 Would you buy a house on a busy street? |
| We found a house that we really love. The only problem is, it's on a busy street. It's not really really busy, like highway busy, but it is a main thoroughfare. I have children too, small, ... |
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 My new tenant grabbed my Boob, what to do ? |
Im renting a bedroom in 5 bedroom house to 2 people...one is a very sweet girl.
but the other was a very nice seeming peruvian grad student
i spent a lot of time reviewing his ... |
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 Do you think it is a good time to buy a house ? |
I am nearly 19 and my boyfriend is 21, we have been together 4 years and in the past couple of months we have been looking into buying a house together !
The lady who lives next door to my ... |
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 Question for people renting a home? |
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 Looking to buy a home, should we pay off debt or use it for a down payment? |
| Me and my soon to be fiance (within 2 weeks, I just bought the ring), have been thinking about going house hunting. What I would like to know is that between both of us we have about $10,000 in ... |
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| I know everyone is going to think I am crazy, but in our first attempt at renting out an apartment we seem to have gotten the tenant from Hell. We agreed to let her move in with 1 dog and 2 cats. S... |
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| When selling your home, can you legally say "no agents" or "no agency fees will be paid"? |
| I'm selling my house, and I have no desire to pay 3-6% of my home's value to a real estate agent. What rights do I have in this capacity?... |
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| I need a loan for 30,000. I have terrible credit. I have plenty of equity in 3 homes, can anyone help? |
| I have 2 properties on the market now, but buy the time I may be able to sell and settle on them will be a little to late.... |
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 Uhh....moving outta teh house at 15? |
| me and two friends are planning on moving out of teh house at 15 [[one of us will be 16]] and we want to go to california...wat wuld be teh price range of apartments or condos in teh LA area? thx ... |
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 Do Real Estate Agents get paid a lot? |
| Do they get paid enough to buy a very big house?... |
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 Is a real estate agent entitled to a fee even though the house did not close? |
| I was buying a house when I got transferred. The builder agreed to keep my deposit of $21,000. In addition, I got a bill from my real estate agent for $12,000. She says, even though the house did ... |
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 What should I counter-offer on my house? |
My house was on the market for $330K, and I recently reduced the price to $320K.... I have received an offer of $290K.
That's pretty low, but how would you Play out the negotiations? W... |
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| I have been renting a property and recently recieved a letter from bailiffs warning me to vacate in 7 days? |
Having phoned they've said its due to the landlord having not paid his mortgage. The landlord had said to ignore the letter and is demanding his rent. I've no money and no where to go.
... |
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 What actions can I take against my formal apartment manager for calling me a whore? |
| When my formal managers tried to kick me out I fought the case on the grounds of discriminatory eviction. We settled and I moved out. When I went to get the last of my belongings and to clean the ... |
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 Isn't it my right as a renter to have until the 5th of every month to pay rent without receiving a late fee? |
| I am in Ohio and I thought that it was a state law that renters have until the fifth of every month to pay rent without getting a late fee. But my idiot landlord just sent out a letter that said any ... |
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CrazyChick | What is the first thing we need to do to buy our first house? |
My husband and I are wanting to buy our first home.
We know there are government programs and loan programs out there for first-time buyers.
We have NO idea where to start, though. Do we need to try to pre-approve for a loan to even find out what kind of ballpark price we should be looking at? Should we call a mortgage company, or a real estate agent?
Help. I am at the mercy of those who are more experienced than myself. :-)
Additional Details
Hey, Marty.... Not a chance in hell.
Thanks everyone else, especially those who provided useful links.
Keep the good answers coming. |
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Martin S
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Mandy,
You have to be pre-approved for a loan before anything else. I can do that for you right away. Contact me at your earliest conveience.
513-860-2940 ext 10
msmith@premierloangroup.com
Martin Smith |
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Mel
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Meet with a mortgage consultant. A mortgage consultant can tell you if your ready and how much you would be approved for and all the little details.
Then find a real estate agent that you can trust.
Good luck and congrats on this big step. |
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dadknows
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It;s alot easier for everyone if you go through a pre approval first, that way you Realtor will know what price range to show you available housing(in your price range) and getting the preapproval out of the way makes the house hunting go faster and smoother. Otherwise, your Realtor recommends a lender he uses, you have to through all their hoops etc... This way you can find a lender you already know or one who you choose. Best of luck. |
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newmexicorealestateforms
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Contact a licensed, experienced, ethical licensee and ask them to help you. They will hold your hand through the process which requires first to get qualified for borrowing a specific amount and then forward. Here are some links that might help you
FTC: High Rate – High Fee Loans (know your rights): http://www.ftc.gov/bcp/conline/pubs/homes/32mortgs.htm
Buying a home an article from AARP: http://www.aarp.org/money/wise_consumer/financinghomes/a2004-02-18-BuyingAHome.html
Real Estate Settlement Procedures Act (RESPA) [about closing costs & settlement procedures]: http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm
Mortgage Calculators – Includes finding if you will qualify for a mortgage:
http://www.mortgage-x.com/calculators/Pre-Qualifier.htm
Buena Suerte |
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CRNMinSD
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Get Pre-Qualified before you look for a house so you can find out what price range you need to stick with. Make sure your credit report is clean.
Find A Realtor and they can get you in touch with the right Broker and then the endless cycle begins.
