Looking for first house, mortgage questions!

Anything & Everything Off-Topic (Some material may be offensive)
 Reply
User avatar

Looking for first house, mortgage questions!

By FG2_Andrew
- Sat Dec 08, 2012 3:15 pm #321846 I am looking to purchase my first house.. OBVIOUSLY I have no idea what the hell I'm doing. haha


does anyone have any tips, pointers, insight on what to look for with finding the appropriate mortgage company?

is it required to put money down? can i borrow from a personal loan to cover the closing costs/money down?

what is the appropriate way to haggle the cost of a home? is $5,000 too much for a $110,000 home?



like i said, ANY and ALL insight would be more than awesome!
User avatar

By Apexracing
- Sat Dec 08, 2012 3:29 pm #321847 Buying a home isnt quite like buying a car. Your credit has to be 720 or higher to qualify for a regular mortgage. 620-640 to qualify for a fha loan. There is allot to the process. Having a realtor always helps, any house your choosing needs to be inspected. Then the inspector will provide a list of deficiencies and you can get money off on those. Your always welcome to make a purchase offer of any amount but it doesnt havet to be accepted. Closing cost/lawyer fees can be allot. Its worth reading up on all of this.
User avatar

By FG2_Andrew
- Sat Dec 08, 2012 3:36 pm #321848 i'm meeting with a mortgage company today to get an idea of what i qualify for. i still have a little time before i go, is it wise to bring anything other than the obvious with me? (i.e. I.D.)

i'm just super nervous that closing costs and fees will completely shut down my search for a home..




oh, also, say i am looking at a place that a real estate company has.. would it have been inspected already? or does that vary depending on how fast the PO wants to get out of their house? or does it even matter and i should get it inspected regardless?
User avatar

By Apexracing
- Sat Dec 08, 2012 3:47 pm #321849 Every house should be independtly inspected. Unfortunatly that costs you money but a realestate company does not care what they sell you. And once you sign your stuck no matter whats wrong with the place. Bring your last. 2-3 years taxes and bring some pay stubs too.
User avatar

By teal_dx
- Sat Dec 08, 2012 8:36 pm #321866 I would get a realtor, they know all of the legal processes. No reason not to get a realtor when you're looking to buy - you pay them nothing because they make commission from the seller of the home. Buying a house is stressful - no way I'd try to do it by myself or by getting advice from a car forum. :wink:

And in today's economy, it's worth a shot to offer $105k on a $110k house. Worst thing is they say no or counter at 107-108k.
User avatar

By FG2_Andrew
- Sat Dec 08, 2012 9:06 pm #321868 Haha. Just looking for quick advice. Met with an agent today.. I think we are gonna try for a 6-8 month extension on our current lease to save more for the dp and closing costs. Should be in a house no longer than 1 year from now.

By bks84
- Tue Dec 11, 2012 2:18 am #321981 My wife and I just made an offer on a house. Our biggest thing was getting preapproved before we looked too seriously at any house. We just happened to find and fallin love with this one. Its a 3bedroom/2bath, 1700 sq ft (built in 1998) w/a 1200 sq ft shop (built in 2010) on 1 acre. we're excited.

We're doing an FHA loan w/cash assist. Basically the state of Missouri pays 3% of our 3.5% down payment. Im assuming youd have something similar.

The seller is paying closing costs, inspection fees (required since its an FHA loan) and the appraisal (required by the loan agency)... We offered 130k for house listed at 139k. and we close on the 9th, as long as everything goes planned. We also asked for an allowance to change the carpet and possibly add siding to the house

I think theres a fee for the FHA loan application, but since my wife works for the bank which is doing our loan we didnt have to pay it.

if you get a realtor, they'll guide you in the right direction as far as what kind of offers to make.

its definitely not a process for someone who cant make up their mind. if youre not serious about buying, dont start the process.
User avatar

By FG2_Andrew
- Tue Dec 11, 2012 2:25 am #321982 :thumb:

We looked into a couple houses in our range. Just to get an idea of what we can afford, if its worth it right now, etc.

We are gonna hold off 1 more year to cover more than the 3%. Hoping to go in with close to 5.
 Reply
Return to Junk Yard