Answers (10)
- Joe and Cindy Welu, "Joe and Cindy Team"
- Contributions:7269
There's never been a better time to buy, so using your current cash to purchase and using the credit to pay your taxes is a good idea.
As far as lenders, it is always good to get 2-3 opinions from different lenders as to what programs, rates, etc work best for you. I would always suggest contacting well-known reputable lenders/banks. Sometimes using the institution you bank with may be a benefit to you in terms of fees, etc, but not always. It's important to not only look at rate, but terms of the loan and fees and costs associated with it as well. We always give our clients 2-3 lender names to contact in addition to any referrals they may have from family and friends and their own bank. Best of luck to you!
As far as lenders, it is always good to get 2-3 opinions from different lenders as to what programs, rates, etc work best for you. I would always suggest contacting well-known reputable lenders/banks. Sometimes using the institution you bank with may be a benefit to you in terms of fees, etc, but not always. It's important to not only look at rate, but terms of the loan and fees and costs associated with it as well. We always give our clients 2-3 lender names to contact in addition to any referrals they may have from family and friends and their own bank. Best of luck to you!
- Jack Stapleton, "JackStapleton"
- Contributions:1002
Hi,
My name is Jack Stapleton. I always suggest that my clients talk with their personal bank, a referral from a friend or family member that has recently sold a home, and a referral from their Realtor. I work with a lender that is experienced, delivers on his promises, ethical, and knows the rules and regulation inside and out verbatim. They have access to their own funds, and they have in house underwriting. In house underwriting, in todays market, is essential in getting the deal to the closing table in 30 days or less. Wholesale lenders are slow, and is more difficult to get the file out of underwriting becuase the lender, broker, and underwriter are inthe same office.
My lenders name is Brad Ainsworth. He is the best I have ever worked with. He will service all of Texas. He returns calls within 20 mintues, and stays in contact in the evening and weekends when all the other lenders shut of their phone. He is truly the last of the professional breed. His phone number is 713.417.8258.
Very Sincerely, Jack Stapleton Jr.
Realtor® ABR, GRI, ePRO, EcoBroker, Member CRS.
Sky Realty
4501 Spicewood Springs Rd #1029
Austin, TX 78759
512.264.5115 - Cell
208.460.6353 - Fax
Jack@JackStapleton.com - email
www.JackStapleton.com - Website
My name is Jack Stapleton. I always suggest that my clients talk with their personal bank, a referral from a friend or family member that has recently sold a home, and a referral from their Realtor. I work with a lender that is experienced, delivers on his promises, ethical, and knows the rules and regulation inside and out verbatim. They have access to their own funds, and they have in house underwriting. In house underwriting, in todays market, is essential in getting the deal to the closing table in 30 days or less. Wholesale lenders are slow, and is more difficult to get the file out of underwriting becuase the lender, broker, and underwriter are inthe same office.
My lenders name is Brad Ainsworth. He is the best I have ever worked with. He will service all of Texas. He returns calls within 20 mintues, and stays in contact in the evening and weekends when all the other lenders shut of their phone. He is truly the last of the professional breed. His phone number is 713.417.8258.
Very Sincerely, Jack Stapleton Jr.
Realtor® ABR, GRI, ePRO, EcoBroker, Member CRS.
Sky Realty
4501 Spicewood Springs Rd #1029
Austin, TX 78759
512.264.5115 - Cell
208.460.6353 - Fax
Jack@JackStapleton.com - email
www.JackStapleton.com - Website
- Marilyn Bell, "MarilynBellSells"
- Contributions:127
Credit unions are a great first place to look for a mortgage.
Local banks are a great second place to look.
If those fail, ask for a referral to a good mortgage broker from a GOOD realtor. Realtors work with mortgage brokers all the time and know which ones are familiar with all the different programs. My guy I use in Nashville told me once that the buyer of my seller's house wasn't closing on time, when the buyer's agent and mortgage broker insisted they were. My guy was right.
Local banks are a great second place to look.
If those fail, ask for a referral to a good mortgage broker from a GOOD realtor. Realtors work with mortgage brokers all the time and know which ones are familiar with all the different programs. My guy I use in Nashville told me once that the buyer of my seller's house wasn't closing on time, when the buyer's agent and mortgage broker insisted they were. My guy was right.
