Mortgage /Buying New Home Help ?
We are looking to buy a house and I have never been through the process of getting a mortgage. I have a 730+ credit score. Some assets , my current house(already paid for) etc.. Where should I start and what should I expect ? Probably looking at a $175,000 house .. Thanks
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This sight has a lot of good information to get you started and to let you know what the current rates are.
http://www.monstermortgage.ca/index2.php0 -
Send me an e mail with your specific questions and I'll walk you through it. I've worked in mortgages for years and will be happy to give you the "inside" scoop. You can expect a par rate around 5.875% as of this morning. Providing that you are full doc that is. 0 -
One thing I want to know is how can I be certain any extra payments I make on mine will be taken off the end of my schedule....where it will do the most good and lead to less interest charges in the long run? 0 -
Locust...contact your mortgage company...most mortgage companies just ask that you put PRINCIPLE in the memo portion of your check. Also if your company has it available and you can do it. Do a Biweekly mortgage payment. It basically splits your payment in half and can knock 4-5 years off of your loan by paying less interest.
Sav99....not completely true. He can get that same rate with a low doc loan considering he has assets and his FICO is over 720. I know for a fact Countrywide offers a Fast and Easy that if his FICO is over a 720 and he is putting at least 10% down or breaking it up into a 90/10 he would qualify for.
MFI the best advice I can give you is SHOP. It does not hurt you to have your credit pulled by several mortgage companies. (Fair Isaac Law)..check out www.myfico.com for more info on that. Be very skeptical of mortgage brokers who sound too good to be true they usually are. Ask lots of questions, if they can't answer them to your satisfaction, walk away. Ask around I'm sure some of your friends know either a Loan Officer or a good trustworthy broker. Also don't be afraid to check out Bank of America or some of the big banks they are offering pretty good rates.0 -
You have no problem. Will this be a second home( you mention you already have one)? If so be prepared to cough up 20% and pay twice as much in taxes for rental property. Unless you can get it classified as a second home that no one else lives in. 0
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