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buying house/mortgage questions....


Guest mithesaint

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Guest mithesaint

Couple questions for the wise folks of CR.....

 

Ok, so I already know that my future wife and I (5/13/06) will be moving somewhere other than C-bus this coming summer. Where, exactly that is, we're not sure at this point. We'll find out on 1/19. More than likely though, it's either Rochester MN or Akron. My questions:

 

1. We want to buy a house. I've already looked on the web at a few things, but nothing serious yet. How soon do we need to get serious (actually seeing houses,etc) in order to be living in the house no later than 6/15? When do I need to apply for a mortgage by?

 

2. How does one go about applying for a mortgage? Do I just show up somewhere and apply? I just checked my credit, and the report is 100% accurate. My dumbass self paid $5.95 for the actual score, but it was worth it:). Short story, my credit is excellent, and income levels shouldn't be a problem. I'll start a new job in June or July, but at the time of application, I'll only have a contract to prove income levels. Is this a problem?

 

3. I've read that your mortgage should be 2.5-3 times your gross income. Does this hold true?

 

4. Besides the obvious (location, condition, etc) what should I look for in a house? Anything you have in your house that you can't live without? An acceptable garage is an obvious one. Others?

 

5. Places to look for houses on the web? I'm sorta busy, and don't have time to trek up to Akron all the time. I've been to http://www.remax.com, but haven't found any other useful sites.

 

TIA for anything you can help with.

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get with POWERS on here. Does an excellent job with mortgages and can answer any questions you have. And on searching....call a local agent to where you will be looking and have them send you a weekly email on houses in the area.
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get with POWERS on here. Does an excellent job with mortgages and can answer any questions you have. And on searching....call a local agent to where you will be looking and have them send you a weekly email on houses in the area.

 

+1

 

Call Greg Powers he is a mortgage broker and im sure he can answer any of your questions.

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Greg did mine too... he was very knowledgable on things that my realtor had no clue about.

 

as far as looking, you might get lucky after a few times out, or you might take 6 months... my recommendation would be to figure out where the heck you're moving too then start looking.

 

Greg's office number is 734-1859. He works for Alan Bengerman (sp?) mortgage

 

your work history will play a role in getting the house... make sure that this isn't your first "real" job and you've actually worked at places for over 2 years or your rates will pay the price.

 

The only thing I can tell you about looking at houses is make sure that it's what you want... you'll be stuck with it for quite a while so if there's anything you don't like or want, get it fixed or move on... there's plenty of fish in the sea.

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Guest powers

You want to do your application so you get a pre approval letter as soon as you can.

 

This allows you to speak with sellers and let them know you are not a tire kicker. This will lead to them being more open to discussing price and time frames.

 

I would start looking AS SOON as you know where you are moving.

 

If you would like you can call me at 614-734-1859 ask for Greg Powers and I will be able to take all the information I need over the phone to get you a pre approval letter as well as answer any questions you may have about the home purchasing transaction.

 

Your income we can discuss over the phone but do not worry. As long as your credit is good we gove loans to people with no job.

 

Buying a home can be exciting and stressfull. Everyone who goes through the process will tell try not to worry, but that is hard to do. Hope to hear from you soon.

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Get a good agent you trust. Always have a home inspection by a reputable inspection company. Pick one that also does structural inspections. A mls book only available to realtors is a ticket. It shows every home that is listed with any agent(I believe). They basically show you the basics of the homes and price. Ask your realtor to let you see it. Sometimes they will sometimes they wont. I even think they could lose their subscription by doing so. There is even a website but I cant think of the name. You can spend days looking around or take 5min looking through the book.

However it doesnt show homes listed by owner.

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Full Basement, Full Basement, Full Basement, Full Basement, Full Basement,!!! 1 Sq ft of living space costs about $80-100/sq ft. A basement yeilds 40-60% $80-100 on return (assuming it's nice and done right) and basements rock! Oversized 2 car garage, 3 1/2 is key, if u r a gear head or not. Location is an obvious one, pay a little extra for the bigger lot. If a new build and u don't plan on staying there forever, go with the "new little guy in town", not the MI and Domion etc. The new guy in town will be 15-25% cheaper and you will see that cash when you sell it, trust me. Builders offer programs where you can build a house and if your current house doesn't sell in time you can forfit the contract and start a new one, this may apply to the "I dunno where I'm moving" situation. Good luck
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Guest mithesaint

Mr. Powers it is. That positive feedback is impressive. I'll have to be in touch with this mystical man soon. Probably should get the wifey's info too, eh?

 

Thanks for all the advice so far. I'd love to have a basement that needs some work. Maybe turn it into total sweetness.....we'll see.

 

Any other words of wisdom?

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