Q. I need to choose the best lender for a new home purchase that will provide me the least fees while giving me the best interest rate? Mortage banks tend to offer me fewer fees, but the rate is a little higher. Also, which is most efficient in doing the loan? I am doing a VA loan.
A. Right now I would stay away from wellsfargo, too much bad press, I went with phh which is coldwell banker's mortgage company and I have had no problems and they gave me the best interest rate, you just have to do some homework to see who is best for you.
Can Real Estate Agent represent himself/herself as Buyer's Agent to buy hi/her own house?
Q. I have a license for real estate salesperson in MO, though I do not do any business on it. I am planning to buy my house. Can I represent myself as buyer's agent while buying my house?
If I associate myself with a broker like Coldwell Banker Gundaker, would I still get my share of commission?
Thanks
If I associate myself with a broker like Coldwell Banker Gundaker, would I still get my share of commission?
Thanks
A. I bought all my houses using me as the buyers agent. I have never had a problem.
A bank owned property may not let you collect the commission- but I never bought one of those. Twenty five years ago FHA even allowed me to use my commission as the down payment on a home loan- but they have changed their rules and no longer allow that.
My most recent home- instead of collecting a commission from the seller and incurring income tax- I had the seller pay that much of my closing costs instead. It had exactly the same financial impact (I got to keep the cash I would have spent on closing costs) on me but was not taxable.
Your broker will decide what their rules are about what you get to collect and also the broker would know if there are state laws that would be different than Texas where I am.
A bank owned property may not let you collect the commission- but I never bought one of those. Twenty five years ago FHA even allowed me to use my commission as the down payment on a home loan- but they have changed their rules and no longer allow that.
My most recent home- instead of collecting a commission from the seller and incurring income tax- I had the seller pay that much of my closing costs instead. It had exactly the same financial impact (I got to keep the cash I would have spent on closing costs) on me but was not taxable.
Your broker will decide what their rules are about what you get to collect and also the broker would know if there are state laws that would be different than Texas where I am.
what exactly is a first time buyers home loan?
Q. and what are the steps you go threw choosing a house? like inspections and stuff, and the cost of those things?
i live in pa. and i already have a agent. just wanted to see what other people say before i meet with him friday.
i was pre-approved but they never mentioned grant money....they just said 3 1/2% down. help confused, am i being suckered?
i live in pa. and i already have a agent. just wanted to see what other people say before i meet with him friday.
i was pre-approved but they never mentioned grant money....they just said 3 1/2% down. help confused, am i being suckered?
A. First time buyers home loans are just that. Someone that has never owned a residence, including a rental. A big loan that people are getting right now is called an FHA loan. It is specifically for first time home buyers. It gives first time home buyers a better chance in getting a home, especially if they have a smaller down payment. There are multiple ways you can start choosing a home. You could find a realtor in the area you would like to get a house in and they will guide you through everything and explain everything. You can speak with them about all of your questions and concerns before you even sign a contract with them, so if you don't feel comfortable, you get your information, but you don't have to sign with them. You could also start searching online at different realty sites, including remax, coldwell banker, etc. yahoo actually has a wonderful real estate search that you can find on their homepage, its on the left side in the list of categories. Look online at different homes and see what you like. I would recommend starting a list of things you would like in a home, consider neighborhood, number of bedrooms and bathrooms, do you want an older house or new build? what is your price range? think of things you'd also like to have, a basement, a yard, a garage, a pool, etc. write things down, it will make it easier for your realtor and your personal search in the long run. once you've found a house, inspections, including radon and pest, which are good to have and sometimes mandatory depending on the loan you get, cost around $400 or more. A licensed inspector comes out and looks at everything around the home, foundation, electrical, plumbing, walls, heating, cooling, roofing, etc. They are not experts in those fields and if they find something of concern, they may tell you to contact a specific person, such as an electrician or a roofer for further inspection. You will recieve a report, normally a dozen or more pages, describing the house and it's condition for you. Even before the inspection process, when you make a offer on a house, you will put down what is called hand money. It's pretty much like a deposit, showing that you are serious about your offer. It goes into escrow, which means it is held until the day the house is closed on. If you do close on it, the hand money goes towards the purchase of the house. If by chance the contract doesn't go through and you don't get the house, the hand money will probably go to the seller. They do this because going through a contract and sale of a house normally takes between 60 and 90 days and during that time the house is not shown to other buyers and the seller is actually losing money, because they are probably still paying the mortgage, keeping utilities on,etc. so the hand money goes to them if the contract falls through. Hand money is normally $500 or more. If you do go with an FHA or first time home buyers loan, you will put out even more money before you get the house, including your down payment, an appraisal fee, which is done by the mortgage company, etc. With an FHA loan, there are certain things that need to be completed within the house for safety, before you can close. An appraiser goes to the house after the inspection is done, and takes a look on their own. They look at safety issues including chipping or cracking paint, hand rails, electrical, heating, cooling, and anything else that could cause a hazard. These things will be reported to you, the buyer, and the seller would have to decide who is going to pay to fix those things the appraiser has found. The mortgage company will not give you the loan until those things are proven to be safe. With the house we just closed on, we needed to replace the water heater and have some scraping and repainting done to get our loan. Things like that can range in price. Our water heater was $500, but it could come back with nothing wrong with it, or with a full list of stuff that you would need to fix that could go into the thousands of dollars. All together, from the day you decide to find a house to the day you close and get the keys, the cost really depends on the house price, the realty company, the mortgage company, the type of loan you choose, the closing company, and anything in between. You could put in the loan contract things like, you want seller assist. With first time home loans you normally ask for 6% of the home price as seller assist, which means the seller gives you 6% of what your accepted offer is. With an FHA loan, or a first time home buyers loan, it's different than a normal loan. Instead of just getting a check for that amount to do what you want with it, the mortgage company and closing company decide where the money goes and they itemize it for you to see at close. It normally goes towards their fees including recording the deed, filing paperwork, school and local taxes, etc. If you get that far in the process and you are about to close, you will also need to get home owne
Which home mortgage company is better?
Q. which company is better for me to get a home loan from: Wells Fargo or Coldwell Banker Home Loans?
thankss(:
thankss(:
A. Neither is bad or better than the other. All mortgage loans are based on your credit score and other things that appear on your credit report
Buying a house is a step by step process, this is the first step you should take in order to purchase a house. The rest of the steps will fall in place, no matter the type of property you are purchasing.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some benefit to you, good luck
"FIGHT ON"
Buying a house is a step by step process, this is the first step you should take in order to purchase a house. The rest of the steps will fall in place, no matter the type of property you are purchasing.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some benefit to you, good luck
"FIGHT ON"
How can I find no money down home loans or mortages in texas?
Q.
A. Contact a loan officer or real estate agent but go with a reputable company (RE/MAX, Coldwell Banker, GMAC, etc.)...they will be more likely to be on the up and up without alot of hidden costs that can get rolled into $0 down loans.
If you qualify, try for a VA or FHA (First Time Home Owners) Loan.
DO NOT get an ARM loan (Adjustable Rate Mortgage)...these will cost less in the short term but the long term will cost you LOTS more. Many people have been unable to pay the mortgage and have lost their home.
If you qualify, try for a VA or FHA (First Time Home Owners) Loan.
DO NOT get an ARM loan (Adjustable Rate Mortgage)...these will cost less in the short term but the long term will cost you LOTS more. Many people have been unable to pay the mortgage and have lost their home.
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