Mortgage questions??

[MrJohnWayne]

Hey everyone. Hopefully here soon I will be purchasing my own home. I have never even thought about buying a home before but it is time for me to make that leap. I've been in apartments for the last several years and will vow to never live in another one again. I have a good friend whose mother is a mortgage broker who is helping me out but what are some suggestions when purchasing a home? I'm sure there are several of you out there who have been through this atleast once. What are some things to look out for? pretty much some do's and don't's when it comes to buying a home?

Any and all help is very much appreciated!!!

Thanks!

[Raul@Stealth Automotive]

Congrats on the new house.... lol i had my Mom do all my paperwork cause i suck at it...... sorry no help

[Lonno]

Watch your mortgage broker like a hawk, keep an eye on all fees. They can add up very fast and brokers can hide fees in many ways. The most common is interest rate kickbacks. If they can get you on an 1/8th to a 1/4 percent higher rate, the lender will kick them back thousands of dollars. Be careful and good luck!

[MrJohnWayne]

haha I'm about the same way. New territory for this guy....

[MrJohnWayne]

Originally Posted by dlonno

Watch your mortgage broker like a hawk, keep an eye on all fees. They can add up very fast and brokers can hide fees in many ways. The most common is interest rate kickbacks. If they can get you on an 1/8th to a 1/4 percent higher rate, the lender will kick them back thousands of dollars. Be careful and good luck!

thanks! I'll keep that in mind but I don't think that will be a problem. me and her son go back a long ways.

[rageingbull]

If your handy -buy a home thats the crappest one on the block then at the last minute ask to have alot of the repairs done before you close -in theses times the seller will just come down alot on the price to get out of the home-also tri to find a home coming of a realator contract and aproch the seller they already have 6% in the price so without the realitor the price is lower

[Clay Henry]

Location, location, location!

[rageingbull]

also alot of old people r moveing to a old folks home that they reserved years ago and now have to pay for there house (smell like old people) you can get them to co,me down alot in price cause they have no choise

[HorseMover]

It is good that you have a mortgage broker that will look out for you. I see it way too often that people buy way more house that they can afford. People always say that it will get easier and you will make more $ in the future but that doesn't always happen. That is why the mortgage world is so screwed up at the present. People bought way too much house gambling on interest rates and now all those people are loosing their homes. It is true that the tax consequences of owning a home will take some of the sting out of the payment (real estate taxes/mortgage interest deductions) but you will also have maintenance cost that you most likely do not pay as a renter. Buy what you are comfortable with and not what someone tells you that you can afford. Typically they tell you you can afford way more than most people really can. I have too many friends that have wonderful houses but all they do is sit home in the dark because they can't afford things like a night out on the town/toys/etc. Sit down and put it on paper to see how much $ you bring in and how much you send out each month and then factor in the additional home costs. Be realistic and leave room for items that are important to you and you will be fine. By the way make sure to pencil in plenty of $ for your truck mods. Good Luck

[bluestroker]

If you can I woul try not using a mtg brker unless you have not so good credit it will be cheaper for you also alot of the times brkers will hide fees or higher interest rates until the end and then you will see them at the closing table (in there mind they are pretty sure you will just do it b/c you have already gone that far and you could loose your deposit if you cancel then) not all brkers are like this but I hate to say this but prob more than 1/2 that I have seen are to go with the bank that makes them the most money not that saves you the most If you can try to only borrow 80% loan to value on the house that way you don't have to pay PMI ins on the Mtg and if you do and 80/20 mtgs then the 2nd mtg is normally an adjustable mtg and you should stay away from those if you have anymore questions let me know I work at a title insurance company and thats all we do is house closings and closings for refinances