Zillow Advice RSS: Question-Discussion-Guide,Home Buying,NM http://www.zillow.com/advice/NM/home-buying/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Rent to Own Homes http://www.zillow.com/advice-thread/Rent-to-Own-Homes/534719/ <br/>Hi,<br/><br/>I just wanted to express my opinion about rent to own homes.&nbsp;Rent to own usually favors the owner.&nbsp;First of all, there are few homes even listed as rent to owns, so your selection is limited.&nbsp;Also you will be expected to pay over and above the usual rent. Remember all that money will be forfeited if you do not buy the home for any reason (if you can't buy at the end of the lease term because let's say you can't qualify for a mortgage, etc. you lose all of that money!) I would say you should rent while you're working on raising your credit score/saving up for a down payment and then buy when you are ready...<br/><br/>Either way, good luck!<br \><br \>0 replies Tue, 01 Apr 2014 22:00:00 GMT http://www.zillow.com/advice-thread/Rent-to-Own-Homes/534719/ 2014-04-01T22:00:00Z Lender or real estate agent to help me explain buying process and how much I can afford. http://www.zillow.com/advice-thread/Lender-or-real-estate-agent-to-help-me-explain-buying-process-and-how-much-I-can-afford/428454/ To find out how much you can afford, talk to a <a href="http://www.zillow.com/directory/lenders/">mortgage lender</a>, which could be your bank, credit union or a <a href="http://www.zillow.com/directory/lenders/">lender</a> your Realtor suggests. I would suggest, you contact a local realtor to help you through this process.<br/>Zillow has some good information on first time home buying. First step always, talking to a lender to see how much you can afford...and remember just because you can afford that amount, doesnt mean you need to spend it, leave yourself a buffer, if you can If you dont know a realtor I or any Realtor on this site can refer you to one, click on our names and email us.<br/>Best of luck to you in your search for a home&nbsp;<br/>Once you know how much you can afford, sit with a Realtor and look through the Multiple Listing Service (MLS) to see what is out there in the areas you want to live in. Identify the type of home you want, how many bedrooms, bathrooms, yard etc. Then go and see them, before you put in an offer, have your Realtor do a cma on the home (comparative market analysis) to see what the comparables are so you will have a better idea of what to offer. Your realtor will help you write the offer. I would suggest you visit the home twice, and really look around, at the exterior and interior, note the potential issues. Once the offer is accepted, use a home inspector and pest inspector. Then once you find issues with the home (they could be small ones) you , through your agent will submit a request for repairs, hopefully the seller will repair....at the same time, you will be pushing the <a href="http://www.zillow.com/mortgage-rates/">loan</a> through. There is a lot more to this, but this is the basics. Good luck<br \><br \>0 replies Thu, 12 Jan 2012 12:18:00 GMT http://www.zillow.com/advice-thread/Lender-or-real-estate-agent-to-help-me-explain-buying-process-and-how-much-I-can-afford/428454/ 2012-01-12T12:18:00Z How do you buy a home with fair credit? Are there any mortgage companies or banks that will finance? http://www.zillow.com/advice-thread/How-do-you-buy-a-home-with-fair-credit-Are-there-any-mortgage-companies-or-banks-that-will-finance/359819/ 3 replies Wed, 28 Jul 2010 09:50:00 GMT http://www.zillow.com/advice-thread/How-do-you-buy-a-home-with-fair-credit-Are-there-any-mortgage-companies-or-banks-that-will-finance/359819/ 2010-07-28T09:50:00Z Trying to buy a house with my daughter and son in law. http://www.zillow.com/advice-thread/Trying-to-buy-a-house-with-my-daughter-and-son-in-law/520253/ I'll provide the down payment they'll provide the mortgage. What's the legal way to accomplish this?