help with mortgages?

Question

i am a first time home buyer and i am looking for some help with all the different mortgages that are out there. i am looking to get preapproved for a 100 percent mortgage and i am wondering if anyone out there has done the same, and what your experiences were. would you recommend it. what is involved. can you give me any names of people or agencies that are good. any info on anything to do with buying a home for the first time would be greatly appreciated. thanks

Answer 1

My husband and I just bought a house, and i strongly recommend you save first.

by the time you pay all the fees and charges you have about $10,000 or more added onto the loan, not to mention the solicitors and leagal fees.

I highly recommend getting yourself a mortgage broker, they will do all the hard work for you (looking at all the different lenders for the best loan for you etc) and they are totally free, they get a commition off the bank for getting you the loan.

Save save save, not only will you pay no interest on the money you put into your deposit, the bank will highly favour your ability to put money away on a regular basis.

Good luck with it all.

Answer 2

Some things to think about before you even go for the preapproval:
1. No matter what your credit, the rate won't be pretty. Sure, if you have a 700+ score, you might be able to get below 8%. You'll probably have to do an 80/20 to do it, but you might get it.

2. 100% loans are risky. Make sure you're going into the property with an appraised value higher than the purchase price, just in case property values drop.

3. Consult a mortgage broker. Do not go to Ditech, or any of the 800 number places for this loan, because the person on the other end of the line really doesn't know much in terms of mortgages or the market in general.

Answer 3

From personal experience no morgage company will give out a mortgage for the 100 percent requested amount, this is because they use the initial payment, like 5%, to insure that at least some money is transferred to pay off their initial costs.

In my case I obtained a laon from my bank to cover the portion of the mortgage that had not been covered. When the morgage was due to be renewed, I simply transfered the amount from the loan back into the new mortgage using the reason that the house had been renovated to explain the increase in the amount. At the time this was also very beneficial for me since the interest rate for the mortgage was lower than that of the loan.

Whatever you manage to do, here is one money saving trick: if at all possible ask to be able to pay your mortgage payments weekly instead of monthly. For me paying 200 a week instead of 800 a month reduced my mortgage by more than 5 years because you end up paying much more of the capital quickly and therefore pay less interest.

Answer 4

You dont need a mortgage advisor. I work for Wells Fargo Home Mortgage, i can help you get 100% financed. I used to also work for a Brokered Mortgage.... Important Factors are:

-Fee's...Good Faith Estimate (make sure you find out what ALL the fees are, if you go through someone who will broker out, they will offer you a low interest rate but then try to charge you ALOT for the loan..or try to get payed on the back end.

Also if you chose to use someone like Wells Fargo, they give you everything upfront. And if they need to, they can lower the fees or roll them into your loan, so you dont pay closing costs..plus you can also look at the fact that you can get up to 6% Seller Concessions and have the seller pay for all or most of your closing costs...
Well there is alot more info for this. If you have any more questions...ask me, and i will give you honest answers...

Have a Great Day!
You can email me at
[e-mail]

Answer 5

First of all, get PREAPPROVED or the rest is futile. They run a credit check to see where you stand then "qualify you" to see how much you should be able to spend. The house has to meet a certain criteria as well. Ask a mortgage broker. Local banks sometimes make 100% loans and their fees are cheaper so don't overlook them. Any real estate agent/broker will lead you to where you need to be for free.

Answer 6

You need to see an independent financial/mortgage adviser who will shop around and find you the best bargain rate.

It is possible to get a 100% mortgage, but this is an expensive way to get on the property ladder as the rates are usually higher than a 95% mortgage.

Find a good mortgage adviser in your area, all the regulated advisers are listed on the Financial Services Authority website which is www.fsa.gov.uk

Hope this helps

Answer 7

yes there is a 100 percent mortgage that do exsist for 1st time homebuyers i do this alot with many clients that i have. Email me and i can start getting you a pre-approval and we can see exactly where u stand and get you into a home with no money down!

Hena Chavarria
Mortgage Consultant
Global Empire Lending Inc.
Email- [e-mail] or [e-mail]

Answer 8

Be careful who you give your info to...companies like lending tree are advertising portals for many mortgage companies who will then solicit you. Inquire with those who will actually do the loan...try Quicken Loans, Choice Finance, Eloan..

Answer 9

i took a 100% from hsbc and they were fine. fix an appointment with the bank and talk to them. though i had a small mortgage of 85K.

Answer 10

Check out the free evaluation form at:

www.totaldebtsolutionsllc.com

and we will have a loan officer contact you.