First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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Note: Fees are absolutely negotiable. This was something I learned during refi, that I wish I had known when I first bought my house. Or rather, I didn't feel I had leverage to use when buying. ...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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And remember just because the bank says you qualify for $$ doesn't mean it is a good idea to spend that max amount. Figure your budget on paper and then go lower still. Even better, buy your house on...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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Is that only if they (the parents) have separate bank accounts?
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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have them give 12.5k to you and 12.5k to your wife.
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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We have been with them for our banking for a long time. Our current home loan ended up being transferred to them and have never had a problem.
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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Ah, yes, I should clarify that the additional things I mentioned (gift letter, tracing deposits in accounts) are things that'll come into play when actually applying for the loan, not the...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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WellsFargo has been our primary bank for almost 12 years. I am very satisfied with them on banking side.
I assumed we would have the same experience for a home loan. The process to get loan...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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Each one of them can give the max gift to each one of you.
So max gift times 4.
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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My fiance and I have been window shopping for houses for a bit now. We have recently pickup up our pace and we know her parents will be helping us with a down payment when we are ready. But I know...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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You or anyone in the family military? If so, start with USAA. Otherwise, start with your CU and then try a big-time loan company like Quicken to see what they have. Make sure to comparison shop.
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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Thank you. Unfortunately no military in the family though.
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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I had a friend who was a mortgage broker. He shopped around for the best rate for me (at no cost) you would likely have to pay a little, but it could be worth it if they land you a better rate than...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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We went to our first open house. It was also a short sale, but had a "bank approved" price of $170,000. We were told that the owner was current on payments and taxes. They also said there would...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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The house we are looking at is on short sale. The price listed on the house is the same as the zillow estimate. Any suggestions as to how much we can quote lower than the price listed. Also, are...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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What do you mean quotes? Offers? You can make as many offers as you want at any price you want. Just remember that with a short sale, you not only need to get the approval of the homeowner but...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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The house we are looking at has been on the market for more than a year. It went to pending sale after an year. there were two liens on the house and one of them did not accept the price. So the...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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So keep in mind, depending on how their short sale deal is structured, the seller may be held responsible for the amount they are short after the sale. So it is in the seller's best interest to...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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How much different? Could just be different methods - e.g., one measures the outside dimensions of the house, another measures inside dimensions of each room.
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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Not true. Holding a job for longer may make it easier, but I got a loan after being a new job for less than 3 months. We wrote a little letter explaining how the new job was related to old jobs and...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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good stuff in here--
i too am goin to be a first time buyer.. i keep hearing that i have to @ my current job for at least 2 years before i even attempt to get a loan.. is this true?
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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I've had really good luck using a broker. They look for the best rates at many banks. Even with the broker get a couple quotes from banks and compare, go back to your broker and see if he/she will...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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we have 2 friends who are agents, but we aren't working with any yet. And have yet to get the pre qualification. This was just our first open house that we were interested in taking a look at.
...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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I first bought my home on 12/31/2010. When I first got my loan I did a 30 year fixed conventional loan at 5% -- conventional just means that I put 20% down rather than 3.5% down like an FHA loan. ...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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is that paid towards the closing costs? Or comes off the principle loan amount?
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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I think the wait comes from so many short sales sitting on their desks, waiting for a better offer and most Banks (my local ones for sure) have a board of some sort that meets to accept or deny a...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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Not sure if I should have started a new thread for my questions. We are also looking to buy a new house. I wanted to know if the pre approval letter is mandatory to be able to go for house showings....
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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Which websites help us to find the real market value of a house. We have been looking at the market value of the house through zillow. There is a huge difference between similar houses in the same...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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Unless you have plenty of cash sitting in the bank, look for the lowest closing costs. Rate's are going to be pretty dang close wherever you go.
I used a broker and was very happy with the rate...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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Buyers agents make their commission of selling price as well. So it's not in their favor to get you a best price either unless they're really desperate for a sale. Comparable homes on paper aren't...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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Every feature only has its worth TO YOU. Do you desire to have a walkout basement? If not, then that feature is meaningless and worthless.
ie Some people love double vanities (two sinks). But...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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Does a furnished walkout basement cost more than a furnished basement which does not a walkout? How is the calculation made in both the cases. And how is the calculation for a basement which has a...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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The real market value of a house is by definition the price the house sells at. The best way IMHO (3 home purchases) is to just go see a bunch of homes in the area. My wife and I looked at over 100...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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It's a pre-approval. It means nothing. Go up to literally any banker, tell them you want one, and appx for how much, and give them the info they request (SSN, W2s, payment stubs, list of bank...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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So is this the point where the borrower should know the cash amount that they want to put down towards the property to negotiate a better rate?
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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Short sales are slow, plan for 6-12 months.
All I've seen the banks will not pay any fees or closing costs for you.
Bid what you will pay. Zillow, tax assessments etc.. are not FMV and are...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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Avoid WELLS FARGO by all means. I had a very horrible experience with them.
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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:iagree:
Pre-approval is something to make the seller feel all warm and fuzzy inside. It can give you, the buyer, a look into how the lender works (e.g., rates and other perks) but you are by no...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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We had a good experience with WF - their mortgage consultant guy sat down with us on three different occaisions to go over and explain everything (first time home buyers). Wound up being about 5...
First time "possible" home owner looking for a loan?
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Thread created 12-26-2012 by kmoff77
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We are looking at a house, but the sq ft for the same house has been mentioned differently in different websites. We were suggested to go by the measurements in auditor's website. Can we rely on...
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