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First time home buyer info needed
Posted on 9/27/17 at 7:00 pm
Posted on 9/27/17 at 7:00 pm
I need some good literature on buying a home. We’ve gone through some prequalifying steps already but getting mixed information from everyone I talk to about conventional vs FHA loans.
Where is the best place to obtain knowledge on purchasing a home and mortgage lending?
I’d like to know more about the different types of loans, PMI, and closing cost.
Where is the best place to obtain knowledge on purchasing a home and mortgage lending?
I’d like to know more about the different types of loans, PMI, and closing cost.
7
Posted on 9/27/17 at 7:18 pm to TigerGM
Do you know what home you want to buy? Is a purchase agreement agreement filled out? How much money are you planning to put down?
Posted on 9/27/17 at 8:27 pm to TigerGM
I suggest calling or meeting a loan officer. They should be able to answer a lot of questions.
FHA PMI stays on for life of loan
Conventional PMI falls off when 80% loan to value (I think)
FHA PMI stays on for life of loan
Conventional PMI falls off when 80% loan to value (I think)
Posted on 9/27/17 at 10:43 pm to TigerGM
Have you looked into a USDA loan?
Posted on 9/28/17 at 6:25 am to TigerGM
Call Chuck Coghlan at Assurance Financial. He is very knowledgeable and will go over all information.
Posted on 9/28/17 at 8:15 am to TigerGM
FHA is typically more profitable for the LO, so if close they will try to steer you there.
Posted on 9/28/17 at 8:36 am to TigerGM
FHA is easier to get for young buyers with little or perhaps spotty credit, and less saved for down payment, but they pay for it in the form of mortgage insurance.
Conventional appears to be the better deal for those with good credit and cash on hand for down payment, especially if they can swing 20% and avoid PMI.
If you can't make a big down payment, FHA may be the better option and allow one as low as 3.5%, but a "significant disadvantage of an FHA mortgage is that you will have to pay a mortgage insurance premium up front and for many years, possibly for the entire length of the loan." See 2nd link below.
Experienced real estate agents often know a lot about the pros and cons of various financing (VA, FHA, conventional, etc.), but some are clueless.
A good agent should be able to, maybe with an assist from a closing/title firm, to estimate the closing costs and monthly payments for a particular house under the mortgage options.
FHA vs. Conventional Mortgage: Which Loan Is Right for You?
FHA vs. Conventional Mortgage Loan: Weighing Your Options
Conventional appears to be the better deal for those with good credit and cash on hand for down payment, especially if they can swing 20% and avoid PMI.
If you can't make a big down payment, FHA may be the better option and allow one as low as 3.5%, but a "significant disadvantage of an FHA mortgage is that you will have to pay a mortgage insurance premium up front and for many years, possibly for the entire length of the loan." See 2nd link below.
Experienced real estate agents often know a lot about the pros and cons of various financing (VA, FHA, conventional, etc.), but some are clueless.
A good agent should be able to, maybe with an assist from a closing/title firm, to estimate the closing costs and monthly payments for a particular house under the mortgage options.
FHA vs. Conventional Mortgage: Which Loan Is Right for You?
FHA vs. Conventional Mortgage Loan: Weighing Your Options
Posted on 9/29/17 at 9:05 pm to TigerGM
Go to a bank and sit down with a mortgage originator and ask all the questions you want. I know Red River Bank does it for free.
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