I was supposed to closed this friday on a house, today is wed and my broker didnt close on my mortgage loan yet. My broker mess me up really bad, he didnt do his homework. He waiting to the last minute to tell me I need additional 4500 to buy points so my rate can be lower so I can be qualified for the mortgage. At first I was stress about the money, so I deposit the money in my account and send him the statement. As right know I have a bad feeling about buying the house, I know I cant walk up unless I get rejected from the bank. I just feel there is a possibilty I might not even refinance the house, I was hoping I could because the payments are too high. Deep down inside my heart I hope I get denied for the loan. Are my feeling are normal or should I be excited ?
2007-07-25 14:31:45 · 8 answers · asked by karen a 2 in Business & Finance ➔ Renting & Real Estate
Your anxiety could be from knowing how much money you are about to part with. If the payments are too high for you to feel absolutely comfortable paying each month, do not buy the house. Don't over extend yourself, if a monetary emergency happens you could lose the house. Only buy a house with payments that you feel you can live with.
2007-07-25 14:40:17 · answer #1 · answered by ninecoronas2000 5 · 0⤊ 0⤋
Buying a house is ALWAYS stressful and usually every loan (purchase and refinance) have challenges of all sorts.
Try to relax and ask questions when you do not understand. The more informed you are about the process the better your expectations are and the process seems smoother.
Discount Points are a way to reduce your interest rate on the loan. Do not expect to be able to refinance your house within the first 24 months. If you are approved and do not proceed with the home purchase, you could lose your earnest money deposit.
On the up side, home ownership is a GREAT feeling. Knowing the money you pay every month is actually being used to acquire wealth; long term.
Hope this helps. Best wishes
2007-07-25 14:43:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you have a bad feeling BACK OUT!!! Buying a house is a big decision and if you think you cant afford the payment then you also wont be able to afford the upkeep. I would look for something cheaper it is a buyers market right now so take advantage.
2007-07-25 15:03:43 · answer #3 · answered by winterz 1 · 0⤊ 0⤋
Buying a house is the most important financial decision most Americans make in their entire life. So, yeah, you should be a little intimated by it.
Take a deep breath and remember it all works out in the end.
You are going to love the house, even if you hate the closing.
2007-07-25 14:37:22 · answer #4 · answered by caseysxyz 3 · 0⤊ 0⤋
Hello, the bubble has broken. Do whatever you can to get out of it. Wait a couple years. I know you want a house but foreclosure in the near future won't do you any good. The prices will drop soon and you will have many to choose from. Keep saving your cash till the time is right.
2007-07-25 14:42:21 · answer #5 · answered by kris 2 · 0⤊ 0⤋
Sell the house and use the gain to buy one that you can afford the monthly. Never get loan with variable rates. Variable rates will always go up never down. Fixed rate are easier to budget for.
2007-07-25 14:38:02 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It sounds like you eithe have some shady or some lazy people preparing your things. Your broker really shouldn'thave anything to do with processing your loan. I would be worried too.pp
2007-07-25 14:38:52 · answer #7 · answered by ttpawpaw 7 · 0⤊ 0⤋
Welcome to the business world. Now take all the paper work to a real estate lawyer and listen to what he has to say. Do this now before it's too late.
2007-07-25 14:40:31 · answer #8 · answered by Anonymous · 0⤊ 0⤋