Good luck and How exciting for you. |
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lil southern girl
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Get pre-approved, through the bank or mortgage company of your choice first. Always shop around for the best deal on financing before shopping for the house. When you have that part down, then get a real estate agent. Try to find one who specializes in buyers only if you can. |
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Ondo Lady
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The first thing you need to do is get a mortgage in principle so you know how much you can borrow and go house shopping. :) |
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parsonsel
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I started by doing research on what types of loans were available and figuring out what would work best for me.
i.e.
-do you have a big down payment or hardly any?
-first time buyer programs from state and fed
-interest rates
-PMI insurance needed
-closing costs
You should get pre-approved for a loan becuase many agents won't even take an offer if you aren't pre-approved.
Find a lender you trust and figure out what plan will work for you and they will tell you what you can afford to borrow based on your income and debts. I'd suggest you buy at the low end of what they tell you as there are other costs and perhaps things you might need to buy for the house. |
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Angel B
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The first thing you need to do is write out a budget including your monthly income, all normal costs (phone bill, electricity, gas, car costs-insurance, fuel, maintenance, etc.) as well as any outstanding costs(credit card bills, car payments) and also potential home payments. Do not make an emotional decision, remember there is always time to upgrade to a bigger and better home. My husband and I are going through this as well.
Don't ever decide the amount you can buy by the amount the bank approves you for, or you will go bankrupt. Generally, you should keep your home payments at about 1/4 of your monthly income. The bank is a business, don't forget. They want your money just as much as the next guy. Shop rates, and do your best to save for a down payment. If you have a down payment of 20% of the cost of the home or more, you don't have to have mortgage insurance, which will save you A LOT in the long run.
Also, if you are planning to be in the home for more than 5 years, buying down point on a fixed rate mortgage can help. It is always better to own the home, so don't get caught in the trap of interest only payments. It's just the same as renting. You don't add to the equity of the home. It just looks better because the payments are lower. And avoid the adjustable rates, they can increase to the point where you will go house broke(not be able to do anything but the very basics and pay for your house without going into the red.) And if you refinance, there are additional lenders fees that you will have to pay.
Above all, make sure you do get a real estate agent that specializes in first time buyers that will help you find houses that you can afford. They can help you figure out what you can afford, but once again, be aware if they continue to push the edges of the cost of your home, as they also make their living from helping people buy more expensive homes. If you can find an agent that is well trusted, highly moral, you will be better off. Also, if they are a part of the Realtor(trademark) realtors, they have specific moral standards they have to adhere to.
It also help to look at houses online in the areas you live. My favorite website is the remax website because it also has tax info on the home, and a mortgage calculator, so that you can figure your Principal and interest payments right there for the home you are looking at. You do have to sign up to see all of the information, but its very easy. Just remember, you also have to pay the annual taxes and home owners insurance.
And loan programs can be great, but they can also be trouble too. Make sure you check out all the stipulations before you sign on. If you make too much money on the sale of your home when you move, you may be required to pay a part of the loan assistance back.
Good luck on house hunting! Remember, patience isn't a virtue for nothing!!! |
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VT
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A few good steps you've taken: 1) Asking for help from people who aren't trying to sell you something. 2) Don't sign anything without asking questions first.
First, www.hud.gov will help you find a First-Time Homebuyers class in your area. Take the class, and you'll be much better prepared.
Second, pull your credit reports, and start looking for trouble. Clean up your reports BEFORE you go to get pre-approved for a loan. The higher the credit score you have, the better bargaining power you have.
Go to www.annualcreditreport.com because it's the only completely free site for 1 free report per year from each of the 3 major Credit Reporting Agencies (CRAs).
Third, pay down your debts, and don't add new charges to the balances until you can pay your cards off in full every month. Yes, buying a house takes some sacrifice before applying for a mortgage, but you'll save lots of interest charges during the life of the mortgage. After you pay necessities, pay your usual for secured loans (for example, a car), and then pay as much as you can on your unsecured debts (credit cards, overdraft loans, personal finance lines of credit.) If you pay an unsecured debt down to 0, do NOT close the account if it's been open longer than any other account: you'll hurt up to 15% of your credit score for closing the oldest account. Also, you'll hurt up to 30% of your account which has to do with how close your balance is to your credit limit. Balances above 30% of the limit will hurt. You can't do any better than 0 balance, whatever the limit, so keep the 0 balance card open. Pay bills on time, every time, at least the minimum. That's another 35% of your FICO score.
Last, try to save up a down payment of at least 20% so you can avoid PMI, personal mortgage insurance.
Please vote: did this help? |
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S C
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There has been some good advice given already.
Talk to a local real estate agent that can walk you though the process. Also, a good mortgage broker/lender will answer all of your questions before you decide to do business with his/her company.
Check out books on amazon.com or the library focused on first time home buyers.
There are also great online resources. Check out the sites below for details.
Good luck! |
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Nina
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Check your FICO score, save $$$ for a downpayment.
Homebuying for Dummies is a great book that covers all the important aspects of the process. Highly recommended!
http://www.amazon.com/Home-Buying-Dummies-Eric-Tyson/dp/0471768472 |
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pilgrim
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Speak to your friends/family and ask them if they are happy with their arrangements, if so use their people. it always pays to do the research.good luck. |
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cmruffin1
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You should get pre-approved first to see how much you can afford. Once you have this then you should start looking to buy a house. There are many programs for first time home buyers. shot me an email i can give you more information.l |
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