How do you get a home loan?

You're not an idiot, if you were you wouldn't ask these questions. So many things to know...

I bought my house too long ago for anything I did to be relevant. Good luck.

> Would be good to know how much my mortgage payment would be in order to figurer out if this is feasible<

 

they have calculators.

 

don't leave me.

 

closing costs can be painful, so be prepared for that. Don't put a down payment on a place you've never been in. Family and friends aside, that's just plain dumb dream house or not. Use your brain and not your emotions and you'll be fine

>>>>>closing costs

See if you can negotiate such that the seller pays them.

Your best bet is to make a cash offer for full price if you can afford it- but most folks can't so a mortgage is the only route.

Get started right away - mortgage brokers are among the biggest pain in the ass companies to deal with- and no matter what you do to expedite on your end, they will almost ALWAYS drag out the process to 6 or 8 weeks before you can close- which means most times if you have scoped out your dreamhouse-- it's sold before you get approved.

Get all your tax info and bank statements in order immediately going back 4 or 5 years.  Good luck.

PS  - stay away from the biggie Quicken Loans websites and others-- they are total bullshit.

 

>> Would be good to know how much my mortgage payment would be in order to figurer out if this is feasible.

The calculators paint a very rosy picture. Make sure you count all the city and county taxes, especially if you live in a metro area. 

 

Do not click the link on the realtor website.  Go to your own bank, especially if you have been doing business with them for a while.   Get their best rate/deal and then go to another bank for a “second opinion”, maybe get a better deal.  Make sure you are comparing apples to apples, sometimes banks play games to make real comparisons difficult.  Good luck!

First, you have to be a good custie capitalist, and second, never become emotionally attached to any potential property.

been through it a few times and I'd be happy to fill your ear, so feel free to call or email (or stop by!)

 

sorry brother - just telling you what I went through last September.

Don't let it stop you - and yes - go straight to your bank if possible- that could speed it up.

Get your  P's and Q's in line asap to smooth out the process. I did - and I gave this particular broker all the info in advance - and told them I'd be in town 2 weeks later to look at houses and visit with them.

They sat on their asses and did not do their homework like I asked- bad experience.

Negativity concluded.

:-)

 

I picked a realtor first, then asked her who she works well with.  Compare 3 or 4.  Get a rec from a friend that has gone through it (locally to your dream prop).

 

And yeah, those calculators suck you in. They do paint a rosey picture.  Reality is a bit different.

 

But I am hoping you stay west young man.

If you look up the house on Zillow you can get a very simple payment breakdown like this.

If you ever worked for some branch of the Military,  they have very low-interest Home Loans.

A pal in PDX did all that and was happy.

Some other pals said they put down 20% rather than 10% and avoided "Mortgage Insurance"  fees.

The "title company"  will always rake you  for every cent,  but research can save $$$ there.

Yes, you want to put down 20% to avoid PMI. That is insurance that protects the lender in the event of your default. It is expensive and it does nothing for you.

The calculators are generally just principal and interest. You need to add the cost of property tax and insurance.

the calculators i used said, "forgettaboutitkid"

Thought this was a zippy thread...

Dub.

Is it something like this?

https://www.youtube.com/watch?v=_574Rxxez2c&t=5s

So are you thinking about coming home to St. Pete? My daughter is thinking about moving there. It keeps getting cooler all the time in the downtown area. Me and the wife love staying downtown and hanging out. Along ways from the days of it being known as wrinkle city.

Most large real estate companies have in house loan guys.  Worked well for me.

can we check it out on Zillow 

https://www.zillow.com/homedetails/1091-Alcatraz-Ave-Oakland-CA-94608/24...

Here is what $399,000 can buy in Oakland. No roof, no heat, no air... pretty much just the lot.

i would imagine being a member of a drugband message board would pretty much exclude you from any kind of loan or financing

Once you find a lender see if you can swing a 15 yr mortgage instead of a 30 yr. The interest savings is yuge. But don't spread yourself too thin with just the mortgage payment. There are many maintenance and repair costs with owning a home. HVAC, roofing, plumbing, electric, windows, siding, gutters, etc. Hire a good inspector to check these things out but I'm sure you already know this.

