how much do i need to save up, and how do i find a good mortgage broker and a good deal.
2006-06-22 01:51:33 · 10 answers · asked by isiaki 1 in Business & Finance ➔ Renting & Real Estate
If you have no deposit think about going for a new build - we have just moved into our first home after years of thinking we couldn't afford to. The builders paid 5% deposit, all our legal fees and our stamp duty - which totalled around £10,000. They were also very good at guiding us through the process, helped us find a solicitor and mortgage adviser and generally gave us good advice. Visit lots of sites - often you can get a reduction on the cost by buying the plot before it is built, or as we did, buying one of the last few remining properties. (we got another £3000 off the original price). Plus if you are renting and not in a chain you have more bargaining power. And the process is quick. We were less than 5 weeks from viewing to moving in!
Biggest piece of advice I can give you after going through it recently is read everything that is sent to you! There are alsorts of 'little' conditions and fees they put on top of prices - and don't just go with the insurance that the Financial Advisers recommend either - we found it much cheaper to shop around! Good luck - it will be expensive but worth it!
2006-06-22 06:15:37 · answer #1 · answered by Ria S 4 · 0⤊ 0⤋
The old adage is to have 20% down for the best rate. That being said... FHA has become very competitive. You can get 100% financing at a great rate through them right now. Sellers may pay up to 6% of closing cost, so you would still need at least $5,000 saved for the closing, FHA will actually lend 103% of the appraised value... but that is because they are wrapping their insurance into the mortgage amount. It's still a great deal.
How to go about finding a lender... is it Manchester, NH you're in? There are tons of mortgage brokers throughout the country... some good, some bad. If this is your 1st home, go to your local bank ask if they: a) have a mortgage dept. b) would they recommend you to 3 area lenders.
You want to ask these questions because some places charge alot for their services. You may not see it until you go to closing, and it's disclosed. I recently saw a truth in lending where the borrower was paying 4x the loan amt. in finance charge over the course of the loan! That's way to much! You should be looking for a place that makes no more than 2 pts on your loan, whether it's from you, or whoever they're selling it to.
I'm a Realtor... I'd be happy to recommend someone in your area. That realtor should be able to connect you with a lender they trust. Best of luck.
T.C.
2006-06-22 02:03:21 · answer #2 · answered by Theresa C 1 · 0⤊ 0⤋
I know a good mortgage company. But before you get a mortgage I would like to invite you to a free online mortgage siminar that will educate you about mortgages so you will make the right choice about getting the right mortgage for you.
2006-06-22 02:10:22 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Ask your bank about mortgages first. Then try the high street building societies.
You will first need to establish how much you can borrow which is usually based on a multiple of your current income (and that of your wife/partner if buying jointly).
Deposits will vary depending on the property but think along the lines of 10%.
2006-06-22 01:59:34 · answer #4 · answered by Owlwings 7 · 0⤊ 0⤋
Most estate agents that sell properties can offer mortgage advise!
5% of the property value is a good amount to save for your first house but the more you have the better position your in!
Countrywide is the company i used to get my mortgage and must admit they were really good!!
2006-06-22 02:02:21 · answer #5 · answered by jamescuckow 2 · 0⤊ 0⤋
Look in Estate Agents windows ans/or look in the local papers to get an idea on the costs. Your bank will be able to help you source a mortgage.
2006-06-22 02:01:18 · answer #6 · answered by k 7 · 0⤊ 0⤋
I am not sure if you mean CT, NH, IN or UK - if in the US...
Try this: http://www.bankrate.com/brm/rate/mtg_home.asp
to compare rates.
Try this: http://www.homebuyingguide.org/ for all your mortgage questions.
Also try to find your state's Housing Finance Agency or Housing Development Authority. You might be eligible for down payment assistance or a lower interest rate as a first time home buyer.
2006-06-22 02:24:43 · answer #7 · answered by pseudo 3 · 0⤊ 0⤋
go to see an independent mortgage adviser, you may find one at most of your estate agent offices. we went to connels. make sure they are independent though coz they will give you unbiased advice based on your situation instead of just selling you their product. it is free to get this service too but you may need to make an appointment.
2006-06-22 03:17:13 · answer #8 · answered by rubytuesday. 4 · 0⤊ 0⤋
http://www.pauld-kw.com
Need a good Realtor?
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 Amercia.
http://www.pauld-kw.com
2006-06-22 02:00:26 · answer #9 · answered by Anonymous · 0⤊ 0⤋
its free to live in hell,you get a hole filled with fire and two demons that hate your guts, tearing your flesh night and day,but in heaven you get charged your weight in gold for 1/2 acre 3 bedroom house
2016-05-20 10:59:28 · answer #10 · answered by Anonymous · 0⤊ 0⤋