I am on this quest to buy a home, and am trying to figure out what I should expect when it comes to applying for a mortgage. I intend to buy in a year, which gives me time to get my credit in the best shape possible as well as save for that down payment. At this point my biggest concern is making enough money to maintain homeownership. The purchasing part shouldn't be a problem for me, but I don't want to be living check to check, so I am curious how to figure out my monthly payments based on my specific scenerio. (ex., credit score, down payment, possible co-signer if it will help, ect.)
Is there a website or something that will let me plug in different scenerios to get an estimate of what I would be paying? (Like they do on car dealership websites.)
2007-05-06 15:51:36 · 5 answers · asked by uhohwhatswrong 2 in Business & Finance ➔ Renting & Real Estate
Oh, I am also weary of needing to type my contact info into a website, because I am not ready to have sales people calling me left and right...so preferably a website that doesn't ask for contact info.
2007-05-06 15:56:13 · update #1
when you go to realtor.com their is a caculator assumptions on each listing input various numbers depending on down payment,cost of home-but keep in mind you cant forget insurance and taxeshomeowners are caculated with the monthly payments.each countys millage rate is different -here it is .18% =18 dollars for every 1.000.00 dollars of the price of home bought a home in 2000 new-cost 79000 at that time the taxes came in at 1286.52.you can call your local county appraisel office in your area to get a ball park figure on what your taxes will be based on the price of the home ,homeowners insurance varies greatly as to were you are looking to buy, in 2000 our policy was for456 in 2005 it went to 876 and in 2006 it went to 2186.a staggering thought i know if you have enough to put down uasually 20% you will not have to pay an additional fee for pmi its for those to be at higher risk to not be able to make their payments on a timly manner
2007-05-06 16:10:42 · answer #1 · answered by resigned 5 · 0⤊ 0⤋
You can find a lot of web sites, and they all want to give you a loan. The best thing that you can do is to take an afternoon and go talk to a real estate agent. Yes, they do want to sell you a home, and that is how they end up making money, but they also provide a lot of service before that happens.
They will explain credit score, credit rating, interest rates, loan types, tax advantages/disadvantages, monthly payments, PMI, insurance and all the other things that you didn't know that you didn't know. You can also find out if you work well with that person and if you do you can use them as your buyer broker, they can explain the advantages of that too. By the time you are ready you will understand the entire process and be able to concentrate on just finding the right house.
2007-05-06 16:01:49 · answer #2 · answered by ttpawpaw 7 · 0⤊ 0⤋
You don't need a real estate agent - yet. You need a loan officer or a representative of your bank or credit union. Speak to someone you trust. Fact: no one can pull a credit report unless you authorize them to do so. I think for many websites that may be as easy as checking a box of acceptance. Be wary! But you wouldn't want a loan officer showing you houses, so steer clear of realtors trying to educate you on the finance aspect. The higher the credit score the lower the rate you are eligible for.
2007-05-06 17:27:04 · answer #3 · answered by A C 2 · 0⤊ 0⤋
I can let you know anything you need to know about your possible mortgage payment. I am a licensed real estate agent and I would love to answer any questions you may have as well as making an outlined plan of how to get you ready for your purchase. If you prefer not to give me any personal information I will understand and we can take it as slow as you need to be. Let me know if I can help.
2007-05-06 17:15:40 · answer #4 · answered by the mortgage professor 1 · 0⤊ 0⤋
I have heard a bunch of horror stories lately of people inputting their information on an internet lending site, only to have their information sold to many other lenders, their credit score taking a big hit because of all of these lenders pulling their credit history.
Please talk to a live broker with an established reputation in your area to get solid advise on what you need to do.
Good luck to you.
2007-05-06 16:10:06 · answer #5 · answered by godged 7 · 0⤊ 0⤋