what is the syeps you have to do if you want to buy a house with or with out a down payment?

Question

which is better renting or buying a house

Answer 1

Every situation is a little different, but on average it is much better to own your home than to rent. Your first step, is to talk with a mortgage broker. They will determine what you need to do to get started. They will pre-qualify you for a loan amount thatyou can affford, or tell you what you need to do to get a loan (pay off debt, improve the credit, etc). Without knowing what you can afford you are wasting your time shopping. Once you know how much you can spend, and are qualified, you need to find a realtor that can help you shop for homes, and will negotiate for you. The process is easy from there.

Answer 2

You have to know what you are qualified to purchase even if you have bad credit.

So the first thing you should do is contact a mortgage broker so you can complete a loan application, after which he will run your credit report.

This credit report will give him your credit score. Get a cup of coffee or your favorite beverage when filling out the loan application this is not a 15 minute chore.

Your credit score will tell him what loan programs you are qualified for as well as the interest rate you can expect. This credit score will tell if you are able to get a 100% loan and if not how much cash you have to bring to the table as your down payment.

There are lots of documents and information the mortgage broker will need. I will give you a few to get you started.

#1 Six months of all bank statements you use currently, as well as any statements from your 401k at your place of employment

#2 One months of pay stubs from all that are going on the mortgage.

#3 Two years of federal income taxes and W-2s

After discussing the best loan program for you and agreeing on the program you want, the mortgage broker will issue you a pre-approval letter.

Now once this has been established you should connect up with a real estate agent to find you a home. Upon finding a home you like the real estate agent will then prepare a sales contract for you and the seller to sign.

The mortgage broker will order an appraisal of the house to prove the value.

Once all the documents necessary has been collected the mortgage broker will order loan docs for the program that you agreed to earlier. Again don't plan on spending a lunch hour there to sign loan docs this is a process so be prepared to be there for awhile.

Don't sign the loan docs if anything change from what the mortgage broker explained to you. Call and get an explanation.

Each individual has an opinion as to if it is better to own or rent. I personally think it is better to own than rent. If you are paying almost the same for rent as you would if you owned a house then I think you should buy.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

First step is to talk to a Realtor, he/she can guide you in the right direction. Every case is different sometimes you can immediately get into a house and other times it takes more than a few months to get a house of your own. That is why you should talk to a good Realtor first.
Buying a house has always been a great investment no matter how much the trends tend to change, but just make sure you make sure you do it wisely, remember there are no such things as bad investments just bad investors. Do your homework.