I am sick of renting when i can buy a home and my mortgage be less than i am paying now. I talked to some one from a mortgage company off lending tree. So i am trying to pre qualify for a loan. Whats my next step if i am approved? And what is there out there for first time home owners?
2006-09-14 16:26:54 · 6 answers · asked by theresa03201 1 in Home & Garden ➔ Other - Home & Garden
YOU ARE LUCKY. IT HAS SLOWLY BEEN TURNING INTO A 'BUYERS' MARKET.
SINCE THERE IS SO MANY HOMES TO BUY, THE 'SELLER', IS IN A 'TIGHT' SPOT!
YOU HAVE THE ADVANTAGE!
once you go out on the house hunt with your Realtor you will see SO many homes for sale in the same neighbourhood and more than likely, on the same block.
Pick and choose what you really want. (room for the kids, room to grow, yard and taxes).
Make sure you understand the property values in each neighbourhood and if the 'hood' will increase or 'decrease' in value.
Good luck and GET YOUR OWN INSPECTOR!!!
2006-09-14 16:34:03 · answer #1 · answered by itsmeee2006 6 · 0⤊ 0⤋
Go to your local bank(s) instead of lending tree because they will be more familiar with you and your situation if you have been banking with them for awhile. Your bank will even be able to help with first time lending programs, which there are plenty depending on your income, military status or even if your a teacher.
No offense to Lending Tree but when you go through them sometimes banks entice you with an offer they can't actually deliver, so when the time comes to get that loan you may get sticker shock.
Once you pre-qualify (which basically tells you how much you can spend) start looking using a realtor, tell them what you want and let them do the legwork for you.
Finally, don't be discouraged if your dream home isn't quickly at your fingertips, it may take a few months to find it.
2006-09-14 16:37:04 · answer #2 · answered by Lauren 4 · 0⤊ 0⤋
I think you are in a good scenario where you will pay less than your rent. Don't forget to consider also the property taxes and insurance. Anyway, I bought my house here in CA for 385T 1 year ago with 2,450/mo excl. taxes and insurance. I just refinance on 40 yr. Neg. ARM term and lowered my payment to 1,200/mo excl. taxes and insurance. My house is worth 450T at this time. My preference would be a property that has minimal repair or remodeling. That means the cost for those "fixes" is not passed on to you and that you will have the "say" on what you want to do with your own home. It all depend on your area, but i know right now here in mine, is buyer's market where the buyer has all the advantage. Make sure you get one that is within your means. All green and go,own a property. it's a great feeling to call the place you live your own home.
2006-09-14 16:54:14 · answer #3 · answered by BOBBY 2 · 0⤊ 0⤋
Oh.. lending tree, etc do be careful.. they are all out after your money and they do not care about you.. Here is what I would do but you have to have patience..... YES.. it is best to buy rather than rent but for the down payment... and to reduce your monthly mortgage payments, make sure that your credit is great... and do your best(this is where patience takes effect) to work to save money to put down as a down payment.. Just to work out a deal without a down payment is not wise and will cost you more and the people lending the money would be happy to do it because they get more.
2006-09-14 17:05:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
well first off u can usually get ur mortgage below your rent it is cheaper to own first u need to finda house u want then find u a closing company and they can do the financing and everything for you but u have to have money down usually around 10% some times more or less basedon your credit but i like closing companies cause theyll do it all for u hope this helps
2006-09-14 16:30:50 · answer #5 · answered by Errol A 2 · 0⤊ 0⤋
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2006-09-18 10:08:33 · answer #6 · answered by noellecanning 3 · 0⤊ 0⤋