Home loan? or find a property? How do I know for how much do I qualify?
2006-10-12 15:50:05 · 10 answers · asked by Yanis 3 in Business & Finance ➔ Renting & Real Estate
save at least 10 % for down payment and start putting that morage payment into a saving account and do not touch it for at least a year before you buy any house.. and if you can do that then you can afford to buy a house. that's what the loan officer told me...
2006-10-12 15:57:28 · answer #1 · answered by montanamom 3 · 0⤊ 0⤋
The first thing you want to do is get your financial house in order. Get together the 2 months of the most recent bank statements, 1 month of paystubs, the last 2 years of W-2's. After you get those all together then go see a mortgage broker. They will be able to pre-approve you for a mortgage and give you a letter that states how much they qualified you for. The mortgage broker should also be able to discuss all your options as far as loan programs for your situation. The one thing is you don't really want to shop around to various banks and brokers. What you want to do is find one that you are extremely comfortable with and just deal with that one. If you pick a mortgage broker that takes his time and tells you straight without all the bs behind it then you know you have chosen someone who isn't going to blind side you with hidden costs like some banks do.
2006-10-12 18:01:35 · answer #2 · answered by steve s 3 · 1⤊ 0⤋
Amass Money lots of it . Learn from more than three sources what you need to know causes banks always win. Pay down as many bills as you can. Never get a variable rate only goes up - banks win you lose.
Never buy a house for emotion or ego. Get educated.
Read how not to loss the house. Expect every thing to costs more. Amass Money. visit DaveRamsey.com to learn what the banks don't want you to know.
Never believe what the bankers say you qualify for.
Mortgage (principle Interest Escrow) should Equal what you take home per Week only. Else Mr Murphy will live with you. School of Hard Knocks is harsh.
2006-10-12 16:38:01 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Besides some of the other good advice here, instead of settling for a 1 bedroom home/condo (which is a typical choice for first time home buyers in metro areas), consider at least a 2 bedroom home or condo that you can afford for three reasons: 1) you can take in a renter if you want to offset your mortgage payments 2) two bedroom homes are more marketable than one bedroom homes and tend to appreciate better 3) out of town guests will have a place to stay.
2006-10-12 17:03:44 · answer #4 · answered by Godsend 1 · 0⤊ 0⤋
Talk to a lender before you go looking for houses - you want to make sure you can qualify for a home loan, and that you don't waste your time looking at houses you can't afford.
A prequalification offer from a lender will make your offers more attractive to home sellers.
Congratulations on deciding to take the jump to home ownership!
2006-10-12 15:54:07 · answer #5 · answered by K_Alexandra 2 · 0⤊ 0⤋
If you have a realtor - and you can interview them till you find one you like - ask them for a recommendation for a lender. Being attached to a realtor can help lenders work wonders in getting you pre-qualified for your maximum amount. They will tell you how much you qualify for. The realtor can work with them if you find a house that is a little more and requires "creative" lending.
2006-10-12 16:57:52 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Start by asking at your bank.Then shop it around with different banks.It is best to be pre qualified before you shop.Ask them what price range you should be looking in and remember ,look a bit higher because you are going to make a offer lower than asking.
2006-10-12 15:58:16 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If this is your first home you can ask the goverment to give you a loan with a very low apr.
2006-10-13 06:09:49 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Talk to a property agent first. The agent may be able to guide you.
2006-10-12 16:09:06 · answer #9 · answered by Ellan M 3 · 0⤊ 1⤋
home loan.congratulation
2006-10-12 15:55:27 · answer #10 · answered by gracita s 2 · 0⤊ 0⤋