LogFAQs > #948629562

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Topic	Buying a house
Corrik7 12/22/20 3:42:03 AM #13:	Just so you know, everyone keeps harping at the PMI, but you can have it removed from your loan once you hit 20% paid, whether you pay it up front or not. This also includes if your home value simply goes up to make that 20% of value to what you owe. The main things to know as a first time home buyer is that there is programs that will let you pay little to nothing down if that is the only way you are able to purchase one. I assume interest rates are at basically 0 federally so your interest rate on your loan itself should be bank minimums I would think. The first step is getting pre-approved at a bank for an amount. This isn't a set in stone number so don't assume it means you are 100% set or 100% limited by this number. The second step is getting a hold of a real estate agent or contacting someone to look at houses you like. Almost every house looks better in photos than actuality. So, you may fall in love with a house that actually is a piece of shit when you look at it. Be wary. If you do go with one of the federally backed loan programs (FHA or USDA - USDA has limits and you can't discharge the pmi for the life of the loan just fyi), there are requirements that must be passed for the house to be sold. Such as cannot be any paint chipped anywhere, railings on porches, etc. This could be done at either of your expenses, but the loan won't be approved without it done. These will be found during the appraisal. Do not make any credit card purchases during the buying process once you find a house or take out any other loans. Your loan is based on a debt to income ratio that such a move could cost you your loan. Don't forget your homeowners, taxes, pmi, and etc when figuring out your monthly payment. It's not simply the house cost. Also, I would suggest not letting the homeowners insurance take advantage of you. They try to force you to insure for far more than you really need to in many cases. Do not buy in a flood zone or mine subsidance zone unless you want hefty insurance price hikes. About all I got for you. Good luck. --- Xbox Live User Name - Corrik Currently playing: Spider-Man (PS4), Quantum Break (X1) <cite>Corrik7 posted [p:948629562] in Buying a h... [t:79191613]...</cite> <quote>Just so you know, everyone keeps harping at the PMI, but you can have it removed from your loan once you hit 20% paid, whether you pay it up front or not. This also includes if your home value simply goes up to make that 20% of value to what you owe. The main things to know as a first time home buyer is that there is programs that will let you pay little to nothing down if that is the only way you are able to purchase one. I assume interest rates are at basically 0 federally so your interest rate on your loan itself should be bank minimums I would think. The first step is getting pre-approved at a bank for an amount. This isn't a set in stone number so don't assume it means you are 100% set or 100% limited by this number. The second step is getting a hold of a real estate agent or contacting someone to look at houses you like. Almost every house looks better in photos than actuality. So, you may fall in love with a house that actually is a piece of shit when you look at it. Be wary. If you do go with one of the federally backed loan programs (FHA or USDA - USDA has limits and you can't discharge the pmi for the life of the loan just fyi), there are requirements that must be passed for the house to be sold. Such as cannot be any paint chipped anywhere, railings on porches, etc. This could be done at either of your expenses, but the loan won't be approved without it done. These will be found during the appraisal. Do not make any credit card purchases during the buying process once you find a house or take out any other loans. Your loan is based on a debt to income ratio that such a move could cost you your loan. Don't forget your homeowners, taxes, pmi, and etc when figuring out your monthly payment. It's not simply the house cost. Also, I would suggest not letting the homeowners insurance take advantage of you. They try to force you to insure for far more than you really need to in many cases. Do not buy in a flood zone or mine subsidance zone unless you want hefty insurance price hikes. About all I got for you. Good luck. --- Xbox Live User Name - Corrik Currently playing: Spider-Man (PS4), Quantum Break (X1)</quote> ... Copied to Clipboard!
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