(1) Watch your loan fees carefully. A low interest rate loan may end up costing you more in the long run because of the fees involved.your lender is required to give you what's called a Good Faith Estimate (GFE). Carefully compare it to your HUD-1 that you get just before closing to make sure there are no surprises. Try MortgageAnswersFast.com for a detailed explanation of how to analyze a GFE (I do this as a na dded service for my Buyer's).
(2) Be wary of advertising. Many lenders try to entice you by saying "rates will never be lower because the Fed just cut it's rates." Truth is, rates are not controlled by the Fed. They
re tied to what's called Mortgage Backed Securities (MBS) and what investor's are willing to pay for the MBS.
(3) Consider paying more for your house. Sounds crazy, doesn't it? But it may be to your advantage to pay more so that you can use that extra money to buy down your interest rate.The monthly payment can be reduced substantially, saving cash flow in the short run while increasing your principal balance in the long term. You can also use the money to buy out Private Mortgage Insurance (PMI). Dan Isham (firstname.lastname@example.org 909-793-1878) can help you calculate the actual savings.
(4) Know your PMI options. PMI prrotects the lender from losses if you default on the loan. You must pay PMI if you have less than 20% down on a conventional conforming mortgage. Rates will vary depending on your credit score. Usually PMI is paid monthly. But there are other options, including lender-paid PMI (the premium is added into the interest rate of the loan). Consult a good lender about other options.
(5) Watch your credit score. With less than 20% down small differences in your credit score can mean a big difference in your rate or fees. Don't clsoe accounts. Instead, distribute your balances evenly and use old accounts every few months to keep them active. Check your credit report for errors and get them corrected. You can get a free copy of your credit report at http://www.annualcreditreport.com or call 1-877-322-8228.
Email me at email@example.com or call me at 951-571-9229.
I have a loan officer I work with often that I highly recommend. Her name is Marie Richarz and her email address is: firstname.lastname@example.org
There are at leats 51 bank owned homes available in teh 92880 zip code. They range from $180K to $540K. The average price is about $403K for a 2,900 sq. ft. home.
I don't know your individual situation (beyond what you've shared), but generally it'd be better for you to put as little as possible down because you want to save your cash and liquidity for other needs. Sounds like you already have a great financial planner, so talk to her.
As far as your real estate needs, I'd appreciate the opportunity to compete for your business. Check out my profile and let me know how else I can help.
I just wanted to jump in here and say I am so truly sorry for your loss and I know it will be very hard for you at each step of the way in building your new life. It sounds like your husband was a good man and provided for you in case he couldn't be here and that is such a selfless act that hopefully we all do for the one we love. Recognize if you have anxiety or sadness while looking for a new place to settle into that it is normal and just check in with your feelings and where they come from. I'm not a counselor or anything but I know great loss and please choose a Lender and Agent that will handle your needs with respect, understanding and concern for you (and a hug doesn't hurt either). While you will have a wonderful life it will take time to recover from your great loss. If I can help you with anything please let me know. Take Care, Grace
But, while your energy level coming back up, you do NOT want to attach the low energy level things, especially "foreclosure" or bank own. Go out to visit all open houses in town and pick one that is the highest energy level for you and your mom, and I am sure your life would be very happy in the years to come.
Why open houses? As you may not know, realtors only hold open houses on those with high level energy, so by doing so, you can uncover the ones very easily. If you got trapped with a realtor who want to show you a house s/he even never seen just pop up from computer, that house could be at very low energy level.
So, who are the buyers should be for bank own properties? or foreclosure. Ideally, realtors should be or builders if they are rundown. Since those people are very high energy level and well connected, they would be able to buy and renovated and resell when the houses become high energy level again.
If you can pay down 25%, then you will get loan always with no asset verification, and you are encouraged to do so for a best negotiation status. So, you will eventually find the best house in town you like with highest energy level, yet willing to give you a great deal due to the fact all other buyers do not pay down as substential as yours.
All in all, you should be appreciate to your husband who left all his love with you even after he pass away...