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What can I do to get more (or better) quotes for my loan request ZR-LXZCZCP

I am retired and need a smaller house.  I have social security and IRA,  I had top credit rating.  Do I have to buy a more expensive house?
  • September 30 2011 - Gardner
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Answers (5)

Best Answer

Part of answering a question is understanding what the question is. Since the OP is seeking a 44K mortgage on a 55K home, this is why they were asking if they needed to buy a more expensive house. Their best bet will be to seek financing through their local bank or credit union. 

"One thing that does go hand in hand with pricing is the area. If you are looking at homes under say 150k, you might not be in the best of areas."

That's very helpful and I'm sure the OP will feel so much better about their desired home purchase now.
  • September 30 2011
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Thank you for using Zillow Mortgage Marketplace to search for loan quotes.

I looked into your loan request.  The reason why you didn't get the results you expected is because the loan amount might be too small.  I suggest taking a look at our professional tab and searching for a lender that is in your area. 

Candace
Zillow Mortgage Support
  • September 30 2011
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If you are concerned about tax liability your should talk to your CPA or tax preparer.

Happy funding, Rudi
  • September 30 2011
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Profile picture for cmoks
Thanks.  I sold a house (in this lousy market) last April at much lower price than it was supposedly worth.  I now want a cheap house that I can afford each month.  I will not pay that extra mortgage insurance.  I am looking at cheap houses, including foreclosures.  If I can get a house cheaper than my current rent of 650/m, I will be able to fix it up.

I want to borrow as little as possible.  Most of these sites will not even respond to a low loan amount.  One company told me I was way below their threshold.  If I can get a really cheap house I will pay cash.  If not, I am afraid I will have to get at least a mortgage around 64,000 (after 20% down), which will cost me about the same as the rent.  I want extra money to be able to do what I want to the house and yard. 

Thanks for your answers.  I will ask my bank first about who would give me a small loan, then I will go to the local banks here that made loans for cheap houses recently.  Too bad I am too old to have a rich uncle. 
  • September 30 2011
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You should look at buying what you can afford. It doens't need to be more expensive for you to find the right fit. One thing that does go hand in hand with pricing is the area. If you are looking at homes under say 150k, you might not be in the best of areas. It would all depend on what you can afford and where you want to live. If you are unhappy with the quotes, look to other lenders. I would focus on lenders either through my bank or through someone I know whos worked with a reliable lender. I'm not certain but I think you can find them just how you find Realtors. Try any of these approaches to see where it takes you. I would certainly not buy until I find the loan, the rate, the terms and the program I would want in the buying a home. Thank you for your Question. 
  • September 30 2011
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