How to buy a house

BabyAngel

BabyAngel

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I am very curious...I have already asked few of my friends about how to buy and stuff..but I wonder how did you buy a house??? when you go to a mortgage person, what will they help you? What is a mortgage? Most people said mortgage is for house rent or down payment reduce or something...
 
http://www.hud.gov/

If you go to that website, they have classes and staff that can answer all your questions, on how to get a loan from a bank, pick the right house, financing, and everything!!

GL!! We are buying a house early next year. Its intimidating, isnt it?
 
Just use home loan with some payment down.
 
This is NOT that easy as you think! There will be ALOT stresses going though the mortgage AND buying house process. Once everything is settled and closed, you will be surprised how thick the binder will end up! More than an inch thick! They go though the credit bureau TWICE! In the beginning and near the date of closing. So BE AWARE, when your thinking about buying house, AND car... HOLD THAT CAR!!!! If you buy car before closing, Bank will be VERY likely turn down your mortgage application! So, wait after you got the keys for the house then go ahead buy car.
Whats more, the closing date that mortgage set is OFTEN postpone twice or three times! So, P A T I E N C E is most important part of buying house.
Also, you will need to prove where you get money for downpayment! Most lender prohibits loans for down payment. So, if you borrow money to make down payment, they WILL find out. They already caught me!

TrippLA said:
Just use home loan with some payment down.
Click to expand...
 
diehardbiker65 said:
This is NOT that easy as you think! There will be ALOT stresses going though the mortgage AND buying house process. Once everything is settled and closed, you will be surprised how thick the binder will end up! More than an inch thick! They go though the credit bureau TWICE! In the beginning and near the date of closing. So BE AWARE, when your thinking about buying house, AND car... HOLD THAT CAR!!!! If you buy car before closing, Bank will be VERY likely turn down your mortgage application! So, wait after you got the keys for the house then go ahead buy car.
Whats more, the closing date that mortgage set is OFTEN postpone twice or three times! So, P A T I E N C E is most important part of buying house.
Also, you will need to prove where you get money for downpayment! Most lender prohibits loans for down payment. So, if you borrow money to make down payment, they WILL find out. They already caught me!
Click to expand...

Very true.
Baby Angel should also try to get a pre approved mortgage. check out Fannie Mea & Freddie MAC. Look at homes for sale by owner. Don't forget to look into forclosuers(sp) too.
 
DeafKattMom said:
http://www.hud.gov/

If you go to that website, they have classes and staff that can answer all your questions, on how to get a loan from a bank, pick the right house, financing, and everything!!

GL!! We are buying a house early next year. Its intimidating, isnt it?
Click to expand...
Great Website :mrgreen:
 
Foreclosure is great bargains. This house was foreclosured and I bid and got this house. The only problem you'd expect from foreclosure is some damages! Rarely you'd find foreclosed homes in perfect condition. So, if you don't have handyman skills, then it might not be for you. I can do remodeling myself, and I can fix anything around house so its perfect deal for me. Now that my equity has shot up. I knew I could afford better house the next time.

C.C.Sinned said:
Very true.
Baby Angel should also try to get a pre approved mortgage. check out Fannie Mea & Freddie MAC. Look at homes for sale by owner. Don't forget to look into forclosuers(sp) too.
Click to expand...
 
FHA loan is great for first time homeowner. Don't you know that first time homeowner usually needs anywhere from 6 thousand to 15 thousands dollars upfront to buy house. FHA gives you $3,000 grant to cover the closing cost That is only available for the first time homeowners. Also, you could check with urban league to see if they will give you grant. Again have to be first time homeowner.

I got at least 21,000 dollars in grants! That is not just for closing, but for repairs needed to be made to my house. The only problem here is that I am required to live in my house at least 5 years. I now have less than 2 years to go! So, it is NOT that bad.

That is why it is very IMPORTANT not to rush because you could miss out alot if doing in rush.
 
when i went to look for a house.. first i went to mortgage company (my bank) normally ur own bank will offer better discounts, etcetc.. cuz u're the member. anyway, i request the pre-approval mortgage quote on how much i can take out to buy a house.. the gave me a price quote (keep in mind.. don't maximize urself.. that quote is ur maxinum loan.. and frankly u don't want to do this) my suggust.. get at least $20,000 to $30,000 below ur maxinumize loan.. so u can have couple of extra money in pocket instead of been broke every month.

then went out look for a house that we can afford... bought the house.. had it approved.. closing u probally will want to find a house where the seller will pay all the closing cost. when i bought this house.. the seller pays all the closing cost.. and i pay no money.. and no money down payment and the 1st month is free.

also my another suggust.. a 20% downpayment is an A+ thing to do.. since lenders will see you as a well money management and offer lower interest rate.. however i made 0% downpayment.. and wasn't a big deal.. the interest rate was 7.5%

