 Do you think that mortgage rates will drop in the next 30 days? I know it's not a sure thing, but I'm curious. |
| We're planning to refinance our 7-year ARM (5.125%, expires 12/2011) and 7.9% 2nd mortgage. Right now, we can get it at 6.25% in one mortgage, but we were hoping for a 6.125 or 6% mortgage (... |
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 What is the best way to get about $30,000 for a down payment for a home? |
Additional Details
OK people,
I live in South Carolina and make $45,000 a year. I could save about $2,000 a year with no problem and can afford a $1,000 a month payment for a ... |
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 What are the pros and cons about living in a mobil home? |
| What is it like? Is it as bad as the TV says it is? I saw the inside of one today and I thought they were pretty nice. So why don't they give positive advertisements? Please any info is great! T... |
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 I think the goverment should be held responsible for all the people who took on? |
| morgages at extortionate rates in the past 10 years the British Goverment should be made to pay these families that can no longer afford to stay in their homes and for allowing Developers to charge ... |
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 Is it possible to give your house to the bank without being foreclosed on? |
| The reason I ask is that I purchased a home in Aug of 07' and now I've found a place that would much better suit me that is about 10k less than the place I own now. Do you think the bank ... |
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 My husband and I are planning to buy a house with my mother in law as a cosigner.? |
| my husband and i are planning to buy a house.the primary applicant is my husband and my mother in law as a cosigner as me n my husband both have bad credits.how would this affect our application and ... |
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 Counsel house problem. Can i live there after my father dies? |
| My father is ill and i don't think he will live 6 months, I have decided it is best if i moved in with him. That will mean giving my counsel house up and moving me, my husband and son into my ... |
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 What's making my apartment so stinky? |
| I just moved in last week and my apartment is SO stinky. I was told before I moved in that meth users were living here previously. My landlord said she was sure there was no meth lab here, but they ... |
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 Is it unethical to use more than one real estate agent if I am buying a house? |
| My wife and I are planning to buy a house, ZIP realty will give us a certain amount of $$ back for using them, and another company won't. Problem is, the ZIP realtor has strange hours, and we ... |
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 Real estate help please..? |
Ok, here's the deal. I am currently in a home that has been on the market for 6 months. The market is very slow, and it looks like I am at a dead end.
I plan to stay in my next ... |
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 Buying property on Mars? Scam or legit? |
| I was offered by a telemarketer a homestead on the planet Mars. He went on and on about global warming and the idea that we might have to leave this planet someday... I think its a cool idea. My ... |
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 Ive overpaid my landlord what should I do(read on)? |
I rent from a private Landlord...
Housing Benefit increased my entitlement and as they send cheques direct to the landlord she didnt inform me of the increase and i remained paying my amount ... |
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 How do you go about refinancing your mortgage? |
| I have a 5 year interest only mortgage and just closed on my condo 4 months ago. It appears rates are lower. How do I go about refinancing and what are the advantages? If it's lower should I ... |
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 We got approved for our first home loan. can we use some of the loan to pay of our credit card bills? |
| we don't need all the money that we were approved to borrow for the purchase price of the home, but if we use some of it to pay off debt then we can have one low monthly payment...have you ever ... |
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Soon to be Mrs. Smith | What do I need to to before I even look at purchasing a house? |
I know a fixed rate mortgage is better than a variable (9 times out of 10).
I have looked at some of the calculators online and am having trouble with the tax and insurance rates, as I will be a first time buyer. Any ideas where I can find that information?
Any general suggestions? We are working on paying off our credit cards, car, and student loans.. Saving as much as we can for a down payment..
Additional Details
Emcee H - Thank you for the advice, but we're nowhere close to that yet! I will definitely make sure that's done before we go too far.
