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Replies (6)
- Dee Campbell, "Dee Campbell"
- Contributions:4
You should speak to a lender before you start looking for a house. It is very important that you know how much you can afford, what you monthly payment is going to be, the taxes etc. You do not want to be surprised at the settlement table, so please do your homework before your search.
Happy House Hunting!
- wetdawgs
- Contributions:26830
If you click on the mortgage tab, you'll find a calculator to help you with some rough numbers on how much house you can afford. I strongly recommend using that as rough guidelines and aiming somewhat lower (so you can handle life's changes that get thrown at everyone of us).
As time gets closer, visiting with a lender is fine.
As time gets closer, visiting with a lender is fine.
- Daves360
- Contributions:238
There are some areas in our metro area that you can still do 5% down conventional with some lenders. I would be happy to recommend a local mortgage broker who can tell you exactly where you can still do 5% down and what you can afford. I would also be happy to provide details regarding different areast in the east mountains, as they do differ, for example where you can and can not find water. Your math suggests that you will be able to do the 10% down: if you move here in 6 mos and can save even $4k/mo, you will have $24k + $20k you have now for $44k, which should cover 10% down on a $400k home with another $4k for closing costs. Also, I suggest you look for a local broker who knows the area, actively invests in the area, and offers an incentive that can save you thousands. Happy house hunting!
- Maria Morton, "MariaMorton"
- Contributions:716
Here is another mortgage calculator I find helpful. http://www.mortgagecalculator.org/
As Wetdawgs says, the calculators are good for rough estimates. Figure about 2--3% of the purchase price for closing costs. (That includes taxes etc.)
Also, I have seen people with really good credit get Conventional Mortgages with 5% down.
One more thing: credit unions often give better service/rates/terms to their members than banks give to their customers. You have time to establish an account at a credit union before the move if you think that might be to your benefit.
As Wetdawgs says, the calculators are good for rough estimates. Figure about 2--3% of the purchase price for closing costs. (That includes taxes etc.)
Also, I have seen people with really good credit get Conventional Mortgages with 5% down.
One more thing: credit unions often give better service/rates/terms to their members than banks give to their customers. You have time to establish an account at a credit union before the move if you think that might be to your benefit.
- Betina Foreman, "BetinaForeman"
- Contributions:284
Speaking to a lender should be your first step. Many Realtors won't show you homes until you show them your approval letter. I would shop around and speak to 2-3 lenders and see who you click with. Do they call you ack promptly? Are they good communicators? Are they local? I prefer local lenders as I have found they are more accessible and pro-active than someone in a call center 2000 miles away.
Sincerely,
Betina
Sincerely,
Betina
- Natalie Arndt, "Natalie Arndt"
- Contributions:13
There are many options available to you. Also depending on your profession there are certain loans that you will be able to utilize. My husband is a physician and most of my clients are in Medical field and I have helped them locate Doctor's Loans.
Also my advice to you is to rent first if you can, so you can decide where you would like to live in Albuquerque for sure if this is your first time moving to our City of Enchantment.
Call me to get the names of the best of the best.
Natalie Arndt BS MA
Also my advice to you is to rent first if you can, so you can decide where you would like to live in Albuquerque for sure if this is your first time moving to our City of Enchantment.
Call me to get the names of the best of the best.
Natalie Arndt BS MA
How much home can I afford?
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