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See http://www.tonyruff.comOr contact a local Realtor or banker. Navy Federal Credit Union in Fayetteville also has great rates on mortgages-- all active or retired branches or family members are eligible to use NFCU.I have had several clients use them to get "pre-qualified"... this will let you know based on your income and credit, what your maximum spending allowance will be (purchase price), and how much you will need to close the sale.If you have any questions I'm available 9am to 9pm.
As far as active and retired military clients this month I currently have 1 Captain, 1 Colonel, 1 Officer who have found homes this month with my services, and three others who are actively looking. I look forward to answering any of your questions, with no obligation.Best. (you can click on my photo above to contact me directly)
I would recommend getting with a Realtor. Ask the Realtor to give you a list of lenders that he or she recommends. Then, when your close to purchasing, have them give you a good faith estimate. When your looking for a loan you want to see the interest rate and fees that your being charged for obtaining the loan.VA loans are good loans because there is no private mortgage insurance attached to the payment. I'm a veteran also. You also want to do comparisions on homeowners insurance. USAA is a good choice for military buyers,they offer good rates. If you consider moving to the Austin, TX Area-give me a call.
Lori Huey, Realtor[contact info removed by moderator]Coldwell Banker United, Realtors
[contact info removed by moderator]
Thank you for defending our freedom and liberty. I too am a veteran, and I know how much it means when someone says "thank you".
Congratulations on having a 700 credit score and also for being debt free within the next 60-90 days. Those are both important factors. Many in the military have a high credit score but their income vs debt ratios provide challenges.Comparison shop for a mortgage - the same way you'd comparison shop for a house. Visit with several local banks and mortgage companies in your area.Walk into their office. Shake their hand. Look them in the eye. That is the advantage of working with a local lender versus someone on the phone. You're asking to borrow a lot of money. Treat it like that. Get information of rates and terms. Then decide which is the best for you.
Provide the lender with 2 or 3 years of tax returns, 3 or 4 months of recent pay statements for all sources of income. Provide a list of recurring debts. The lender can pre-approve you and also assist you in requesting your VA certificate of eligibility.
Some lenders have the current VA rate at 4.5%. That means a $507 monthly payment (principal and interest) on $100,000. Add 25% to that number to estimate taxes and insurace (or $633). Ask about closing costs estimate and pre-payment penalties (if you should sell the house before the mortgage expires or you want to refinance later).
Let your lender decide on the upper limit of your financial capability. Then you can make some decisions on how much house you want to buy and can afford. The lender can give you several options that fits your family and budget needs.Also, find a good realtor that will help you navigate the home purchase process. Ask for realtor references and check those out. Then you know you've found a reputable resource. Sign a buyer's contract with that realtor as a show of faith you are serious about buying a house.
Get pre-qualified with an actual mortgage broker you can talk to so he or she can discuss with you what you can afford. Then start looking at houses. Also use zillow to get an idea what comparable homes to the ones you are looking at actually sold for.I find that banks will not be as helpful as your neighborhood mortgage broker. Assume, however that all the agents, brokers, lawyers, loan officers etc. do not have your best interests at heart, but don't let them know that you feel that way. Try to be nice and on the same side don't promise anyone anything you can't deliver on. Don't feel bad if you have to tell someone to kiss-off. It happens often. Once you know enough about loan rates and the housing market in your area, you will have enough information that nobody will be taking advantage of you and you can comfortably follow through with the purchase, knowing that you did it right. It will take you a couple months until you have the knowledge you need. Take notes when on the phone. Write peoples names down. Write their quotes down carefully!Just random thoughts from a one-time home buyer.
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