Excellent, congratulations on being debt free!! I would recommend you go to your lender and see what you can get pre-qualified for, since it sounds like there's some great opportunity in your area. Good luck!
Katie Miller
katiemiller-navyfederal
You’re right about the hard check with your pre-approval. If you’re able to work with a real estate agent and get to go see houses without a pre-approval (some real estate agents require them to even let you in their car), then that’s excellent and I’d continue to do that until you find the right home. However, work…
Totally makes sense. Again, it's just what's comfortable. Do you have family who would support you in a bind? Are you confident in your future income increasing to give you more breathing room...?
So if you're looking to buy in 1-2 years, the benefit of waiting is that you'll likely have both more savings and more income by that time. Even if interest rates go up, if the hot housing market (and you're right - Denver metro is nutty right now!) cools off, you could get a property for a better deal, or at least…
Rates are low right now - even for the low/no down payment loans. I like your options with going for that (which, it sounds like, based on your income, you'll qualify for), benefiting from the tax right off associated with it, and then putting the rest of your income into paying down the higher rate credit cards.
1) No, 2) Possibly (you can check into this with your lender - hope it's us!), 3) This is probably the best idea - you can both be on the loan in this case, and then after you get married, you can refinance into a VA, which will likely still have a better rate than a non-government loan.
Hi LZPanzer, I’m not sure if this is anything different than what you’ve already heard...but I was in this situation in 2005 when I bought my first home... Basically, the “hassle” part of this, in my interpretation, is that you’ll likely get into bidding wars and potentially pay more than you were originally planning…
Hi Erin, your lender or your local settlement agent is the best place to get a list of the typical fees associated with a loan. "Other" fees are also things that can be negotiated in a contract - for example, the seller could pay for your lender's title insurance (which is a required fee). Here's a link to some…
Yes, please give your lender 60 days. This is the hottest season of the year for home purchases and we have record low rates. 60 days is totally do-able, 45 makes it tight. But always make sure to discuss with your particular lender what they can do.
There are grant programs available, you should research in your local jurisdiction for what they have, often it's offered through the state. The other option is low/no down payment loans. The VA (if you're eligible) has what I consider to be the best 0% down payment program available. FHA loans are only 3.5% down and…
Congratulations - it sounds like you’re on the right track! It’s really personal preference at this point. Do you think you're going to have some large cash purchases in the near future? Mortgage rates are extremely low right now, almost the lowest ever, so if you're comfortable settling for a slightly higher rate…
Short answer: no. However, you will need to qualify for the entire mortgage loan (and joint debts - e.g. if you are a co-signor on her car) by yourself.
This is where a good realtor is VERY important. You will need to make sure that you have the ability to renegotiate the contract if this happens and not lose your Earnest Money Deposit if the seller refuses to come down on the price.
Hi Ryandurling, so have you saved up enough to make up the difference between what you wanted and what they offered? The other key is if your credit score improved, or rates have come down since you first applied, that would give you more buying power. If any of those events have occurred, I would encourage you to…
Hi Thomas, The more you put down, the better interest rate you're going to get. So it really depends on your situation. Not everyone has 20% available and there are programs out there that allow even 0% down. I would suggest that you look at your current and future "cash" needs and what kind of rates and payments…
Rule of thumb in the industry is that your mortgage payment, taxes, condo fee, insurance, and all other monthly debts, should be no more than 45% of your gross monthly income.
Think about the location where you're buying. Have you done the research to ensure this is exactly where you want to live? Schools, proximity to amenities, public transportation, etc. Also, to prepare for the mortgage itself, gather up your W2s, one month of pay stubs, and bank statements to back up funds needed for…