<br \><br \>6 replies Wed, 27 Nov 2013 10:21:00 GMT http://www.zillow.com/advice-thread/Trying-to-buy-a-house-with-my-daughter-and-son-in-law/520253/ 2013-11-27T10:21:00Z How much home can I afford? http://www.zillow.com/advice-thread/How-much-home-can-I-afford/365234/ 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.&nbsp;&nbsp; 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).&nbsp;&nbsp; <br/><br/>As time gets closer, visiting with a lender is fine.&nbsp;<br \><br \>0 replies Mon, 06 Sep 2010 14:49:00 GMT http://www.zillow.com/advice-thread/How-much-home-can-I-afford/365234/ 2010-09-06T14:49:00Z Can first time home buyers get help in paying for a 20% down payment? http://www.zillow.com/advice-thread/Can-first-time-home-buyers-get-help-in-paying-for-a-20-down-payment/539451/ You are correct, the mortgage payments if you put 5% down will be higher than mortgage payments if you put 20% down on the same house. <br/><br/>Your choices:&nbsp; <br/>Buy a less expensive house.<br/>Save, save and save some more until you have saved up 20% down (plus closing costs)<br/>Find someone to give you a very generous gift (down payment assistance programs will not be the choice)<br/><br/>Will it be worth it?&nbsp; Only you have the numbers to compare rentals vs home ownership costs (don't forget maintenance costs).&nbsp;&nbsp;&nbsp; Some people think it is worth it, others chose to continue to rent.<br/><br \><br \>0 replies Tue, 06 May 2014 23:57:00 GMT http://www.zillow.com/advice-thread/Can-first-time-home-buyers-get-help-in-paying-for-a-20-down-payment/539451/ 2014-05-06T23:57:00Z Appraiser refuses to finish appraisal, says land is worth more than home. What do we do now? http://www.zillow.com/advice-thread/Appraiser-refuses-to-finish-appraisal-says-land-is-worth-more-than-home-What-do-we-do-now/461011/ Only you can make that decision. If your plans are to stay there either forever or a long, long time and you can afford cash or a conventional mortgage, then go ahead and buy the home. On the other hand, if you qualify for a FHA mortgage and that is what you are going with, there's no sense shopping around. FHA guidelines are not the lenders guidelines. It's what must be adhered to if you are getting a FHA loan. The reason the length of time you plan to live there enters into it,&nbsp;you will probably have trouble selling it later on since chances are very good that the next buyers are going to have the same problem.<br \><br \>0 replies Sat, 22 Sep 2012 22:58:00 GMT http://www.zillow.com/advice-thread/Appraiser-refuses-to-finish-appraisal-says-land-is-worth-more-than-home-What-do-we-do-now/461011/ 2012-09-22T22:58:00Z What do you thing the first step in in the buying process? http://www.zillow.com/advice-thread/What-do-you-thing-the-first-step-in-in-the-buying-process/521963/ Get pre-qualified and find a good real estate agent that you can trust. Your agent may also be able to recommend a list of good mortgage brokers to get you started. A good mortgage broker will give you straight answers, help point you in a direction if you need a little credit help, give you a realistic idea of what you can afford. They will also help guide you through the ever changing world of mortgage lending to get you the loan product that best suits your needs. Once you get your team built (which is really what it is) then go shopping.&nbsp;<br \><br \>0 replies Wed, 18 Dec 2013 20:10:00 GMT http://www.zillow.com/advice-thread/What-do-you-thing-the-first-step-in-in-the-buying-process/521963/ 2013-12-18T20:10:00Z House value. http://www.zillow.com/advice-thread/House-value/576872/ If you really want to know an accurate value it would be best to take into consideration lot size, view, finish level, square footage, bedroom count, bathroom count, and so many other factors that a database cannot accurately assess. Most people really likely need to talk to a few realtors, and possibly even an appraiser, to really get an accurate idea of the value of their home. For realtors in your area <a href="http://www.zillow.com/directory/Santa-Fe-NM/real-estate-agents/">click here</a>. And if you need to get prequalified for &nbsp;mortgage please contact me if you think I can help, you can click on my profile to learn more about me and to reach out to me. Good luck.