Home buying time-table…?
What is a good time table to go by for buying a first home. how early should we look for a home, we have 3 months left on our lease. How long does it take to get a loan? What is included in the monthly cost of a home (mortgage, taxes, insurance)? What is the difference between a fixed mortgage and an adjustable APR? Sorry for all the questions, but I dont trust too many real estate agents who are already pushing inventory houses on us rather than new homes.
The time is now! I started on October 4th hopping by December 4th When my lease is up i was already out. Well Today is November 20th and I still haven’t found my home, the good thing is my loan is already approved, the only thing missing is the house and the long wait between negotiations and appressal.
My advise is, get pre-approved or approved FIRST, then start house hunting. The most important thing is to get approved for the best loan before the hunt, which is the easiest part.
My third application took 30-minutes over the phone with my bank and within 4-business days I was sort of pre-approved. My original loan amount was for $300,000 which got decline by the underwritter, so I had to talk to him and settle for a $260,000 loan., But a week later, it was finally approved.
Since my original loan amount was decline, I had to look for homes withing that price range in another part of the state. Where I currently live, Homes start at $300,000 and they tend to be small, and needing a lot of work.
My bank was my third and last lender, after trying with Credit Suisse which gave me 100% financing at 5.375% then change the terms to 7. 850% for 3-years fixed and 27-years variable without notifying me.
The second attend was with Quicken Loans, which was a complete waste of time. BTW, if you valued your sanity, AVOID Quicken Loans!
A fixed interest mortgage is the best to go, you don’t want to go for one of those “Interest Only” you hear so much about. Thouse will lead you to a foreclosure within 3-year.
For a 100% financing loan your mortage payments will start the first day of the month 2-months later, mine is set for February 1st. 2007. The monthly payments will include Principal, Interest, Taxes and Insurance.
Home Mortgage Interest Income Tax Deduction 2011, 2012
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SAFE AS HOUSES: EXAMINATION OF HOME OWNERSHIP AND MORTGAGE TAX RELIEF (CHATTO COUNTERBLASTS) … |
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J.K. Lasser’s 1001 Deductions and Tax Breaks 2012: Your Complete Guide to Everything Deductible $9.98 A straightforward guide to taking tax breaks and deductions on your 2011 tax returnCompletely revised to reflect important changes in this year?s tax laws, J.K. Lasser?s 1001 Deductions & Tax Breaks 2012 will help you take advantage of every tax break and deduction that you may be entitled to. This comprehensive guide is clearly organized by subject matter so you can easily find situations that ma… |
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Taxes $1.46 No Synopsis Available |
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