just inquiring into real estate looking to purchase a home in a couple of years and interested to know a little about others peoples experiences.
2007-09-22 09:11:56 · 6 answers · asked by Joy 2 in Business & Finance ➔ Renting & Real Estate
You can get a cheap/resaonable mortgage by having a great credit score, sufficient down payment for the home you are considering and a stable employment history.
2007-09-22 10:17:57 · answer #1 · answered by godged 7 · 0⤊ 0⤋
Shopping for a mortgage that you won't be getting until 2 years from now is like deciding on a computer, TV, car or any other consumer product that changes.
For example: Last year at this time, I was able to get someone a mortgage with a start payment of 1% and finance the entire purchase without proving income.
Today, the only 100% financing on the market is with an average rate of 6.375% and fully documented.
Two years from now, it will be different. Begin shopping for a mortgage about 6 months before you intend to buy.
2007-09-22 10:29:44 · answer #2 · answered by The Smart One 4 · 0⤊ 0⤋
In a couple of years the rates could be very different from now. If you already have a relationship with a bank you could try them. This is where we found our best deal. Another option is to do some internet searching. Your real estate person is also knowledgeable of who is offering good deals. Make sure you know what fees and charges you will have included. Also make sure you lock in a fixed rate so you arent surprised when the rates go up. Check into assumptions and also FHA loans. With 20% or more down and good credit history, you should be able to find the best rates.
2007-09-22 09:23:27 · answer #3 · answered by Diane M 7 · 0⤊ 0⤋
Make sure that you can afford the monthly payments. Assume that your mortgage payment will be double what you paid while renting. Start a savings program, because you will have all sorts of suprises once you are the superintendant of your house!
I used a lender through my bank. He had access to the same types of loans that a broker might have, and I'm pretty sure that the closing costs would have been similar.
2007-09-22 09:19:23 · answer #4 · answered by Heather C 3 · 0⤊ 0⤋
Don't buy more house than you can afford. Don't finance 100% or more of the value -- start saving for a downpayment. Have a good credit history -- long term, on time.
2007-09-22 10:02:33 · answer #5 · answered by bdancer222 7 · 0⤊ 0⤋
Check out http://www.mortgagefigure.com there is lots of information about refinancing, consolidation, bad credit mortgages and more.
2007-09-22 19:03:32 · answer #6 · answered by sideline2084 4 · 0⤊ 0⤋