<br \><br \>0 replies Tue, 24 Feb 2015 22:16:00 GMT http://www.zillow.com/advice-thread/House-value/576872/ 2015-02-24T22:16:00Z want to buy a new home but stuck as a co signer. http://www.zillow.com/advice-thread/want-to-buy-a-new-home-but-stuck-as-a-co-signer/432876/ Is there anyway to get out of a mortgage loan when your the&nbsp; cosigner?<br/>I want to buy a house but I'm stuck with a mortgage loan that I cosigned for my sister.<br/>She can't get me out cause she don't have enough income to do it her self.<br/>Any advice would be great. thanks<br \><br \>5 replies Fri, 24 Feb 2012 07:21:00 GMT http://www.zillow.com/advice-thread/want-to-buy-a-new-home-but-stuck-as-a-co-signer/432876/ 2012-02-24T07:21:00Z How safe are "real estate contracts" with investors that are selling homes and willing to carry note http://www.zillow.com/advice-thread/How-safe-are-real-estate-contracts-with-investors-that-are-selling-homes-and-willing-to-carry-note/315324/ Real Estate Contracts in New Mexico are very common and a great vehicle for a buyer who could not get lending through traditional sources. The Realtors Association of New Mexico does have a standard contract that all Realtors have available and I would recommend you use a contract like this that is not in favor of either party in the agreement. The laws in NM on seller financing do have some advantages to the seller in that if you were to default, the process for them to take back the property in quite simple.&nbsp; One thing to watch out for is if the seller has and underlying mortgage or loan on the property you will need to know that it is being paid.&nbsp; Also an existing mortgage could have a due on sale clause and if they enforce it, you will have a major mess on your hands.&nbsp; Most importantly, do not make payments directly to the seller, you must have a 3rd party escrow company handle the funds.&nbsp; Two companies in Albuquerque that do this are Sunwest Trust, Inc. and Security Escrow Corp.&nbsp; There are lots of details that will be specific to any REC so getting advice of an attorney would be recommended. I would be happy to answer any questions if you want to give me a call.&nbsp; Tego Venturi 505-263-0556. <a href="http://www.welcomehomeabq.com/" rel="nofollow">www.welcomehomeabq.com</a><br \><br \>0 replies Sat, 16 Jan 2010 14:43:00 GMT http://www.zillow.com/advice-thread/How-safe-are-real-estate-contracts-with-investors-that-are-selling-homes-and-willing-to-carry-note/315324/ 2010-01-16T14:43:00Z how do I find a house (372 Calle Loma Norte, Santa Fe, N.M. http://www.zillow.com/advice-thread/how-do-I-find-a-house-372-Calle-Loma-Norte-Santa-Fe-N-M/543597/ <p class="MsoNormal">Thanks for your post. Congratulations on your decisions to purchase a home. The first part of home buying is getting approved by a Lender who has done their due diligence as to your ability to repay the loan and not cause you financial harm, by placing you in the incorrect loan program. The Lender is the only one who can deny or approved you for a mortgage that is why it is so important to shop for the mortgage before the home. Agent are in no position to make this decisions and can only refer you to a Lender to determine just how much home you can qualify to purchase. Once this is completed you will be issued with an approval letter that will allow you to hire a Local Agent that will represent your needs and show you home that are available in the area within your price range.