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Answers (8)
- Tony Cannon
- Contributions:213
Your choice of lender may be the most important decision in the home buying process. Loan problems are to blame for about 80% of the transactions that fall out of escrow.
Many sellers, but especially the banks that own foreclosed homes, will not accept a pre-qualification or pre-approval from a mortgage broker, but want a "nationally known direct lender". In our area, that is often Bank of America, Wells Fargo, Prospect Mortgage, and Chase so I think it makes sense to talk to one of them. I would recommend talking to 3 lenders to make sure not only that their quotes are competitive, but also that you feel comfortable with the loan officer.
If you walk into a retail branch of a bank, you may not be getting the most experienced loan officer, and in the case of Bank of America, they will want to charge you an application fee for a pre-approval. You are probably best asking a real estate agent for referrals. Hopefully, you will then find a full time loan officer experienced with purchases, and not just refinances, and who can explain the different loan programs available and which one will best meet your needs.
Many sellers, but especially the banks that own foreclosed homes, will not accept a pre-qualification or pre-approval from a mortgage broker, but want a "nationally known direct lender". In our area, that is often Bank of America, Wells Fargo, Prospect Mortgage, and Chase so I think it makes sense to talk to one of them. I would recommend talking to 3 lenders to make sure not only that their quotes are competitive, but also that you feel comfortable with the loan officer.
If you walk into a retail branch of a bank, you may not be getting the most experienced loan officer, and in the case of Bank of America, they will want to charge you an application fee for a pre-approval. You are probably best asking a real estate agent for referrals. Hopefully, you will then find a full time loan officer experienced with purchases, and not just refinances, and who can explain the different loan programs available and which one will best meet your needs.
- Linda Strasberg, "L Strasberg"
- Contributions:2314
I have some very good lenders I work with when folks need to get pre-approved for financing. Let me know if you'd like their contact info. I also provide their information as a courtesy on my web site under tips for success.
- Oliver Indra, "OliverIndra"
- Contributions:58
Hi drage,Talk to a mortgage broker, he/she should come back to you in 24 - 36 hours, afterwards you know, what you are qualifying for and you can start finding the right place.
I could give you a good contact.
good luck finding your home!
I could give you a good contact.
good luck finding your home!
- Zaid Iniguez, "zaidrealtor"
- Contributions:367
A home loan is the biggest debt, and most costly monthly bill, most of us ever have. Start with your local credit union or bank to avoid extra junk fees.
Getting the right loan, with the lowest possible interest rate and reasonable fees, can save hundreds of dollars a month and tens of thousands of dollars over the life of the mortgage. But you'll never know whether you got a great rate if you only get one quote from the bank down the street or the mortgage broker that arranged your last loan.
Lastly, Don't let real estate agents repeatedly show you homes outside your price range. Don't work with mortgage brokers or loan officers who push you to borrow more than you can afford. Stick with what you can afford...
Remember...Just because you can keep up with the mortgage payments doesn't mean you can afford a house. You don't want to find out how expensive home repairs can be when your central air conditioning conks out, the dishwasher spews four inches of hot, soapy water on your kitchen floor or the roof starts to leak.This is especially important if you're buying your first home. You can't call the landlord. You have to call repairmen, and they don't come cheap.
Getting the right loan, with the lowest possible interest rate and reasonable fees, can save hundreds of dollars a month and tens of thousands of dollars over the life of the mortgage. But you'll never know whether you got a great rate if you only get one quote from the bank down the street or the mortgage broker that arranged your last loan.
Lastly, Don't let real estate agents repeatedly show you homes outside your price range. Don't work with mortgage brokers or loan officers who push you to borrow more than you can afford. Stick with what you can afford...
Remember...Just because you can keep up with the mortgage payments doesn't mean you can afford a house. You don't want to find out how expensive home repairs can be when your central air conditioning conks out, the dishwasher spews four inches of hot, soapy water on your kitchen floor or the roof starts to leak.This is especially important if you're buying your first home. You can't call the landlord. You have to call repairmen, and they don't come cheap.
- Julie Messina, "CNN Mortgage"
- Contributions:70
If you do not have a lot of other debt and you are looking for a house in the 150k - 200k price range, your housing qualifying ratio should be about right. There are a lot of factors that go into determining your qualifying ability in addition to credit. Nothing you have said so far sounds difficult, and the type of loan you are looking for (FHA with a 3.5% down payment) would be available with a bank, mortgage banker, or broker.
I would recomend looking for a mortgage banker with an onsite underwriting and closing department. If there is something unique about your transaction or property, a mb may also have the ability to broker your loan to a local lender using niche programs you won't find at a bank.
I would recomend looking for a mortgage banker with an onsite underwriting and closing department. If there is something unique about your transaction or property, a mb may also have the ability to broker your loan to a local lender using niche programs you won't find at a bank.
- 2005jjt
- Contributions:47
Also I would go to a bank to get pre-approved for a loan. Use a bank that you trust or use. The great big mega banks would work but think this is the person you will want to work with on closing a loan on your house. The big banks can take longer to respond. Also make sure that it is local.
- 2005jjt
- Contributions:47
Credit score is good, $65K a year depends on what you want to buy.
I have found that you should use 2.5 times your yearly salary to see what house you can afford. FHA loans will do 3.5% down. You should be in good shape on down payment. The thing to look at is what other monthly payments do you have? It's called debt to income. If that is low you should be ready to buy. I have spent 4 months bidding on foreclosures and man what a ride. I close in three weeks. Good luck.
I have found that you should use 2.5 times your yearly salary to see what house you can afford. FHA loans will do 3.5% down. You should be in good shape on down payment. The thing to look at is what other monthly payments do you have? It's called debt to income. If that is low you should be ready to buy. I have spent 4 months bidding on foreclosures and man what a ride. I close in three weeks. Good luck.
- Tej Bhatnagar, "tejbhatnagar"
- Contributions:29
Visit your bank first. They won't charge you anything. Sometimes broker charges for a credit check or application fee. Just remember it shows up as an inquiry on your credti report. Too many of these will decrease your score. But if you are serious about buying soon, get shop around for a mortage within any 30 day period. A lot of inquires within any 30 day period won't decrease your credit score.
TJ
www.TJSellsHomes.com
TJ
www.TJSellsHomes.com
who do you see to find out about your ability to purchase a home, your bank, a broker ?
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