The official buying a house thread

[GzUp]

There are different types of loans. I suggest you go through a program first before buying a home.


Types of Home Loans: FHA, VA, USDA …OMG! |



Talk to a realtor to give you an idea of what your going to be spending too. Just remember area and property, you want to be able to sell your house for more than what you paid in 5 years.

I’m looking to keep my house for the rest of my life, if that makes any difference. I want a really nice home.

So can I go talk to fha loans directly before I talk to the bank?

Also I worry about which realtor to talk to, I see them as car sales men who want to take advantage of me.

 

[Orange cream shake]

I’m looking to keep my house for the rest of my life, if that makes any difference. I want a really nice home.

So can I go talk to fha loans directly before I talk to the bank?

Also I worry about which realtor to talk to, I see them as car sales men who want to take advantage of me.

You have to apply for a fha loan through a bank. A realtor is going to facilitate the sale just like the loan officer at a bank facilitates the loan. Please keep in mind with fha you will pay private mortgage insurance on top of your monthly payment plus taxes and insurance.

 

[GzUp]

You have to apply for a fha loan through a bank. A realtor is going to facilitate the sale just like the loan officer at a bank facilitates the loan. Please keep in mind with fha you will pay private mortgage insurance on top of your monthly payment plus taxes and insurance.

Facilitate?


Can realtors be trusted?.. just find a random that a friend used?

I’ve heard of private morgage insurance, I think any home loan that u don’t put 20% down of the house u get stuck with morgage insurance.

So it sounds like fha loanis the best way to go?

Do they give u free money for a down payment, if so how much?

 

[Orange cream shake]

Facilitate?


Can realtors be trusted?.. just find a random that a friend used?

I’ve heard of private morgage insurance, I think any home loan that u don’t put 20% down of the house u get stuck with morgage insurance.

So it sounds like fha loanis the best way to go?

Do they give u free money for a down payment, if so how much?

The difference is now with fha it’s the life of the loan if paying less than 20%. With other loans you may be able to drop it after 5 years or when your loan gets to a certain loan to value amount. As far as realtors check with family and friends first. Go with a reputable company and check out their ratings with bbb and reviews.

Fha loans are good for people who don’t have the best credit/ need down payment assistance in my opinion. Some of the benefits with fha is if you ever experience a financial hardship, there is keep your home CA that can give you money to bring your account current and also options through your bank to modify. You normally get decent rates.

I dunno anything about the area you are trying to move to but if it’s considered a rural area you can apply for a rural housing loan. They tend to have good rates but you better not fall behind on your payment if you do, a loan mod is going to increase your payment.


Also be prepared for your taxes going up which can increase your payment.

 

[GzUp]

The difference is now with fha it’s the life of the loan if paying less than 20%. With other loans you may be able to drop it after 5 years or when your loan gets to a certain loan to value amount. As far as realtors check with family and friends first. Go with a reputable company and check out their ratings with bbb and reviews.

Fha loans are good for people who don’t have the best credit/ need down payment assistance in my opinion. Some of the benefits with fha is if you ever experience a financial hardship, there is keep your home CA that can give you money to bring your account current and also options through your bank to modify. You normally get decent rates.

I dunno anything about the area you are trying to move to but if it’s considered a rural area you can apply for a rural housing loan. They tend to have good rates but you better not fall behind on your payment if you do, a loan mod is going to increase your payment.


Also be prepared for your taxes going up which can increase your payment.

So through fha loan I’m stuck with paying for morgage insurance for life(until I finish paying the loan)?

Rural means out in the country right? If yes then no, I’m looking into the city.

 

[Orange cream shake]

So through fha loan I’m stuck with paying for morgage insurance for life(until I finish paying the loan)?

.

Yup unless you do 20%. You need to talk to a loan officer just Incase anything has changed. Pmi is a waste of money and only benefits the bank. I’ve had so many people say they were told that once they got to 88% loan to value they could drop pmi only to find out on their closing document it says life of the loan.

 

[GzUp]

Yup unless you do 20%. You need to talk to a loan officer just Incase anything has changed. Pmi is a waste of money and only benefits the bank. I’ve had so many people say they were told that once they got to 88% loan to value they could drop pmi only to find out on their closing document it says life of the loan.

That’s crazy, I was reading on the link u posted about the loans.

It says conventional has the better interest rates, not fha loans.

Also what does interest only loans about? It explains it here but I still don’t get it, something I should stay away from?

“Interest only” loans have a bit lower payment but you don’t pay off any of the loan balance when you make your regular payment.

 

[Orange cream shake]

That’s crazy, I was reading on the link u posted about the loans.

It says conventional has the better interest rates, not fha loans.

Also what does interest only loans about? It explains it here but I still don’t get it, something I should stay away from?

“Interest only” loans have a bit lower payment but you don’t pay off any of the loan balance when you make your regular payment.

I myself am going to apply for conventional loan. I’m working on paying off all my debts before I apply. From what I remember Interest only loans were a bad idea same with balloon loans. Only do these options if you plan to sell property within 5 years before the payments go up.

 

[GzUp]

I myself am going to apply for conventional loan. I’m working on paying off all my debts before I apply. From what I remember Interest only loans were a bad idea same with balloon loans. Only do these options if you plan to sell property within 5 years before the payments go up.

Why not do a fha loan? Sounds like the best route.

What u mean payments start to go up, why would they?

 

[Orange cream shake]

Why not do a fha loan? Sounds like the best route.

What u mean payments start to go up, why would they?

I don’t want to escrow my taxes and insurance and I want the opportunity to have the lowest rates based on my credit. Google balloon loan.

 

[dora_da_destroyer]

damn breh, you really need to start on the ground floor, the questions you're asking show you have ZERO knowledge of homebuying. please read as much online as you can, and go to a seminar if possible, to get your knowledge up.

and realtors aren't as sleazy as car salesmen, realtors can't get you into something you shouldn't be buying as the bank/mortgage company will have a firm grasp on it. real estate is a two-way transaction so it's in their best interest to do the best they can for you or else the deal won't work and they don't get paid. buyers agents work harder than listing agents, so they won't be trying to spend hours on you for deals not to work out. just make sure they know the market - ask about their past few deals (list vs sale price)

 

[GzUp]

I don’t want to escrow my taxes and insurance and I want the opportunity to have the lowest rates based on my credit. Google balloon loan.

Damn breh it’s so much things to know, this whole time I’m thinking fha loan is the way to go.. balloon loan?