Realtor commissions take a big chunk out of the transaction so go FSBO if possible or maybe just deal with the listing agent as a dual agent for a lower commission rate.

Get a good lawyer who charges a reasonable flat rate for the area. Once you agree on a price with the seller the lawyers take over to iron out the contract and the realtors just show up at the closing to collect their fat check.

All the best wherever you guyz wind up... c'mon back to Tampa Bay! 

 

PS Redneck- don't forget those property taxes and insurance- they never go away!!!

Once you find a lender see if you can swing a 15 yr mortgage instead of a 30 yr. The interest savings is yuge.<<<

 

THIS! If you can do it.

We owe $1100.00. Pay off in a couple of weeks. Fourteen years and slight change.

Just might go to the shoe a little more now.

Yes, you want to put down 20% to avoid PMI. That is insurance that protects the lender in the event of your default. It is expensive and it does nothing for you.<<

or when the equity is at %20 you can drop it, I seem to recall. and Hey, Earl.

Hi Redneck! It's been a long while. Hope you and yours are doing well. I was a Mortgage Broker for years and every state and lender have different laws, costs and closing entities. It is a process but pretty easy if you have your ducks in a row. I would be more than happy to chat with you and tell you the basic stuff you need to make a good decision. 

Owning a home is huge. It is security, a long term commitment, a financial burden and can be a whopping pain in the ass but in the end, it is a very good thing for your future. Hope to hear from you. amaliakai @ yahoo 

Yeah, for financials amortization table like at Zillow or here:   https://www.amortizationtable.org/ , use multiple zillow-like sites to find comparable houses in the area to make sure good price.  i would not go to the in-house lender guy that the realtor uses.  I see that as a conflict.  A reliable broker might know a few sources to compare and in theory get your best price.  If it is a small lender your loan will likely be bought by a big bank like Wells Fargo, BoA etc.   Some states require a lawyer at settlement, others do not. Added cost. Title companies blow.  Added cost. See what taxes are. Try preapproval so you don't get multiple pulls of your credit, that lowers your credit sometimes.  Inspections are vital, again, find your own. another cost.  Radon test, another cost.  If you dont have 20%  down, PMI (insurance on mortgage) will be added cost.  Or try a va loan if it is first house, many savings and generally can get you a hut without too much down payment. Time might not be on your side but dont freak out. You can always get a house and mortgage.  I told my mortgage guy what interest rate i wanted and he told me how.  Just average credit. Scary, if first time but doesn't have to be. good luck

basically what everyone else said :)

Congrats Jaz!

Good luck dude! Happy for you guys tho it'd be sad to see you leave the west. 

If you pull the trigger I can see a little going away bash (perhaps at a hippie hour?) in your future.

Thank you   , ender.

Um, somebody forgot to check who was logged in on the common computer.  Thanks for all the good info guys.  Meriweather, I'll totally be in touch, thanks.  

hahaha, in that case I retract my Capitalist quip.

 

And qualifying for a loan is going to go how it's going to go, but the thing I would personally focus on more the next time are the inspections.  When we bought we were emotionally attached and our realtor glossed over stuff from the inspections that could have saved us a ton of money and headaches. Live and learn (and pay).

We are moving into our new place this week. It only took 9 months. All it took was patience & alot of cash. We ended up with an FHA loan at 4.125% which they tell us is good...i really have no idea if thats good or not just happy not to renting anymore...

Congrats Canyon!

I never understood why people make an offer contingent upon inspection. I always got an inspection and then made an offer. It seems better for the seller and buyer to do it in that order.

Is it because people are worried about missing out on the property to someone else while the inspection is waiting to be done or am I missing something?

Ender, home inspections are not cheap. Common practice to make the offer and the home inspection and appraisal are always there as contingents. The appraisal can be waived if you have 100% cash, still not a good idea to waive it, its there to protect you.

 

Nothing wrong with 4.1. PMI is what gets you, hopefully you are below the 80%. Now you get to write off the interest as a deduction come tax time next year.

Congrats !