What does getting a mortgage consist of?
Written By: admin on October 14, 2009
3 Comments
I’m honestly young, so I don’t know much about this subject but I want to have some sort of plot when the time is right. I wanted to know what I need to get a excellent deal on mortgage besides excellent credit, of course. Right now, my credit score is a small over 700. I don’t have any money saved for a down payment. For this, we can use a 0,000 house as an example. Thanks for your help!
Oh, and there might be someone else getting into it with me but that’s not certain at this time.
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Tags: Credit Score, fixed rate private student loan consolidation, home equity loan lowest rate, money, mortgage, thanks for your help
If you reckon you can buy a house for $500K w/ n money down, you are really kidding yourself. The interest alone would be $3000/month, plus principle, plus taxes, plus insurance, How does a $5000/ month payment sound?
Some banks want you to wait until you have found the house; others will let you start today. Go into the bank and fill out a loan application. Takes 15 minutes. How much did you make last year; how much do you have in the bank; how long have you been in this job; how long working in this field; what debts do you have.
The best banks can have the approval done in 5 days. But you can’t get the $500,000 until you choose the house and the bank appraiser says that the house is worth making a $500,000 loan.
If so, they print out the loan papers. You go in and sign the papers. The next day, the $500,000 is ready for the sellers to get paid.
YOu have to have some money. You need 1 month mortgage payment, one year fire insurance, 1/2 year property tax, some money for paperwork charges and loan fees.
Then the sellers hand you the keys.
Average credit score in USA today is 720. You are a small low. Work on it..
If your credit is excellent and this is your first home, you may be able to qualify for a FHA (Federal Housing Authority) loan. Under this federal program, you only have to place down 3% as a downpayment. Given your $500,000 scenario, you could place down as small as $15K.
To check out the mortgage limits in your area, go to: http://www.hud.gov/offices/hsg/sfh/ins/sfh203b.cfm