Each state has different closing costs, and there will be different lender/broker costs as well. You should speak to a reputable loan officer, who will not give you a formal GFE right now, but should be able to give you some kind of cost estimator. It is difficult to say a percentage because there are many things that go into it, including taxes and homeowner's insurance.
As far as rolling them into your mortgage, the only way to do that is to try to work in a seller's concession, which may cover all or some of the costs. The issue is that the house has to appraise for the higher amount. Also, with short sales or foreclosures there may be additional costs, plus it is rare to be able to work a seller's concession on those.... more
Our opinions here are going to be based on limited information. I've worked with several buyer's through many years in both Mortgage and Real Estate and the advice is not uncommon. It may be due to not having enough established trade lines. Or it could be due to needing to re-establish credit after a tough time. In either case, getting a card and using it in a limited responsible fashion will initially reduce your score, but in short order improve it.
Only use the card for expenses you would normally pay cash for and then pay it off monthly, things like gas & groceries. Don't treat it like "extra money." When you see your checking account in better shape than you might be used to seeing it, avoid the temptation to splurge on something.
Credit is like a muscle, it must be used to grow but not abused so it won't be strained or damage. New credit, within reason will be useful and may be necessary to get your scores where you need them.
If you are afraid of being declined, start with your own bank or credit union and ask about a secured credit card. You keep money on deposit that allows them to give you the card. Your limit is tied to your deposit. Best of luck.... more
As long as your income and credit score is good you should be able to purchase another home. If you need some lender contacts, give me a shout, or if you want me to show you some properties. Sharon Wayman 289-6502 firstname.lastname@example.org... more
It's pretty common these days for buyers to request that sellers pay closing costs & pre-paids, even with foreclosures. Don't be shy about asking if that's what you need. You may (er...will) end up paying more for the home but then everything's a trade off, isn't it?
Keep in mind any lender imposed limits on seller assistance. It doesn't make sense to ask for more than your lender will allow you to receive.... more
Eileen: You've purchased very smartly. That area is seeing nice appreciation. I was quite encouraged when I saw the brisk movement of Vernon Avenue Townhomes last year. Nashville West is definitely a promising value add for the area; however, the location alone is the biggest factor in Croleywood/Charlotte Park's appreciation. There will always be a demand for Vanderbilt medical residents in that area. Now that Brookside and Brookmeade has risen above many buyers' means, this area only makes sense in the "edge" investment strategy. The one struggle that I have seen homes suffer there is the Area 2 vs. Area 3 mentality; but, still, I'd be happy. Congratulations on a smart buy!... more
The 37209 area code, Sylvan Park for instance, is an extremely attractive area to our market here locally. The Batavia Street area in 37208 is harder to find as attractive of real estate for our market. If I can help to suggest additional areas for you to consider - what are you and your daughter looking to find?... more
I used to live on Vine Ridge, a few streets over from Orlando and really loved living in the neighborhood. You'll find it very convenient to lots of national chain shopping as well as some local flavor shopping. Within a mile you have:
Restaurants: Calhoun's BBQ, O'Charleys, Caesar's Italian, Shoney's, Waffle House, White Castle, Burger King, McDonalds, Subway, Mexican
Retail: Target, Stein Mart, Pier One, Sprintz Furniture, an athletic store, a rug store, a numerous others.
Grocery: Kroger across the street
Other: The best Humane Society I have ever seen. Several worship centers. Nashville Tech (home to some great continuing education courses...even culinary arts!)
Orlando is very interesting because it's part of a quadrant of areas. Brookside (just south by a few blocks) is ranch-heaven with soaring property values. Sylvan Park (East a few blocks) is a gorgeous historic district with home prices beginning in the mid $200K for 800 sq ft. The Nations is just north of Orlando and is still in its transition time. Charlotte Park is west a few blocks, and like its ranch sister Brookside, it is seeing nice appreciation, however the neighborhoods aren't as lush as Brookside.
Orlando sits LITERALLY in the middle of all of that. Charlotte Pike is a strip that has seen its hard and good days. Luckily, today, it's seeing more good than bad, and with Nashville West (a new shopping haven) developing a few miles West of Orlando, you can expect a great neighborhood.
Check all the crime stats out at http://www.police.nashville.org/default.htm.... more