</p><br \><br \>0 replies Sun, 01 Jun 2014 23:10:00 GMT http://www.zillow.com/advice-thread/how-do-I-find-a-house-372-Calle-Loma-Norte-Santa-Fe-N-M/543597/ 2014-06-01T23:10:00Z Are forclosures negotiable with the price? http://www.zillow.com/advice-thread/Are-forclosures-negotiable-with-the-price/446078/ Yes. In a foreclosure you are dealing with the bank who holds the mortgage, and they will make their decision based on the numbers, not on their emotions. The bank's Realtor, who is working as their agent, is probably giving them at least monthly market updates so the price is pretty current and represents the Realtor's best advice as to market value. If the property doesn't sell in a given period of time, then the bank will probably adjust their price and then wait again to see if any offers come in. <br/>So, if you make an offer lower than the asking price, the bank will evaluate it and negotiate with you if they feel you are qualified (based on the information and documentation you will be required to submit at the time you make your offer) and are making a serious offer.<br/>I hope this answers your question.<br \><br \>0 replies Fri, 08 Jun 2012 16:59:00 GMT http://www.zillow.com/advice-thread/Are-forclosures-negotiable-with-the-price/446078/ 2012-06-08T16:59:00Z Right Time To Buy? http://www.zillow.com/advice-thread/Right-Time-To-Buy/188977/ As for <a href="http://www.zillow.com/mortgage/">mortgage</a> rates, they are not going up anytime in the next 3 years; possibly they will go down even further.&nbsp; With all the option payment <a href="http://www.zillow.com/homes/for_sale/fore_lt/">foreclosures</a> that will be occuring in the next couple years, the Government cannot afford to let <a href="http://www.zillow.com/Mortgage_Rates/">mortgage rates</a> go up.<br/><br/>(I don't need a crystal ball to know that; I just need to pay attention to what the Fed, Congress, and the other politicians are saying and doing).<br/><br/><br \><br \>0 replies Sat, 17 Jan 2009 08:22:00 GMT http://www.zillow.com/advice-thread/Right-Time-To-Buy/188977/ 2009-01-17T08:22:00Z we are looking to buy a home with a 80% down payment. Will we be able to borrow only 20% as a loan? http://www.zillow.com/advice-thread/we-are-looking-to-buy-a-home-with-a-80-down-payment-Will-we-be-able-to-borrow-only-20-as-a-loan/371565/ I am not saying that you cannot get this loan but oddly it is difficult to do&nbsp;a small mortgage loan.&nbsp; In lending the lenders charge a set rate and also the title charge a set rate.&nbsp; It doesn't matter what the loan size is there are fees that do not adjust because the loan amount is small.&nbsp; The government says that the fees on any loan cannot exceed certain percentages so consequently a loan for a small amount may be deemed to be "predatory" or a "high cost" non allowed loan, based on the fees being high for the loan amount.&nbsp; <br/>To explain further - as just one example - the lender must charge abt $700 for underwriting.&nbsp; Irregardless of the loan amount they still have just as much work to do on the file.&nbsp; Likewise the title company must charge $900 to do all the work entailed irregardless of loan amount or purchase price etc...&nbsp; <br/>If you need to borrow such a small amount you may be better served to get a personal loan or to go to a finance company or credit union.&nbsp; <br/>Sincerely,<br/>Celia<br \><br \>0 replies Sun, 17 Oct 2010 02:33:00 GMT http://www.zillow.com/advice-thread/we-are-looking-to-buy-a-home-with-a-80-down-payment-Will-we-be-able-to-borrow-only-20-as-a-loan/371565/ 2010-10-17T02:33:00Z Want to buy now but not sure if we can http://www.zillow.com/advice-thread/Want-to-buy-now-but-not-sure-if-we-can/473221/ If you feel you have been told the wrong information (who told you?) try contacting two mortgage brokers and see what they have to say.&nbsp; If everybody is telling you the same......you can figure out the rest.