2006-08-27 08:54:00 · 4 answers · asked by papguns1 1 in Home & Garden ➔ Do It Yourself (DIY)
Go to a mortgage broker. They can discuss your financial situation with you, and get you a loan at the best rate. After you know how much you can get approved for, go house shopping. Sellers prefer buyers who are pre approved for loans anyway.
2006-08-27 08:59:15 · answer #1 · answered by Catspaw 6 · 0⤊ 0⤋
Get a free credit report with your score first. Then get pre-approval through any BANK with this information. Be prepared to pay 5-10% of total mortgage, plus closing costs, etc. Make sure your mortgage payment does not exceed 25% of your total NET monthly income. Anymore than this will stress your finances. If you can, make a larger down payment to eliminate PMI (private mortgage insurance) as this is additional insurance you have to pay to cover the LENDER if you default. This will save you $300+ a year. Don't move into a new home broke !! Even a new house will have problems that need to be corrected, and will stress you financially if you are broke. Compare APR's; Don't settle on the first offer; NEVER get an adjustable mortgage rate !!! Try not to get a mortgage for longer than 15 years if possible.
2006-08-27 09:52:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You need to give more information, like are you a veteran, do you have good credit, do you have a house in mind, can you actually afford what? do you have cash, or is it the bank you wish to get approval from, if it is thenshop arround and find something that fits your qualifications, then go to a lender and tell them you want help and they should tell you what you need to meet their qualifications, unless perhaps you live in a very large cold city where they neither want or need your business in which case there are on line lenders who can help with that. Did you parents buy a house, and might you not ask them?? they being experienced in your area, if no then perhaps a pastor can steer you some.
2006-08-27 09:52:03 · answer #3 · answered by icheeknows 5 · 0⤊ 0⤋
SIt down with your favorite banker and fork over all your financial information; salary, debts, everything. They can tell you exactly how much you qualify for and will approve you for that amount. Add in your down payment and go shopping!
2006-08-27 09:08:40 · answer #4 · answered by szydkids 5 · 0⤊ 0⤋