I don't know how the process goes and I would like some information on a good mortgage company and seller in the Metro Detroit area. Some help please??????
2006-06-23 06:08:20 · 5 answers · asked by cecek29 2 in Home & Garden ➔ Other - Home & Garden
I'd suggest looking at houses first on the net, find out what you can afford to pay a month for your mortgage, 1000$, 2000$, etc... If you can put a down payment or not, typically 10% or 20% of the price of the house. Also, look at new houses, they will get you a better deal, some will even cover your closing costs, or give you a credit if you use their financing, insurance, etc... You're not going to find a definitive answer on here, you're just going to have to get out there, and decide what you can afford, what you are looking for in a house. Try to stay away from going through a realtor until you know exactly what it is you want. If you buy a new house, you'll only have to go through the builder, which in the end will generally save you plenty of $$$$. One final thing, make sure your credit is as spotless as possible, go through freecreditreport.com, and get any adverse stuff on there cleared up before you commit to anything, a better credit score can make a difference between having a $4000 mortgage, in my case, or a $3700 mortgage. Trust me on this one.
2006-06-23 06:15:11 · answer #1 · answered by jeff the drunk 6 · 3⤊ 0⤋
Bank of America has a great class about purchasing your first home. I'm sure there is a Bank of America in Detroit.
They will explain what all the steps are and precentages of down payments, and how credit comes into play.
Good luck on purchasing a home!
2006-06-23 13:28:17 · answer #2 · answered by Danielle J 2 · 0⤊ 0⤋
1. Decide how much you can afford
2. Find a lender - some have gift programs for home purchases of up to 250k.
3. Get pre-approved through your lender
4. Find a realtor you can work with
5. Move in!
2006-06-23 13:56:33 · answer #3 · answered by kathy059 6 · 0⤊ 0⤋
Find a house on the internet. Check out your credit score 720 is usually great. 600 is workable. If you have any bad credit work on that to pay them or that off. Take your time!!!!!!!!!! Save as much as you can!!!!!!!!!!! Don't use your credit card with six months that when you are that serious looking for the house.
LC
2006-06-23 13:34:18 · answer #4 · answered by littlebit 5 · 0⤊ 0⤋
first get a realtor, they will help you step by step.
2006-06-23 13:11:27 · answer #5 · answered by jjnsavannah 3 · 0⤊ 0⤋