 When young should you bue or rent a house? |
| dont know what to do buy or rent for the first time its not time yet but some friends are moving into there own place should a couple of young pepole buy a house or rent a ... |
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 Should my landlord have warned me about a roach problem before I moved in? What can I do about it? |
Obviously I AM REALLY GROSSED OUT.
I noticed one roach in the sink on my first day. There were a couple the second day. On the 4th night, I opened my dishwasher and it was FILLED with ... |
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 We are looking to buy our first home ......? |
and we only have a couple hundred dollars for down payment but have heard about grants helping you with a down payment and closing cost does any one have any info about them ??
or a website that ... |
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 Y or N please: Are realtors more motivated to work with ...? |
| Are realtors more motivated to present to their seller an offer from a buyer who has no realtor they are working with and make the double commission vs. presenting an offer from another realtor where ... |
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 Property for 160000, can only afford an interest only mortgage. is this a bad move? |
| i am renting a detached 2 bed house and recently my landlord asked if i would be interested in buying the property. she has asked for 160000. i have 8000 deposit but can still only afford an interest ... |
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 House buying question please help!!? |
| There is a really nice house my wife and I like for sale or rent. We told our Realtor that we would like to rent to own it. The house has been on the market for over a year. He asked their Realtor ... |
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 Does any one know how to purchase a home w/out Realestate Agent? |
Does any one have any ideas how to find an owner who wants to sell a home w/ out using a realestate agent?
We have plenty of time to find our "perfect home" in Carle Place.
O... |
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 UK question: Can you get a mortgage if you are unemployed? |
| SInce being laid off I have been looking for work, but havent found anything in my field. But in the meantime I want to buy a flat and let it, as the rental income should take care of the mortgage. ... |
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 Does a first months rent get refunded at end of contract..? |
| if its been paid already... ok, so when i moved in i payed £700 deposit, and £700 months rent in advance.. i claim housing benefit because im a single parent, and i DO work, part time so get help ... |
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 My hubby jus turned 60,he may be made redundant,i have apregnant daughterat home,is she liable for the rent? |
my daughter will fin work the end of feb an start maternity leave
Additional Details
to clarify,the property is rented,if my hubby has to claim income support for the 2 of us and my ... |
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 I want to get rid of my Roommates who just moved in, easiest way ? |
| I was trying to sell my house but 3 deals fell thru because people couldnt get financing... I dont have much equity in it, just about 30,000 (after paying all kinds of fees, transfer taxes, real ... |
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 I've got 3 college girls who want to rent my house, but they say they want to pay individually, whereas I want |
one check on the 1st of each month.
Some have money, some depend on parents...so I asked if one parent could pay by auto transfer on the 1st and they could pool their money, but the parents don&#... |
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 Is there anything wrong with getting a 30 year mortgage when I expect to sell my place within 7 years? |
| Thanks everyone for pointing me toward the mortgage calculator. Follow up question, if you don't mind. I calc'ed a 15 year mortg and a 30 year mortg and obviously I like the monthly ... |
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 Can a landlord keep your personnel property? |
| verbal agreement to get it when i want it, now they are mad so they started charging me storage. but still won't release my belongings.... |
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 I bought a house a few years ago for $320,00 and now that house worth $200,00.? |
| Everyting is too expensive. So I cant afford paid all the utilities bills plus a morgage. I dont know what to do if I should apply for bankrupt because I cant afford to keep paying the morgage. I ... |
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 Can I please ask some advice on my rented house |
| OK, so ive lived in my rented house for 4 years now, and ive had a problem with my landlord pretty much since ive lived there. The reason being he neglects the house completely and ive been told ... |
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 Landlord shut off my water and wants us out? |
| I am having a problem with my landlord, I do not owe him rent as he is refusing the rent, I have both my sept and oct rent in the form of blank money orders. I do not have a lease, landlord brought ... |
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vienna87 | What do i need in order to get a mortgage? |
i'm thinking about getting a mortgage next year, but interested to find out how much money i need in order to be eligable for a mortgage, if anyone can help me with this i'd be most grateful |
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wonderingstar
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good credit history and £20,000 in savings to use as a deposit & fees |
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Shannon B
 |
You will need a solid credit rating, 2 full years of stable employment history (preferably with the same employer) but at least in the same position/field.
You will need to have closing costs funds in a bank account - this can vary depending on the location of the property purchased. Reserves in the bank - this is at least 2-6 months worth of housing payments in the bank AFTER closing costs are paid.
You will need to prove a 24 month rental history as well.