<br \><br \>0 replies Sat, 05 Jan 2013 16:40:00 GMT http://www.zillow.com/advice-thread/Want-to-buy-now-but-not-sure-if-we-can/473221/ 2013-01-05T16:40:00Z Alburquerque Area Homes 4 Sale http://www.zillow.com/advice-thread/Alburquerque-Area-Homes-4-Sale/237848/ Hi ctwang ~<br/><br/>If you are in need of financing I work for a full service <a href="http://www.zillow.com/mortgage/">mortgage</a> bank. See my profile for more info on it and on me.<br/><br/>I can pre-approve you for a mortgage and put you in the position of a cash buyer.&nbsp; This will give you a great advantage when negotiating.<br/><br/>Please feel free to contact me with any questions.&nbsp; I'll be happy to help you in any way I can.&nbsp; <br/>Best regards ~&nbsp; Charlie Sparks, L&amp;G Mortgagebanc&nbsp; <br/>PS - Your screen name begs the question.... are you a guitar player?<br \><br \>0 replies Wed, 03 Jun 2009 19:50:00 GMT http://www.zillow.com/advice-thread/Alburquerque-Area-Homes-4-Sale/237848/ 2009-06-03T19:50:00Z When is the time to buy? http://www.zillow.com/advice-thread/When-is-the-time-to-buy/198788/ i am sorry about that. I type badly and PITI spelled out is so long. :) It stands for&nbsp;Principal, Interest, Taxes&amp;Insurance. If you are thinking about buying, there are some great resources available. Things like what you can afford, what mortgage rates are, how to research neighborhoods to find a good fit and other info too is out there in easy to use formats. I collect them and try to find the best, free sources with no sales pitch. Maybe some of the links would help you too. I use the mortgage calculators at&nbsp;<a rel="nofollow" href="http://www.dinkytown.com/mortgage.html">dinkytown</a>. The mortgage rates in your local area are easy to find at&nbsp;<a rel="nofollow" href="http://articles.moneycentral.msn.com/Banking/Loan/Mortgage.aspx">moneycentral.msn</a>. Zillow is great for researching neighborhoods or I also use&nbsp;<a rel="nofollow" href="http://www.city-data.com">city data</a>&nbsp;where you can search by zip code. I really like the NY times rent vs own calculator&nbsp;<a rel="nofollow" href="http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html?_r=4&amp;th&amp;emc=th&amp;oref=slogin&amp;oref=slogin&amp;oref=slogin">here</a>&nbsp;too. Being a first time buyer can be tough, but there is lots of good info available on Zillow and most folks here are happy to answer questions or tell you about their experiences buying.&nbsp;<br \><br \>0 replies Thu, 12 Feb 2009 23:55:00 GMT http://www.zillow.com/advice-thread/When-is-the-time-to-buy/198788/ 2009-02-12T23:55:00Z Second House Primary, First Vacation? http://www.zillow.com/advice-thread/Second-House-Primary-First-Vacation/477044/ Ask a local mortgage broker in New Mexico.&nbsp; I think your information is incorrect.&nbsp; If you rent out the home in California a portion of the rental will be considered as additional income against that mortgage. You can change primary residences and use the calif house as an investment.&nbsp; You still have to show you are able to carry both mortgages.<br \><br \>0 replies Sat, 02 Mar 2013 11:57:00 GMT http://www.zillow.com/advice-thread/Second-House-Primary-First-Vacation/477044/ 2013-03-02T11:57:00Z How Much Down Payment Do Home Buyers Need? http://www.zillow.com/advice-thread/How-Much-Down-Payment-Do-Home-Buyers-Need/490564/ As the obstacles to owning a home become more pronounced in the wake of the housing bust, how much money should homebuyers set aside for a down payment? Unsurprisingly, cash is still king in today's market, especially as mortgage lenders raise the bar for credit worthiness.<br/><br/>That said, down payment options range from zero dollars all the way up to 20 percent and beyond. The trick is to keep your monthly mortgage payment to a reasonable amount now, without breaking the bank later.<br \><br \>1 reply Thu, 02 May 2013 18:25:00 GMT http://www.zillow.com/advice-thread/How-Much-Down-Payment-Do-Home-Buyers-Need/490564/ 2013-05-02T18:25:00Z