Home Buying in 60647>Question Details

uhmazingmandy, Home Buyer in Chicago, IL

Hi, First time home buyer here, want to get out of the in laws home.

Asked by uhmazingmandy, Chicago, IL Sun Jul 21, 2013

My fiancé and I are both 21. I have never had a full time job (had a few part time things), pretty sure I have no credit, never made any big purchases, never had a credit card, and am currently a stay at home mom to a 1 year old. My fiancé has a few store credit cards, financed 2 cars, and has a steady full time job. We live with his parents and want to move to Jacksonville, nc. were from Fredericksburg, va. We don't know where to start or how much home we can afford, he wants to refinance his car first to get a lower interest rate, currently 11%. What do we do to start. I don't think we want a lot in a house just a 3 bed 2 bath single family, in a good neighborhood. we are okay with a little fix-upper. Any advice, would like to be out of here by next summer, is that unrealistic. Thanks so much.

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Answers

16
Dan Porter’s answer
You want to have a good experienced team working with you. #1 Call Sam Sharp at Guaranteed Rate (Chicago's #1 lender) to start the process. Call a couple of real estate agents and try to get a feel for how important your deal will be to them. It is an important relationship and you should interview.
0 votes Thank Flag Link Sun Jul 21, 2013
I recommend speaking with a loan officer to help point you in the right direction. They will be able to help you determine what steps you will need to take in order to ensure that you are in the best possible position to purchase once you are ready to make the move. I would be happy to help
Please feel free to contact me at your convenience
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0456
2 votes Thank Flag Link Sun Jul 21, 2013
Speak with a Loan Officer in order to evaluate your current financial situation and to put a plan in place.
1 vote Thank Flag Link Mon Jul 22, 2013
I would call a lender up. They will tell you everything you need to know.
1 vote Thank Flag Link Mon Jul 22, 2013
It really depends on his income. Every $100K you borrow costs about $500/month give or take depending on rate and he should spend no more than a 1/3 of his pre-tax income on housing depending on what his other debts are.

As a simple example- if you want to buy a $200K home you're looking at $1K a month plus whatever taxes and maintenance ends up being (let's call it 300-1K depending on the state you live in).
0 votes Thank Flag Link Thu May 8, 2014
A good place to start is for both of you to go online and order your annual free credit reports. You will feel more confident speaking with a lender, knowing beforehand a little of your credit history and what the reports look like to the lender. Since you already are financing two cars, I would suggest that you don't add any large credit purchases until you complete your home purchase. Your credit will be checked and rechecked during the purchase process.
0 votes Thank Flag Link Thu May 8, 2014
Speak to a mortgage lender. They will walk you through your financing options. From what Im reading it sounds like the property would have to be financed through your Fiance and you could be put on the deed after closing.
0 votes Thank Flag Link Thu Jul 25, 2013
Our mission, at Quality Mortgage Lending, is to secure the best mortgage available for our clients. We will work diligently to find you the best possible terms, helping you achieve your financial goals in a friendly and professional manner. Our clients truly do come first and will be treated with the utmost respect and forthrightness. You will notice the difference from the initial consultation. Call today and ask how Quality Mortgage Lending can help you.

Best Regards,

Leonard M. Pollard-NMLS#225784
(630)401-9495 Direct
(630)470-6830 Office
(630)470-6844 Fax
lp@qualitymortgagelending.net
http://www.qmlending.com/lp
0 votes Thank Flag Link Wed Jul 24, 2013
My name is Leonard Pollard, and I am the person that is going to help you accomplish your mortgage needs. You just recently made a mortgage inquiry and that is why I am writing to you now. When dealing with potential borrowers over the internet, I typically introduce myself first via email. I will try to call you within 24 hours unless you prefer a different time or place for me to contact you.

I must tell you that I do not work with all potential borrowers just as they do not work with me. I am straight forward and to the point. In addition to that, I treat every borrower with the same level of service that I expect for myself when making important financial decisions. I use my 13 years of experience in the mortgage industry to provide the best products available for my borrowers and their specific needs.

I would like the opportunity to have a brief conversation with you to discuss your expectations. If you feel that you would like to talk sooner, do not hesitate to call or reply at any time. I have attached an application for your convenience as well.

Our mission, at Quality Mortgage Lending, is to secure the best mortgage available for our clients. We will work diligently to find you the best possible terms, helping you achieve your financial goals in a friendly and professional manner. Our clients truly do come first and will be treated with the utmost respect and forthrightness. You will notice the difference from the initial consultation. Call today and ask how Quality Mortgage Lending can help you.
0 votes Thank Flag Link Wed Jul 24, 2013
It's always great to seek a professional. I would first start with contacting a lender and qualifying yourselves for a mortgage. Most Realtors are looking for their clients to have a pre-approval before they take you out looking at homes. Getting a "No Obligation" free pre-approval is simple. Since you have never purchased a property, look for agents that specialize in First Time Home Buyers. These agents are willing to spend a little more time working with you and explaining the process.

If you need any assistance feel free to contact me. I have held both a Realtor license and now Mortgage licensed. I specialize in first time buyers.

Thanks,
Dan Ghaowi
773-739-5117
Guaranteed Rate
http://www.guaranteedrate.com/danghaowi
dan.ghaowi@guaranteedrate.com
0 votes Thank Flag Link Wed Jul 24, 2013
Start by determining your buying power and what you need to do over the next year to qualify for a mortgage. When the time comes, focus on the market you want to move and use a site like Trulia to help you find a LOCAL agent in Florida. When the time comes, do some shopping down there in person, not over the Internet. That only gives you a feel of the market but not always the best way to identify specific neighborhoods and homes that would work for you. Best of luck!
0 votes Thank Flag Link Mon Jul 22, 2013
Totally speak with Sam Sharpe, he's a national lender and can at the very least point you in the right direction.

Good luck!
0 votes Thank Flag Link Mon Jul 22, 2013
Good evening uhmazingmandy,

First steps:

Meet in person with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for. Your Mortgage Banker will discuss the various loan programs, closing costs, and most important of all, monthly payment.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Mon Jul 22, 2013
Sam Sharp is perfect source for you. Contact him.
0 votes Thank Flag Link Mon Jul 22, 2013
If you have an area of Chicago you have already defined then let us know where that is. Once you have talked with a lender you'll have a better feel for the price range. If you are moving here from another state are you going to have work? Without current employment there may not be a loan at all.

Lots to think through here.

Deb
0 votes Thank Flag Link Mon Jul 22, 2013
You could get your name added to your fiancé's credit cards, or you could get a prepaid credit card in your own name to establish good credit.
0 votes Thank Flag Link Sun Jul 21, 2013
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