A general rule of thumb is take your monthly rental payment X 200 = the MAX home purchase price. However, if you pay LOW rent and are able to save $$, then that number can increase. Your overall debt to income ration (%) should be UNDER 43-45%. That will include the entire house payment (principle, interest, taxes and insurance) plus any other credit obligations (credit cards, car loans, child support etc)
When you are ready to be pre-approved, speak with a lender you know and/or TRUST. Most banks offer competitive rates and fees - you will want the best service available - communication is paramount from your lender.
Good Luck |
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hi2beenish
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well....you need to decide up to how much you willing to spend on a property, next question would be how much deposit you would like to put down. you can get 100% mortgage to less, but more you put down more safe n secure you are in terms of affordibility and property secuirity.
You need to find out if you can afford mortgage or not, that would be assessed by taking into account your outgoings and monthly income.
so these are the few initial questions that you need to bear in mind as well as your financial advisor would want to know so they can give you best advice , most suitable to your circumstances....
I trust that answered the question. |
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sophieb
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you need to have good credit (low balances, having paid everything on time including utilities), have enough for a deposit and a $10,000 or $20,000 downpayment, have an approved income (if you have your own business you have to prove income and profit for 5 years)(have a good and long term job commensurate with the sale price requested), have extra money to make improvements/upgrades on the house, have the education to continue paying on your mortgage over 30 years). In most cases it takes two incomes. Realtors and real estate agents will require that you are prequalified before they will even show you any homes. If you're in US you can go to realtor.com. |
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antdu
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There was a huge melt down in the sub-prime mortgage arena and a lot of foreclosures in that arena. it actually lead to fed-reserve to cut rates.
Well anyway, 20% is recommended. The money must be shown in accounts for a few months prior to application. Also, 700+ credit rating.
If you are going to be looking into getting a mortgage, get a copy of your credit reports from all 3 reporting agencies. Ensure that all the information on it is correct and there is nothing listed that will lower your score.
Take the time to understand the difference between ARM (adjustable rate mortgage) and Fixed Rates. ARMs are a major reason why millions of people were able to get into mortgages that they could not afford and eventually lost their home. ARMs can be good for a short term but you have to know when to get out and into a fixed rate. |
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burt p
 |
Depends on your income and other outstanding debt, stated income loans have dwindled, Credit Score is not all they look at, must meet minimum debt service ratios. Your co signer if you have And they look your job history.
I found interesting information about your answer & the best options here.
http://all-mortgage-calculators.blogspot.com/2007/07/mortgage-loans.html
Good luck! |
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DAVID M
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Seems like some people answering questions are pretty grumpy! Look heres the straight advice.. one of the most important things you can do when getting a mortgage or even thinking about a mortgage is research! Research is key. I really recommend that you search around for good deals and competitive quotes and also good background info for the first time mortgage seeker.
Hope this helps! |
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matzael
 |
A good guideline is to try and have 20% of the purchase price to put down, plus closing costs. Those vary state by state and the best place to get a ball park is from your local bank's mortgage banker or a local broker. Obviously this is a lot of money, but it will help qualify you for the absolute best terms and most favorable mortgages.
If you can't come up with this much, there are programs out there that can get you into the home putting much less down. As little as $500 in some cases. Just keep in mind these loans will cost you a lot more in the long run and are riskier since you don't have any equity in the property. You'll have to pay higher interest and PMI insurance or both on any loan over 80% of the value of the home.
Getting prequalified this early is probably pointless as credit guidelines and programs will almost certainly be different when you apply for the mortgage. The best thing to do is to save as much as humanly possible right now. That would first give you the best down payment possible, and the higher the down payment the better the loan will be. Second it would also get you used to making a higher payment so the payment shock of going from renting to owning won't be as hard for you to budget as it is for most people. |
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Nic
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a deposit would help a lot. i mean, there are a few mortgage companies that do 100% mortgages, but it all depends on your credit history. in theory you would be eligible for a mortgage today, depending your income is sufficient to afford the loan. |
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nooka
 |
If you are in the UK, go to the Halifax and they will do what is called a Mortgage promise. That will tell you in principle what amount they can lend you based on your earnings. It also gives you an idea of what properties you can afford to look at. With properties being so expensive now you will perobably find that you can borrow much more than you think and can now have a mortgage for up to 40 years in certain circumstances. |
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Shawna Marie
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Plenty of lenders still have 100% financing, contrary to what other people said. Sometimes you need as little as $500. If you're in NC or SC, I can help. |
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rinfrance
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Frankly if you are not aware of the answers, then you cannot contemplate it. Why do you want a mortgage, what is the purpose, where are you going to buy your property.
Without all these answered nobody can give you an idea, you need to ascertain all this and then talk to your local banks. |
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