- Preston Ware, "Preston Ware"
- Contributions:19
I have a subscription page for an email series that includes video. It will educate in the homebuying process. http://www.prestonware.com
- Space_Truss
- Contributions:177
How much are you planning to pay ?
If you have only 6K savings, try to keep your mortgage close to your rent, otherwise you can not pay it.
I don't know if you ever heard, but google "sub prime mortgage" "housing crisis" to learn how the recession started.
Also, do you know how to calculate the tax deduction ? If you are married and filing jointly, you have an automatic 10K deduction given by Uncle Sam. If you are paying 15K for interest + property tax a year, you wont be able to deduct 10K default + 15K . You will either get the automatic deduction, or itemize. So the difference between your current deduction will be only 5K ! Most of the online "tax savings" calculators are doing this wrong !
Good luck.
If you have only 6K savings, try to keep your mortgage close to your rent, otherwise you can not pay it.
I don't know if you ever heard, but google "sub prime mortgage" "housing crisis" to learn how the recession started.
Also, do you know how to calculate the tax deduction ? If you are married and filing jointly, you have an automatic 10K deduction given by Uncle Sam. If you are paying 15K for interest + property tax a year, you wont be able to deduct 10K default + 15K . You will either get the automatic deduction, or itemize. So the difference between your current deduction will be only 5K ! Most of the online "tax savings" calculators are doing this wrong !
Good luck.
- stricklysmokin
- Contributions:3
You may want to check with your financial institution to see what the best rate is in your local bank. Also there is for first time home buyers FHA that may be availble to you, which means less down to you. So don't forget to check at your local branch to get an idea of what you may qualify for, it's free advise with no hit on your credit unless you actually put on the application. If approved, that certification from your local branch that will give you more buying power and that will let the seller know you are a serious buyer. Pre approval letter not Pre qualification is the best way to go. Good Luck!
- Roxy Redenbaugh, "LoanLady Nationwide"
- Contributions:128
Sounds like your on the right track but check with your CPA about the tax issue. As for finding a good mortgage consultant. Or course I would recommend a Mortgage Broker vs a local bank or one individual lender.
A broker has many resources and works with many lenders. This means he/she will be working to find the best loan-program-rate-fees for YOU and your individual needs and goals.
You can ask family - friends - associates if they have worked with someone who did a great job for them. Realtors are another great source but be careful and just make sure whoever you choose is someone you feel very confortable with, someone who will take the time to educate you throughout the process. You might want to check into a First Time Homebuyers class in your area or online. This would give you valuable information before you get started. Not one sponsored by a lender or Mortgage Broker. Your first purchase should be an exciting and wonderful experience.
Good Luck
A broker has many resources and works with many lenders. This means he/she will be working to find the best loan-program-rate-fees for YOU and your individual needs and goals.
You can ask family - friends - associates if they have worked with someone who did a great job for them. Realtors are another great source but be careful and just make sure whoever you choose is someone you feel very confortable with, someone who will take the time to educate you throughout the process. You might want to check into a First Time Homebuyers class in your area or online. This would give you valuable information before you get started. Not one sponsored by a lender or Mortgage Broker. Your first purchase should be an exciting and wonderful experience.
Good Luck
- Dudley Snyder, "Dudley Snyder"
- Contributions:1
Dear Homebuyer,
Feel free to contact me at your convenience. We are the #1 Lendng Tree lender in Austin and are a great resource for first time buyers. Given the ever changing landscape in the mortgage industry, it is imperative you deal with a knowledgable veteran that is also a rate/fee leader in the State. I am available until 8pm in the evening as well. Thanks.
Dudley Snyder
Sr. Officer, Finance Austin Associates
512.258.0446
dudley@financeaustinassociates.com
- George DeVine, "George DeVine"
- Contributions:858
All else being equal, I think your idea is brilliant.
- Alan Grizzle, "Alan Grizzle"
- Contributions:415
You need advice from two people. First ask you CPA for the tax advice. They are the expert in that area.
To find a good mortgage lender ask a local top producing Realtor who they like to use. They will know the best local mortgage lenders. You need someone who has the reputation of doing what they tell you they can do. The Realtor will know which lenders have the best track record.
To find a good mortgage lender ask a local top producing Realtor who they like to use. They will know the best local mortgage lenders. You need someone who has the reputation of doing what they tell you they can do. The Realtor will know which lenders have the best track record.
How to find a good mortgage lender?
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