Who would be a good lender to contact? What kind of interest do you think I would pay?
2006-12-30 07:22:53 · 10 answers · asked by wyld_scorpio 1 in Business & Finance ➔ Renting & Real Estate
Your credit is good but could be better. As this is your first time I would really suggest going to a class for first time homebuyers. Most cities have them and are ususally no or low cost to you. It also gets your foot in the door for programs that will assist you like help with down payments etc. You should try to get your credit score higher, start paying off any credit cards and if your income allows make a second payment each month to pay it down as fast as possible. The largest question is how much can YOU afford and how long until you can put at least three months of your TOTAL expenses in the bank to cover the possibiity of a financial problem. There are a lot of things to consider prior to this and just being able to is not always the answer for doing something. So which is is as far as your credit, is it 586 or 623. As far as I know it can not be both? You should go to HUD.GOV as there are many things there to help you in your decision and I mean your decision. You need to do a personal financial report allowing for all your monthly expenses down to basic necessities so you know how much you have to put towards a mortgage. The hud site has a caculator for this. With current interest rates you need to get pre-approved by a bank or mortgage broker so you know how much you can get and when your ready to start looking most realtors require it so they know what to show you. As for Lending tree.com they are good for getting several quotes at once but you should have a working relationship with a bank already so I would check with them as well. If you have to ask those two questions I would really recomend taking the class as they cover all this and more. Once you purchase your responsible for everything so consider it the second biggest investment in your life and you need to do the homework or you could end up with a money pit and lose it all. Good luck but do not rush in to anything
2006-12-30 07:48:53 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Probably. It depends on how expensive houses are where you live and whether you have anything for a down payment. If you don't have a down payment you typically need a credit score of at least 620 or so to qualify for 100% financing.
Rates change daily but a typical interest rate right now is in the 6.25 - 6.5% range in California if you have good credit. You can expect to be closer to 7% with less than perfect credit scores.
You can contact the bank that has your auto loan, your personal bank, online lenders like eLoan, huge lenders like Wells Fargo, or little local lenders in your own town. Shop around and go with the one who gives you the best interest rate, lowest points, and best overall loan package. Just be sure you apply with these lenders all within a 2-3 week timeframe. Each time they run your credit it "dings" it a few points, but my lenders tell me that if it's clear to the credit bureaus that you're shopping for a loan it will only count against you once.
Good luck!
2006-12-30 07:38:17 · answer #2 · answered by operababe_61 3 · 0⤊ 0⤋
#1. DO NOT go to a realtor to help with financing. They sell houses not financing. Most of them don't even know the first thing about mortgages. Would you go to a pediatrician if you needed heart surgeon? Yeah their both doctors, but they do entirely different things. Same concept here, don't go to someone who sells houses to get finance information.
#2. These people on here cannot tell you a real estimate of an interest rate without knowing your credit situation. Your credit score is just the beginning, there is more that goes into determining your credit grade. Also, it would depend on what program that you are trying to qualify for. Are you going conventional, government paper, my community, subprime? The list goes on. Contrary to what was said previously, you do not need a 620 score.
#3 DO NOT go to Lending Tree, all that will happen is that you will be bombarded with calls from several brokers who bought your contact information. You need a LENDER (not a broker) who also has the ability to broker out if need be.
#4 If you are able to document your income, have paid your rent on time, and have had good credit for the last 2 years, I know of a few REALLY good programs that have BELOW MARKET interest rates. This is what I do, but it all depends on your specific situation. Let's go over your scenario and determine what your needs are before you are sent in the wrong direction.
2006-12-31 06:44:36 · answer #3 · answered by H. Fannin 1 · 0⤊ 1⤋
www.humraz.com are selling attractive properties in reverse price auctions where bidding starts at £0.01.
If you bought a property this way, you might not need to concern yourself as to who the best lender is and what interest you'll pay. On top of that, you could sell the property at full market value and buy the house that you really want with the cash.
2006-12-30 08:52:57 · answer #4 · answered by humee 1 · 0⤊ 0⤋
Your interest rate should be in the 7's. I recommend you call Steve with United Home Funding at 419-868-1597 directly (you may have to leave a voicemail). You should receive a proposal within 24 hours of contact.
2006-12-30 12:45:03 · answer #5 · answered by Anonymous · 0⤊ 1⤋
You need to get a good Realtor and they can help you find creative financing. It is possible.
You may have to pay a higher interest rate than you want but you can always refinance after a few years and increased equity. Then you will get a better interest rate and a better monthly payment.
2006-12-30 07:42:47 · answer #6 · answered by SUSAN K 3 · 0⤊ 0⤋
You sure can afford a house. If you contact me I know of a few sites that I could help you look for a house, just tell me your price range, and zip code. You can email me with that info. Happy house hunting!
2006-12-30 15:41:15 · answer #7 · answered by mlbfan 2 · 0⤊ 0⤋
Yes you can. Go to lendingtree.com and apply you should have an answer within 48 hours. It will also depoend on your job time though. Hopefully you have worked at that job for while. Good luck I hope this helps
2006-12-30 07:26:50 · answer #8 · answered by bcauble1 2 · 0⤊ 1⤋
Yes, unless you live in NYC or somewhere li'dat.
2006-12-30 08:07:11 · answer #9 · answered by Pipefitting K 1 · 0⤊ 0⤋
Yes, please contact me and I will get you the best rate possible. I hope to be of service to you.
Sincerely,
Jon
2006-12-30 07:36:46 · answer #10 · answered by Anonymous · 0⤊ 2⤋