I bought my first house but do not know what to do? Where am I going to get a loan? I slip into the first house? Thanks for the tips!
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March 6th, 2010 at 6:23 pm
if your credit is good start with your bank…if not try a loan broker…
March 6th, 2010 at 6:53 pm
Start with the big banks and lenders. Here is the short list:
Bank of America
Countrywide
Wells Fargo
Washington Mutual
Wachovia
US Bank
IndyMac
Flagstar
Taylor Bean
If you find this time consuming you may want to enlist the help of a mortgage broker. Be careful in your selection though as selecting a mortgage broker can be akin to walking a minefield. Most are very reputable but a poor choice can cost you thousands upon thousands.
As far as the steps always get preapproved first. You do not want to see a home you fall in love with that turns out to be out of your price range. Take feedback to heart from the lender. Is there a collection you need to pay, do you need to save more for the down payment, is your job history satisfactory, etc… If your are approved ask the lender for a pre-approval letter. Next get with a Realtor and find a home you love. Then make an offer. Include a copy of your pre-approval letter. It shows sellers you are serious and that this transaction has a high chance of closing. Some sellers would take an offer with the preapproval that is lower than an offer from someone that has no clue whether they will be approved for a loan but may be higher. I hope this helps and good luck!
March 6th, 2010 at 7:22 pm
Go to your bank first and see what options they have, sometimes it is better to go through your bank then somewhere else. Since the real estate crisis has gotten so bad new loans have been created to help people with decent to great credit get a loan and not get screwed in the end. Bank of America has a really good loan with 100% financing but if you make to much money then you can’t qualify. There is now the USDA loan which is good but it only applies in rural areas (I think, I have not completely researched it yet). Also make sure you get a fixed rate so your interest will not triple in 3 years and see if your loan has points. There are many options out there so go and speak to someone and let them explain what the best option is best for you. I would advise you to stay away from loans or companies that advertise on tv, for some reason those companies are the worst off in my opinion. If you go ahead and get pre approved for a loan you will know what you can afford when looking for houses plus you have to get a pre approval letter anyway when you decide to put down an offer on a house. Make sure that the pre approval letter states the interest rate and not ‘at market value’-that will bit you in the ass,it did me. The letter should say the interest rate, loan amount, how many days the letter is valid, lender name and all that, it should not say anything about ‘subject to credit’, ‘subject to loan/offer amount’. The sellers may not accept that as a true approval letter. I can go on and on….. Hope this helped you some and good luck!! Mander B.