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LIchic82
LIF Infant
Member since 10/10 49 total posts
Name:
doreen
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house hunting soon
DH and I are renting in an apt complex and our lease is up in March. We aren't going to renew another year because our rent is just as expensive...as a mortgage!!! We pay a little over $2100 a month. We are going to pay month to month until we find something.
My questions are....
Where do we start? Since we are not ready to purchase a home until after March, do we have to get pre-approved or something? How long does that take? Should we go see a banker or real estate agent now??
How much do you have to put down? can we put like 7 to 10% down or is that too little?
Also....is it possible to find a $350,000 to $400,000 house and have our payment the same as what we are paying right now? Or will it be more?
Thanks!!
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Posted 11/5/10 7:20 PM  |
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BabyGirl510
LIF Infant
Member since 9/10 110 total posts
Name:
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Re: house hunting soon
Hey there first thing you should do is speak to a mortgage broker so they can tell you what you can afford with whatever you have to put down.
After you have that all figured out I would suggest you start deciding what areas you want to look at if you havent figured that out already.
I am a realtor and I can honestly tell you that March will be here before you know it so I would say you should get the ball rolling.
Some people take a long time to find what they are looking for because they are very specific in what they want in the house.
If you have any questions please feel free to FM me.
Good Luck to you
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| Posted 11/5/10 8:12 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: house hunting soon
It takes 2 or more months to go to closing once you have signed a contract. We found our house after 3 months of looking.
I would talk to a mortgage broker or bank to see what you can afford vs what you will be approved for.
And as far as 350K-400K and only having a mortgage of 2100.....I doubt it.
We paid 300K for our house and put 3.5% down (FHA loan) and our payments are mid 2K/mon. It all depends on the rate, downpayment, taxes, insurance.
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| Posted 11/5/10 8:55 PM |
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mikeandjess
LIF Adult
Member since 10/07 2278 total posts
Name:
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Re: house hunting soon
Posted by LIchic82
DH and I are renting in an apt complex and our lease is up in March. We aren't going to renew another year because our rent is just as expensive...as a mortgage!!! We pay a little over $2100 a month. We are going to pay month to month until we find something.
My questions are....
Where do we start? Since we are not ready to purchase a home until after March, do we have to get pre-approved or something? How long does that take? Should we go see a banker or real estate agent now??
How much do you have to put down? can we put like 7 to 10% down or is that too little?
Also....is it possible to find a $350,000 to $400,000 house and have our payment the same as what we are paying right now? Or will it be more?
Thanks!!
I can't answer all your questions but we paid in your requested price range and our mortgage is not much more than what you pay in rent so it's close. Also, it really helped us to go through the whole mortgage process before we bought a house. When we found the house we wanted to buy it only took us a month to go to closing since all of our paperwork was submitted already. Oh, and we also put 10% down but we had a lot of difficulty with that. We found that most buyers wanted 20% and our REA told us we're in a "20% market". I wanted to hit her every time she said that.
Message edited 11/5/2010 9:35:33 PM.
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| Posted 11/5/10 9:32 PM |
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LIchic82
LIF Infant
Member since 10/10 49 total posts
Name:
doreen
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Re: house hunting soon
Thanks for all the info everyone!! March is def coming up fast! Im thinking maybe we'll extend our lease maybe 6 more months so we have some more time to save!! lol Geez..its already November. Crazy.
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| Posted 11/5/10 9:49 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: house hunting soon
Posted by mikeandjess
Posted by LIchic82
DH and I are renting in an apt complex and our lease is up in March. We aren't going to renew another year because our rent is just as expensive...as a mortgage!!! We pay a little over $2100 a month. We are going to pay month to month until we find something.
My questions are....
Where do we start? Since we are not ready to purchase a home until after March, do we have to get pre-approved or something? How long does that take? Should we go see a banker or real estate agent now??
How much do you have to put down? can we put like 7 to 10% down or is that too little?
Also....is it possible to find a $350,000 to $400,000 house and have our payment the same as what we are paying right now? Or will it be more?
Thanks!!
I can't answer all your questions but we paid in your requested price range and our mortgage is not much more than what you pay in rent so it's close. Also, it really helped us to go through the whole mortgage process before we bought a house. When we found the house we wanted to buy it only took us a month to go to closing since all of our paperwork was submitted already. Oh, and we also put 10% down but we had a lot of difficulty with that. We found that most buyers wanted 20% and our REA told us we're in a "20% market". I wanted to hit her every time she said that.
what?
I am sorry but those words have never come out of my mouth....
I work with a lot of first time home buyers....I would be happy to answer any questions to have
feel free to FM me
I would advise to get pre-approved first so you can see what you will qualify for and what you feel comfortable spending
I can recommend a couple of great mortgage bankers that also understand first time home buyers
ETA- listingbook is also a great tool to start the process- I would be happy to set you up with an account
Message edited 11/6/2010 2:39:27 PM.
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| Posted 11/6/10 2:36 PM |
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mikeandjess
LIF Adult
Member since 10/07 2278 total posts
Name:
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Re: house hunting soon
Posted by Beth
Posted by mikeandjess
Posted by LIchic82
DH and I are renting in an apt complex and our lease is up in March. We aren't going to renew another year because our rent is just as expensive...as a mortgage!!! We pay a little over $2100 a month. We are going to pay month to month until we find something.
My questions are....
Where do we start? Since we are not ready to purchase a home until after March, do we have to get pre-approved or something? How long does that take? Should we go see a banker or real estate agent now??
How much do you have to put down? can we put like 7 to 10% down or is that too little?
Also....is it possible to find a $350,000 to $400,000 house and have our payment the same as what we are paying right now? Or will it be more?
Thanks!!
I can't answer all your questions but we paid in your requested price range and our mortgage is not much more than what you pay in rent so it's close. Also, it really helped us to go through the whole mortgage process before we bought a house. When we found the house we wanted to buy it only took us a month to go to closing since all of our paperwork was submitted already. Oh, and we also put 10% down but we had a lot of difficulty with that. We found that most buyers wanted 20% and our REA told us we're in a "20% market". I wanted to hit her every time she said that.
what?
I am sorry but those words have never come out of my mouth....
yup, true story. Hence me wanting to punch her.
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| Posted 11/6/10 9:53 PM |
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