2 years later i refinance my loan through deafmortgage and now the interest rate is 5.35% but there's a closing cost that time though.. but yet i saved hundrends a month.

also most mortgage companies offers discounts for first-time buyers. such as no down payment.. no point.

also netogation is VERY important in buying a house.. always offer lower price than the asking price :D

another thing, Hire a home inspector to check everything around the house.. i know it cost couple of hundrends of dollars.. but its worth than getting some unexpecting high repair cost. this way when the home inspector find some problems.. u can prove the seller the reason why u lower the asking price in such netogation. only do this if u don't know how to find the age of water heater, furance, roof, etc etc.. and only do this if you're serious about THAT house..

also most mortgage requires apprasial inspection which tells the value of the house.. if the asking price is way too high than the apprasial value.. bank might not let you get that house... due to REPO or so.
happy searching :D
 
Deafscuba is right I could recommend you take that deafscuba's advice and it could save lot of money. I dont know about deafmortage.net however Just try find one near your house or do a research on mortage companies see which has best profits for YOU. It doesnt hurt to do research and it would be good time to do it if you are look for an house.

I havent had experiences to buy a house but I would love to do that one day in near future....Once i get better job I may do that. I always want a small nice house for myself since I am not married or have kids yet. (*must have small Yard!!) lol i hate mowing and I wouldnt mind pay someone to mow it for me*)
 
BabyAngel said:
I am very curious...I have already asked few of my friends about how to buy and stuff..but I wonder how did you buy a house??? when you go to a mortgage person, what will they help you? What is a mortgage? Most people said mortgage is for house rent or down payment reduce or something...
Click to expand...

go to a bank. They'd be more than happy to answer your quesrtions. However..mortgagei think may be right. not sure
 
diehardbiker65 said:
This is NOT that easy as you think! There will be ALOT stresses going though the mortgage AND buying house process. Once everything is settled and closed, you will be surprised how thick the binder will end up! More than an inch thick! They go though the credit bureau TWICE! In the beginning and near the date of closing. So BE AWARE, when your thinking about buying house, AND car... HOLD THAT CAR!!!! If you buy car before closing, Bank will be VERY likely turn down your mortgage application! So, wait after you got the keys for the house then go ahead buy car.
Whats more, the closing date that mortgage set is OFTEN postpone twice or three times! So, P A T I E N C E is most important part of buying house.
Also, you will need to prove where you get money for downpayment! Most lender prohibits loans for down payment. So, if you borrow money to make down payment, they WILL find out. They already caught me!
Click to expand...

I don't understand :dunno:
 
You said just take out loan and buy house outright! This is not what it really happens. Average time from the first offer for the house to the closing (That is when you get the keys) takes anywhere from 30 days to 90 days. For 30 days, that is going without loan. Meaning you just buy it outright with cash. You can't just buy house and move in the next day. The time well spend have alot to do with legal stuff.

I bought my house, went though and know what it is like. Your just very young lady, had no idea whats out there. So, its good time for you to listen and learn and you could save valuable time and hassle in future.

TrippLA said:
I don't understand :dunno:
Click to expand...
 
BabyAngel said:
I am very curious...I have already asked few of my friends about how to buy and stuff..but I wonder how did you buy a house??? when you go to a mortgage person, what will they help you? What is a mortgage? Most people said mortgage is for house rent or down payment reduce or something...
Click to expand...

Ummm, let me see... I bought the house on north county of st louis..

frist thing, talk to agent
second thing, talk to mortgage on rent or own.
third thing, see how much you earn from bank, etc...
fourth thing, pick the house!

will that work for you ?
 
Yup it best to talk to bank that you usually have account with....they should help you lot more as i believe
 
Thread is back. Please stay on topic. Thank you.
 
I advise you best choice discuss w/ Broker or Bank Mortgage cost of percent rate compare with Broker..

I advise you slow down and researching the broker and Bank Mortgage first before go ahead discussion further plan buying the house. First of all, ask for pre-approval and to see permit budget for you suitable buying cost the value house what you seek for...

If suppose approval... (I advise you best slow down and keep hunting until find right one place eg: Good Neighbours?, Lot of Children social on the street?, Eldery neighbours lot?, and much more information... Don't get you mistake buying a house which cannot ask refund.. You know that (chuckles)

By the way, Wishes you have great hunting a house...
So am I still hunting a house and have not buy a house yet.. Since almost a year.. due my fussy being find RIGHT HOUSE for us(family), My prior are... Bathroom, Kitchen,4 bedrooms, spacouis room?, and backyard... That's all I'm looking for....

Not easy to find my taste! My hubby doesn't mind at all and can wait until when find RIGHT HOUSE as condiser MARRIED TO MY HOUSE.
 
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