Once you are pre-qualified, decide on how much you can put down. You can use a simple online mortgage calculator to estimate your monthly payment and check on the going loan rates. I find it helpful to look at your monthly payment and decide if it is a comfortable amount for you, because although a bank can tell you what you should be able to afford, it can vary from person to person on spending habits. Check out the amortization schedule that the mortgage calculator will give you. You can see how much you will spend on interest overall. It's very eye opening to compare loans. Don't get caught up trying to lock in a percentage rate, but watch them and get the lowest possible! Good luck!... more
I have contacted the listing agent and he says he should have pictures up soon. Sometimes home owners want to do things around that you recommend doing before taking pictures and it takes more than one trip to get this done. I am sure they will be up there soon and if you like I will be glad to forward them to you. Just email me and let me know. Thanks... more
Your question seems to have been truncated. Do you want some money to remodel the house? If you are buying a fixer-upper, you can apply for a "renovation" loan. There is a special FHA loan called a 203K loan that will give you money to buy a house and then money to make repairs. Not all banking institutions make these type of loans, but I think BB&T does. The local banks used to do this also as construction loans, but they are much more cautious about lending money these days, so I'm not sure you could find a small/local bank to make a renovation loan.
I believe VA and FHA loans require homes they finance to pass their inspection which is different from the general home inspection that Realtors recommend. If you are getting a "conventional" loan (20% down), an inspection is not required. The buyer pays for an appraisal when he applies for a loan.
Any money suddenly appearing in your checking account would have to be explained. Sometimes a lender will allow money to be gifted to a buyer, but a letter from the giver stating that it is a gift and not a loan is required. You should ask the SECU if they would allow the needed money to be gifted to you.... more