions about your financial situation and what your long and short term goals are.
Next thing is to understand that the "best rates" do not always mean the best Loan. Once again, there are a million companies that will sell anyone a loan. Many of these companies are fly-by-night operations that take advantage of people looking for the "Best rates". They can and will put you into a loan that will have you in over your head, unable to make the payments and unable to get out because of huge pre-payment penalties.
Should you buy without a down payment?
It is possible, yes...
Should you do it?
Look at it this way: common sense says this...
Banks loan money. They make money by charging interest on that borrowed money. How much interest they charge is directly related to the amount of "RISK" they experience in loaning that money and the borrowers ability to pay it back.
Where is there more risk in loaning money?
A. A person that has an amount of their own money invested in the property.
B. A person that has nothing invested in the property.
Then...
Who is going to get a better loan?
Person A or person B?
The end result is that nobody but you is responsible for the decisions you make. No matter what anyone says...
Do your homework, take your time and become an "Informed consumer". It will make everything else that follows...all that much better.
Best of luck |
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klicker
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First I would NOT be buying at this time Housing is going down in price. Its better to rent. Wait it out ( the bust in housing) If you're just fresh out of college, I would suggest you take your time and establish yourselves first, in your jobs and financially. Only after having paid the bills, living on your income, can you and you alone determine how much you can afford to spend on housing. DO NOT let some mortgage broker tell you what you can afford to pay. They are only thinking of their commission not you. Take some time to learn about the different loan types. If you buy get a fixed loan rate. ARMS and no money down and other variations of that are dangerous with the rise in rates. When considering, housing expenses also take into consideration, that you will be paying, property taxes, association dues, maintenance cost and utilities. If it still seems like its more than you can afford, it probably is. Continue to rent. Lastly avoid condo conversions, its still basically an apartment with new fixtures. Don't get emotional over a house, its becoming a buyers market (fast) so your choices of homes are only going to get better. Good luck,
K |
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Skip
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I don't know why most everyone is telling you not to purchase a home or that bad things are under each rock. Saving for a down payment is not a good way to go. Property values Go up each year and savings is like putting a carrot in front of the horse, you can never quite reach it.
The first thing you should do is find yourself a mortgage "Broker" have the following items available for them 1 months paystubs for each of you, 2 yrs of W-2 and fed income tax returns, 6 months bank statements from each of your savings and checking accounts as well as any from each of your 401k plans or profit sharing at your present employer if any. Once your broker has this information you will be required to complete a loan application. He will run your credit report to find out your credit score, which will tell him what interest rate you will be qualified for. Also with your w-2's and pay stubs plus credit report he will be able to tell how much house you can afford based on the amount of income you have vs the amount of debts you have on your credit report. I could be a 100% or less depending on your credit score. Your broker will tell you what percentage you will need to bring in as well as the closing cost necessary. This will give you a pre-approval to purchase your home.
After your pre-approval he will find a real estate agent he knows to assist you in finding a home. After you have found your home the real estate agent will write a purchase contract for you and the seller to sign. He will give this to your mortgage broker as well as other documents.
Your mortgage broker will then order an appriaiser for the property to prove the value of the property, open escrow or a closing agent for the transaction. He might need some additional documentation from you,but not to worry this is common. It will take approximately 10-14 more business days to close your loan, sign your loan documents so your loan can close.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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gimp3836@sbcglobal.net
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The only strong recommendation I have is don't let ANY real estate agent double end your deal. If you call the agency on the sign, that agent is working for the seller. The seller is paying the agent and the agent is not interested in your well being. The agent is interested in selling the property for as much as possible in order to maximize the commission. Get your own agent, the seller is still paying but without you, the buyer, your agent is won't split the commission, they will get zero. It may be a small point but I allowed it and have often wondered just how much it cost me in the price of the house. Perhaps if I had received better representation I might have saved a few thousand dollars... |
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KathyS
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A mortgage company would be pre-qualifying you with the amount they believe you can afford. Most sellers want buyers to be pre-approved. Your first step is to get pre-approved and then start shopping. Keep in mind that you will need funds for inspections and closing. |
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Prakash
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For useful information on your query, just see some websites which would give you ample ideas. For further information just click the link below |
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KewlieD
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Well my mother just bought her first home ever and has owned it for at least a year and I would say speak to other family members and friends that own houses for advice and there are also great books on buying your first home and stuff. Oh yeah another tip is when you find the home you want hire a professional to inspect the house. Believe me its worth it! Good Luck! |
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