Is it smarter to buy your first home through a bank, credit union, real

Credit and mortgage advice Forums Buying Your Home Is it smarter to buy your first home through a bank, credit union, real

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    • #208175
      Anonymous
      Inactive

      estate, mortgage co, or where? Please email me also at MsWebTalker@yahoo.com. We are over cautious and do not know exactly what is what and who to trust.



    • #267730
      Anonymous
      Inactive

      I’m no financial expert but I just went through the purchase of a home. I found it most beneficial is to get 2 banks that you would like to deal with and also get a mortgage broker. Make sure each know that you are shopping around. If they know there are quotes from other sources they will be far less likely to sell you in to something that you don’t want or need.

    • #273059
      Anonymous
      Inactive

      i’m the owner of lyon reality and i say you choose what feels right for you just make shure you rate is fixed and non ajustable un less you want to buy a fixer upper at pennies on the dollar i say use your own bank first cause after all you already do buesnes with them and thay can help you out in so many different ways

    • #276753
      Anonymous
      Inactive

      You should find a Realtor that you click with and like if you choose to use a Realtor. Same goes for a mortgage broker. Ask friends, family or colleague’s for recommendation’s first. You are right to feel cautious. As a mortgage broker I can tell you that there are more bad “apples” than good ones in the real estate business. Another source of references for real estate professionals will be the state licensing boards in the state and community that you live.
      Good luck and congratulations on your new home purchase.

    • #278361
      Anonymous
      Inactive

      it is wise to be over cautious. good for you!

      stay away from internet offers

      I always suggest to people to only utilize your local banks and local financial institutions. the reason is that 1) of course they are local and easier for you to contact, 2) you have a history in the community and 3) you are keeping your business local and assisting in the building of the local community.

      if your credit is good…you will qualify for approx the same rate across the board.

      I will also recommend – please stay away from ARMs(adjustable rate mortgages)
      get yourself a 30 year fixed rate – no pre-payment penalty
      loan and attempt to put down a min. of 20%.

      good luck in your searches

    • #278461
      Anonymous
      Inactive

      it is wise to be over cautious. good for you!

      stay away from internet offers

      I always suggest to people to only utilize your local banks and local financial institutions. the reason is that 1) of course they are local and easier for you to contact, 2) you have a history in the community and 3) you are keeping your business local and assisting in the building of the local community.

      if your credit is good…you will qualify for approx the same rate across the board.

      I will also recommend – please stay away from ARMs(adjustable rate mortgages)
      get yourself a 30 year fixed rate – no pre-payment penalty
      loan and attempt to put down a min. of 20%.

      good luck in your searches

    • #281659
      Anonymous
      Inactive

      That is a very broad question, but it really depends on your current financial situation. If you do not have perfect credit or near perfect credit you may need to contact a mortgage broker. If you have great credit and a nice sum of income in the bank, a local bank or credit union may be a great solution. The first thing you should always do when you buy a home is get yourself pre-qualified/pre-approved so you know what your affordability. A good tip to follow is do not get a loan with a low intial payment like (interest only/neg amm./ARM), because you may set yourself up for an unpleasant suprise 2-3 years later (payment shock). Make sure that you have at least 2-3 months of your mortgage payments in the bank for reserves as well that will help out a lot. Lastly in todays market it is a good idea to have a decent size down payment ( 10-20%) so you have some extra security. If you need any further information feel free to contact me on my email rdezy2583@yahoo.com for more information. Good luck !

    • #439010
      Anonymous
      Inactive

      There are no insurance companies that will cover you by “acts of god” like flooding or storm damage. Also they will not cover wooden structures, only cement buildings. We use Prudential of the Philippines for our homes and cars. You’ll have a hard time getting an online quote. You’ll need to go in person.

    • #290525

      I agree with the business Mom.

      Ask a few of your friends or relatives who they have gotten home purchase loans from recently. Pick someone that has a good local reputation. Do not try to do your loan long distance over the Internet. If you have any question or any problem you will want the option of being able to drive over and talk face to face with the people.

      It won’t mater which of those concerns your highly recommended loan officer is with.

      Now that takes care of the loan. You will also be dealing with a Real Estate Agent-the seller pays his commission even though he will be working for you. Find that agent the same way-through recommendations from friends. That agent will help advice you about neighborhoods, inspectors, prices and much more.

    • #290736
      Anonymous
      Inactive

      It is wise to shop around for the best loan. If you can, put down as much as you can and also have some in the bank, if possible. Keep in mind that if you fill out many applications with mortgage and banks, each will contact the credit bureau and run a check on you. This will lower your score somewhat. Just a thought.

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