Things to know when buying a house?

[Ruffdaddy]

How long does it take typically for everything to be done (loan, etc...) before you can move in? My lease is up in four months and wondering if i should be looking heavily right now, or can i wait a couple of months? I already know what city i want to move so its just finding something in that area (which there is plenty to choose from.) I'm afraid i will run out of time if i dont start looking now.

Yeah thats cutting it short. I think it only took us 3 weeks after we decided on one...but that's was after losing the first pic.

Also, get a pre-qualification

[Gtracer]

Should i apply for the loan first or when i pick the house?

Apply first to find out how much you are qualified for. This will also narrow down your choices based off price...once pre approved, have fun....lol

[Ruffdaddy]

A lot of banks will over-finance people to the point, that if they fall into hardship, there is almost no option other than foreclosure. Try to get points and buy down the interest rate at closing. Don't fall for anything other than a traditional loan, no fha/va, investor, dsi, arm or equivalent loans.

Remember, your loan officer most likely bonuses or makes commission by signing you. They are not your friend. Don't trust them and do your own research.

I work on the default side of REL, so I don't have too much exp in lending or loan closing. But this is what I would begin with.

Why no FHA? It seemed like a great option...especially over an 80/20.

[talisman]

Should i apply for the loan first or when i pick the house?

It's best to secure it in advance. A lot of realtors won't want to work with you if they aren't sure you have the ability to follow through. Plus, when you make an offer, it needs to be backed by the ability to follow through. If you wait to find the house, chances are by the time you e got the financing in order it will no longer be available.

[ImayBblack]

It's best to secure it in advance. A lot of realtors won't want to work with you if they aren't sure you have the ability to follow through. Plus, when you make an offer, it needs to be backed by the ability to follow through. If you wait to find the house, chances are by the time you e got the financing in order it will no longer be available.

Thats what i thought, thanks.

[Saleen781]

don't go into a home without at LEAST $10-15 in savings. And FHA will work fine for you at this point, just use a reputable lender, talk to SVT Lurch. The lender he works for has a great reputation.....I know....I'm in the business. Good Luck with your search.

[ImayBblack]

don't go into a home without at LEAST $10-15 in savings. And FHA will work fine for you at this point, just use a reputable lender, talk to SVT Lurch. The lender he works for has a great reputation.....I know....I'm in the business. Good Luck with your search.

I plan on using my credit union i have been with for 15 years.

[VaderTT]

Why no FHA? It seemed like a great option...especially over an 80/20.

IME they are hard for us to work with as we are unable to fully service loan without approval from the FHA or VA (or and other 3rd party investor). I usually recommend loans that are originated and serviced by the same company. IE Chase is the financer and servicer, that way they don't need approval from a 3rd or 4th party to modify the note and such.

If you never have and hardships or need any assistance ( as little as getting correct/accurate loan info over the phone from a rep) , these loans are ok.
But trust me, if you need as much as a deferment or other changes, be prepared for an insane amount of stress.

These loans are the reason you hear modification horror stories of mods that take from 3months to 2years to book. When citi owned and service loans take 30days to close an adjustment of terms mod. changing intrest and terms of the loan.

[Lone Sailor]

It's best to secure it in advance. A lot of realtors won't want to work with you if they aren't sure you have the ability to follow through. Plus, when you make an offer, it needs to be backed by the ability to follow through. If you wait to find the house, chances are by the time you e got the financing in order it will no longer be available.

I hope you're referring to the pre-approval process and not saying that an institution will give her a loan before she finds a house. You can't secure the loan until the financial institution knows what it is that they're going to be financing you for. That's why they do a pre-approval process in order to let you know the maximum dollar amount that they will allow you to borrow based on the credit credentials you provide them with. That is also not by any means a guarantee for them to extend credit to you, it is merely a tool.

[Saleen781]

I plan on using my credit union i have been with for 15 years.

ok, then. Your loann will probably be owned and serviced by Colonial Bank, NA. Most credit unions in TX have a "clearing house" number they call to get your mortgage. Although there are more "Institutional Investors" out there today then there were 3 years ago....PHH, Amerifund, etc. They usually have less red tape and better cust svc due to lower volumes. But I wouldn't count out Willow Bend Mtg yet.

[Saleen781]

IME they are hard for us to work with as we are unable to fully service loan without approval from the FHA or VA (or and other 3rd party investor). I usually recommend loans that are originated and serviced by the same company. IE Chase is the financer and servicer, that way they don't need approval from a 3rd or 4th party to modify the note and such.

If you never have and hardships or need any assistance ( as little as getting correct/accurate loan info over the phone from a rep) , these loans are ok.
But trust me, if you need as much as a deferment or other changes, be prepared for an insane amount of stress.

These loans are the reason you hear modification horror stories of mods that take from 3months to 2years to book. When citi owned and service loans take 30days to close an adjustment of terms mod. changing intrest and terms of the loan.

You sound like you work in the new Foreclosure QC/QA dept at Citi? Who do you work for there?

[VaderTT]

You sound like you work in the new Foreclosure QC/QA dept at Citi? Who do you work for there?

I'm a loss mitigation supervisor under Jason Simmons.

[talisman]

I hope you're referring to the pre-approval process and not saying that an institution will give her a loan before she finds a house. You can't secure the loan until the financial institution knows what it is that they're going to be financing you for. That's why they do a pre-approval process in order to let you know the maximum dollar amount that they will allow you to borrow based on the credit credentials you provide them with. That is also not by any means a guarantee for them to extend credit to you, it is merely a tool.

Of course.

[Saleen781]

I'm a loss mitigation supervisor under Jason Simmons.

Ah..loss mit. I used to work in Correspondent there for many years under Mike Robertson. Was an AE making good bank until the collapse, now I work on the fraud & verification side of the business but still attend the MBA's and events. My company is an approved vendor with Citi, hell we built the AVM platform for CoreLogic you guys use. Who runs the loss mit channel now?

[Rick Modena]

Im assuming you've been renting, whatever has been your average monthly rent is where you want to be in buying your first home. A small example and this is an approximate number, a 100k priced home will run you about $850.00/$950.00 with insurance and taxes. Look at 5yr. old homes in a fairly new hood. Anything older will cost you in the long run, the older the home the more work it will will require and it will be major shit breaking like A/C units, roof shingles, etc. Unless you find an older home that has been completly renovated.

There are a lot of homes northern Frisco that are in the 1700sqft that fall into this price range. Nice schools, nice neighbors and low crime. Good luck Ash, there a few people on this board that can help you along in this process that can be trusted...'H'