House purchase help requested

Work with a realtor. Doesn't cost you anything as a buyer.

Get pre approved. Can't hurt.

Fixed rate. They are low as shite right now. Expect something in the low 4's.

If doing conventional financing- 20% down

You pay for inspection and appraisal. You can roll it into your closing costs.

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Work with a realtor. Doesn't cost you any tun as a buyer. 

Get pre approved. Can't hurt. 

Fixed rate. They are low as shite right now. Expect something in the low 4's. 

If doing conventional financing- 20% down 

You pay for inspection and appraisal. You can roll it into your closing costs

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Pretty much what he said. The interest rate depends largely on the market that day. My credit score is around the same as yours and I got a 3.625 rate locked in on a house I'm closing on tomorrow. My current house has 2.5 locked in and that's through the same lender. It just all depends on the market, but lately it's been around the high 3s.

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Posted by Message
Rohan

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What he said, with a few exceptions.

Rates are in the mid 3's with a good credit score for 30 year notes for fixed.

Don't roll things into the closing costs for things that need to be done prior to actually securing the note. Pay for little things like that as you go, and don't finance your closing costs into the note.

If you don't have at least 10% cash to put down, you shouldn't be buying one.

Your first house should be one you buy that's already built. You can do renovation houses as a first buy, but have someone that knows construction VERY well before walking off that potential cliff. If you know someone who is knowledgeable, you can really get a steal and get something you want. Just have to be a little patient.

You learn lessons with your first home that will serve you well should you choose to build your own at some point.

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LOL, no. Realtor cost gets priced into the sale.

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If you are strictly looking at fsbo homes, you don't necessarily need a realtor. If you are looking at homes listed with a realtor, you need your own and it doesn't cost you anything or affect the listed price in any way.

I'm not replying to any poster in particular, so bear with me.

20-25% down paymentis doable, however, I'm about to change careers, kind of.

I'm gong to take a different job with less pay. Which is why I'm going to lean towards a 10-15% down payment, while paying for the little things (inspector, appraiser, closing cost) out of pocket. That keeps me my nest egg. I won't need it to make it through the first year or so of the new job (I know what starting pay is and what it will progress to), but it will be nice to retain security cash.

Btw, would somebody care to explain to me the amount closing cost is?

For a sample home price of 200k,what would the closing cost be?

Also, I have a close friend who is a realtor. I've thought of contacting her, I know she would go in 100% for me, but I don't want to involve a realtor unnecessarily.

The homes/land I'm looking at are not fixer uppers or houses that need serious remodeling prior to moving in. They're "move in" ready.

Also, to pirates not living on land, chalk it up the job change? I suppose I'll have to change my TD name to something landworthy.

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Btw, would somebody care to explain to me the amount closing cost is?

For a sample home price of 200k,what would the closing cost be?

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You can request the sellers cover closing costs. I think they will only allow up to 3% of the sale price to be seller-covered, but there won't be much after that. I think it's pretty typical to ask for seller to cover, unless it's a hot property.

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20-25% down paymentis doable, however, I'm about to change careers, kind of.

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20% is the magic number to avoid PMI (mortgage insurance) so no real need to go up to 25%, but it will cost you to drop to 15%

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Also, I have a close friend who is a realtor. I've thought of contacting her, I know she would go in 100% for me, but I don't want to involve a realtor unnecessarily. 

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No reason not to involve them, especially if it's a close friend. You're gonna get her an easy check. Buyer doesn't pay any realtor fees. Seller pays 6% to the Realtor. If the buyer has a realtor then they both get 3%.

I have recently been through my first house purchase with similar credentials as yourself

What you need to do first is get pre-approved for a loan from a lender. I recommend getting at least 3 different estimates and go with the lowest interest rate.

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What's the best way to go about searching and buying a home?

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Use Zillow, Trulia, and Realtor.com along with just driving around looking for houses with for sale signs in their yards. Those websites aren't always fully up to date so I recommend doing a a lot of driving around and house hunting.

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With a 770-780 credit score what kind of interest rate would I expect? Should I get pre-approved or go through a particular financing company?

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Expect anywhere from 3.5-3.85% right now. Interest rates just went down.

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Variable or fixed interest rate?

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Definitely fixed interest rate and probably a 30 year loan since this will be your first home purchase.

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Hire my own broker, deal the with listing broker, or contact my own broker to search?

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Pick a realtor that has worked with someone close to you that you trust. Like others have said before, working with a realtor will help you throughout the process and they only get paid at the time of purchase at the seller's expense.

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What's a typical down payment on a house? What other fees are associated with having a house inspected and appraised? Who pays for that?

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I highly recommend putting 20% down in order to save on mortgage insurance. You can typically lump those fees into closing costs and ask for the seller to contribute in your offer.

Hope this helps.

My wife and I are around 710, and we got 3.25%. So I expect you to do a tad better than that.