Also, a bit more info.. I'm in the burbs of Chicago, if that helps with anything. |
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larry h
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i know that buying your first home can be very intimidating, but remember it isn't as complicated as it seems, and there are alot of industry people and resources to help you out. home buying for dummies was the book that i used and it was super helpful. i bought my house a couple years ago in the middle of the housing bubble and it is harder to get financing now. the good news is that the prices have come down very low....
my advice would be:
make sure your credit is good, and do whatever you have to to get it lower because your interest rate will be a reflection of how good your credit is. also make sure you have at least 5% of the cost of the house in cash because you will likely need it at closing, but not always.... make sure you have a few extra thousand dollars because most people find that they have immediate repairs, expenses, etc. related to the house as soon as they move in. you would be surprised....
i bought a house that needed a little work, and i saved some money. but i am the kind of person that likes to fix stuff and renovate, etc. ......
look at as many houses as you can, and make sure your home inspector is reputable. a lousy home inspector will cost you much money down the road believe me! play hardball when it comes time to bargain. don't let your realtor tell you the seller won't come down any lower if you feel that they in fact will.....remember your realtor is making a percentage of the total cost of the house, so a lower price means less money for them! get a realtor that you trust, and maybe even one that is recommended by a friend.....
good luck!!!!!!!!!!!!!! |
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bigdogs_main
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Make sure you do not accept any offers for new credit products in the time leading up to your purchase. Any credit products you have now you need to get a handle on. Be prepared, the areas with nicer homes and nicer schools will have higher property taxes which when added to your mortgage (and maybe maintenance) fee burdens can cripple your finances. It's great to have a home but not if the rest of your life stinks! |
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Emcee H
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Searching for answers on the internet is a start, but you really need to fill out a detailed application and have your 3 credit scores pulled by your loan officer. From there he/she can give you real answers (not guesses) based on what you qualify for. It will also let you see what potential payments will look like depending on what sales price you're looking for. |
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DannoREA
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Figure approximately $4 per thousand for insurance. Taxes depend on the local tax authority. |
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godged
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Tax and insurance will be specific to the property, so that will be a challenge. Just plug a number in, say $2,500 for taxes and $2,000 for insurance.
You are on the right track, get your debt to income ratio down, save for a downpayment.
Learn your market, this is the time to start. When you have some free time, browse the ads. Go to Open Houses. Learn what is out there and where the market in your area is heading as best you can.
When you think you are ready, then consult with a mortgage broker in your area that will know local programs you can qualify for.
Best of luck to you! |
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Op P
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Great question!
As a retired Mortgage Banker who has taught thousands of loan officers how to earn incredible incomes, I would love to answer it. There are SO many people hungry for answers to such a great question, that addressing them one at a time is SO ineffective. I have a free report available that anyone can access to get educated about all the "dirty little secrets" of this business and HOW we as a society ended up in such a mess.
It bothers me greatly that so many people, young AND old, have been taken advantage of and NEED answers to prosper financially and not become a mortgage victim. If you DON'T get educated BEFORE making a decision, you're next in line to be ripped off. Count on it.
I've been posting answers under numerous aliases on Yahoo! because I have to keep creating new accounts to do so. It seems the "establishment" prefers to keep the public in the dark when it comes to exposing the truth about anything which could actually help them avoid catastrophe. When faced with a serious choice about something in your past think about what you should have been made aware of by someone in "authority", but weren't. If you knew what "they" knew, wouldn't you have made a better decision?
Whether you're a first time buyer, moving up, refinancing, buying a foreclosure, short sale or trustee sale or auction, you're going to need financing in place. First. Doing it ANY other way is wasting your time and a professional real estate broker won't even LOOK at you or your offer unless your financing is in place. Don't believe me? Try it.
If you want to learn the industry from the inside, visit my website. I can't type the internet address here or I'll be creating yet another Yahoo! account. I'll spell it for you. MortgageSelfDefense[dot]com. Type that into your web browser as you would a regular internet address and you'll get there.
In addition to the information you'll receive on the site, if you decide to be a free subscriber, you'll receive tips, techniques and advice on regular intervals along with my personal contact information to ask questions.
I look forward to helping you.
P.S. I'm also a Real Estate Broker in two states (CA & NV) and have been since 1981. Having been so gives me a unique perspective on the industry. |
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Worka
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Good Credit! Low income to debt ratio. Pay off as many bills as you can. Keep funds in your account for more than 6 months to show that you have stability.
Contact your an insurance broker regarding home insurance....probably $1500 per year. Taxes anywhere from $2900 to 5,000 per year. |
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