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First Home - Loan Questions
Posted on 10/10/19 at 3:43 pm
Posted on 10/10/19 at 3:43 pm
I am currently in the process of purchasing a home that I have been renting for the past year or so. This will be my first large purchase. What are some things I should look (or look out) for when taking the loan? Also, what interest rate should I be looking for? I plan on putting down at least 20% .
TIA
TIA
2
Posted on 10/10/19 at 4:10 pm to Ruxins Rascals
What’s your credit score? What’s the negotiated price?
Right now a 30 year fixed can be had for ~3.5% and a 15 fixed ~<3.0%. Be prepared to put up additional cash besides your down payment for all the various other closing costs at closing.
Right now a 30 year fixed can be had for ~3.5% and a 15 fixed ~<3.0%. Be prepared to put up additional cash besides your down payment for all the various other closing costs at closing.
Posted on 10/10/19 at 4:24 pm to OleWarSkuleAlum
Price is in the process of being negotiated, looks like it will be between 180k and 190k. Credit score is 740.
Posted on 10/10/19 at 5:46 pm to Ruxins Rascals
Your credit score is a little low, but right now the interest rates are crazy low. At $190k I would set aside about $5k in cash for various closing costs in addition to your 20% down.
Lastly, do not have the existing owner repair any deficiencies noted on the home inspection. Ask for closing credits and/or re-negotiate the price. You want to make sure the repair is done correctly with your people and not a half arse lowest bidder job.
Lastly, do not have the existing owner repair any deficiencies noted on the home inspection. Ask for closing credits and/or re-negotiate the price. You want to make sure the repair is done correctly with your people and not a half arse lowest bidder job.
Posted on 10/10/19 at 5:53 pm to Ruxins Rascals
As far as the loan goes just shop around for a good rate. Try at least 3 or 4 places and if you can, get a rec beforehand from someone that will be good.
Get a home inspection for sure.
Do a wood destroying insect inspection for termites and such.
Are you using a realtor?
Also, the lady at the bank that handled mine this year was awesome. And she was really helpful since I was a first time homebuyer, and they gave me the best rate out of 4 places I checked.
They can do it all over the phone/email and give a loan on a house anywhere, she told me she had done loans on several in colorado. They transfer it to Wells Fargo afterwards anyway.
If you want her name and number, I'll be happy to look it up for you.
Get a home inspection for sure.
Do a wood destroying insect inspection for termites and such.
Are you using a realtor?
Also, the lady at the bank that handled mine this year was awesome. And she was really helpful since I was a first time homebuyer, and they gave me the best rate out of 4 places I checked.
They can do it all over the phone/email and give a loan on a house anywhere, she told me she had done loans on several in colorado. They transfer it to Wells Fargo afterwards anyway.
If you want her name and number, I'll be happy to look it up for you.
This post was edited on 10/10/19 at 8:40 pm
Posted on 10/10/19 at 7:53 pm to OleWarSkuleAlum
I would add that you should have 5k extra just in case if it’s an older home. You can probably still get under 4 percent at 740. I’d guess 3.875 or 3.75 with 20 down at worst. Closing will be around 5k. Don’t make yourself house broke. Make sure the note is easily doable.
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