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ILoveChoo · Hermes

mortgage question

Elle · Hermes

There are lots of places you can check into. Banks probably won't have the best rates, actually. Firstly do some mortgage calculators online to see how much you can borrow for the payments that you're comfortable with. If you're a credit union member I'd ask there and see what the rates are. There is help for first time buyers that you can check into, too that can get you zero down loans and reduced interest rates.

ILoveChoo · Hermes

I swear Elle, you really do know everything.

I'm not a credit union member but I can join one through work so I'll look into that. Aside from that, are there other places to look into? Do places exist that only do mortgage loans or something?

And do I ask about the first time buyer stuff when we talk to the loan people, or is that something different?

JoceyBaby23 · Gucci

Most the time.. Pre-approval letters are dated and only good for 30-60 days.. so don't run out and get one in May if you aren't even going to be looking at houses until September.

We found our best rates through HomeSale Mortgage.. It is a division of Coldwell Banker. If you can research and find a realtor that you like and trust.. most of the time.. the bes recs on Mortgage stuff will come from them, in my experience.

Also, don't run your credit reports too often.. Each time, your score may lower. Also something to know.. Getting a pre-approval letter, from a bank or credit union will probably run you about $150. Because they have to take time to run your numbers and research your credit history.

We have been working through this stuff since October.. So I consider myself an expert, if you have more questions!

ILoveChoo · Hermes

thanks, I'm not in a major rush right now- just want to figure everything out before we really start looking. I'm not even sure that the preapproval letter will be necessary in that area- there are a ton of unoccupied units and doesn't seem to be very competitive on the buyers end. We're looking to move in the Fall, so will probably actually start looking at places over the summer- maybe late June/July. I'm looking for jobs now, but we're pretty flexable. There's nothing keeping me down here now and I could always move back in with my parents temporarily if I had to. I'll probably end up going up a few months before DH does to get things settled anyway.

Elle · Hermes

Places should be able to run your numbers and give you different scenarios without actually pre-approving you at all. Unless you're looking to borrow the maximum amount for your salary (which IMO is usually much more than can comfortably be afforded) there shouldn't be a problem actually getting approved when it comes to that.

FHA works with most lenders to get you special first-timer deals, and there's lots of info on their website about the specifics, and they have a number you can call with questions too.