Need your mortgage advice!?

Question

My Fiance and I are getting married and want to own our own home, we are currently paying £400 a month cash to rent our 3 bed house, and would just rather that this money went towards a mortgage, My fiance earns £17,000 a year and I dont work as I am a stay at home mum of 2 young kids, do you think its possible we live in nireland

Answer 1

First off go to a bank representative and have his credit checked and see what kind of mortgage amount he would be eligible for. Next most times you will need atleast 5% down payment and then all your lawyer costs and everything for transfer of title and other discoveries. Always consider money for a home inspector never buy anything without getting it inspected professionally do not go for the lowest price it usually means inferior practices by the home inspector. Ask the realtor who she would recommend they will usually know the best person around. When and if you get a mortgage consider getting an open mortgage. Then if you suddenly come into some money or want to put alot of money down on the mortage to speed up the payment schedule, you won't have penalties to pay compared to a fixed rate mortgage. Also consider going with a bi-weekly payment schedule this will also help pay it off faster because
some months within the year you have three paychecks. Hope this helps and good luck nothing better then putting money into your own investment rather then someone elses.

Answer 2

Some stay at home mothers in my area do child care at home to make extra money. One friend makes about $300.00 weekly watching two extra children. She claims it on her tax return and it becomes income that mortgage companies count toward the total household income.

When a mortgage company decides to finance a home, they look at credit, income, debts, downpayment and the value of the home itself.

Before you two decide to try to get a mortgage, make sure your credit is established and that any old accounts are paid off and current accounts are paid every month. The better your credit, the lower your interest payment. Believe me, that lower interest makes a huge difference in monthly payment.

Save for a decent downpayment. The larger your downpayment, the smaller and less expensive the home loan.

Look for some type of employment and see if your husband can find a better job or work more hours. Your income will determine how much the mortgage lender will be willing to offer you. If you have a good income, you have a better chance of being able to afford a nicer house.

Once you are ready to buy, remember that if something can go wrong, it usually does. Make sure you have a bit extra in the bank for unforseen costs and emergencies. You will pay closing costs, moving costs and might be asked to pay homeowners insurance or property tax right off the bat. You might also move in and have the roof or furnace go bad, so you want a cushion to cover repairs, if necessary.

It might take a couple of years and a lot of scrimping and saving, but you can do it! Good Luck!

Answer 3

Yes its possible . And I think its great that you want to think of your future because rent is just money down the drain . You could get a part time job after to help. Maybe take in ironing or somthing .