Home Buying in 62294>Question Details

Pedsrn, Home Buyer in 62294

Hi! I am a first-time home buyer looking to make a purchase in summer of 2011. Any tips buying a first home?

Asked by Pedsrn, 62294 Mon Feb 28, 2011

Any additional tips on finding a good mortgage provider in the area and someone to talk to about mortgages?

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5
Muchael is right, you have to "season" the money for your down payment. Pull your own credit score and figure out if there is any problem with it. Figure out if you have accesss to VA loans as veteran and talk to lender and shoot for 10% down conventional loan unless you might have access to a co-signer family member that can help you afford a home. You need 18 months in same job, good credit and low debt to asset ratio. DO not buy a car between now and then!
have fun!
0 votes Thank Flag Link Mon Feb 28, 2011
A few tips...

1) Deposit your down payment money into a bank account and let it sit for at least 60 days.
2) Do not make any large deposits or withdrawls from that account within the 60 day window.
3) Have your loan officer do a credit check now to see if anything needs correcting before its time to purchase.
4) Do not open any new credit cards or make any large purchases such as a car or furniture.
5) Finally...don't get fired from your job unless you have another lined up.


Your loan officer will discuss the available loan types to see what is the best fit for you. Good luck,

Mike.
mcline@waterstonemortgage.com
0 votes Thank Flag Link Mon Feb 28, 2011
Dear Perdsrn,
You can talk to the bank where you already have your accounts about a loan, or you can get a referral from your Realtor. You should get a good Pre-Qualification before you beging looking for property.
0 votes Thank Flag Link Mon Feb 28, 2011
Start with contacting your local bank that you may currently bank with or carry other loans with, such as a car loan or credit card, often times they may offer you a discount on fees for coming to them...If you need additional lenders to compare rates and fees contact a couple more. I would focus on the best areas for you, you most likely already know what type of housing you want and your wants and needs, areas are definately a little more difficult to pin point. Once you have spoken with the bank and been preapproved, find a local real estate agent specializing in the locations you want to be in... he or she will begin to search for the housing in your areas of interest but also in your price range that is comfortable and affordable to you. Good Luck with your home search. You are starting your process in the best time, the spring is upon us along with a lot of new inventory!
0 votes Thank Flag Link Mon Feb 28, 2011
First, get pre-qualification letter from the bank.
Second - you have to find the community that fit your lifestyle.
Third - find local Real Estate Expert, who will find best deal for you.
0 votes Thank Flag Link Mon Feb 28, 2011
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