Home ownership questions??

[black again]

Fight for the best mortgage rate possible. Period.

Mortgage rates affect your payments more proportionately than prepayments. If you are considering purchasing a new home in a good resell area like Montgomery County, Maryland or McLean, VA, you probably will have equity by the time you close on the home.

Also use online real property databases to see the value of homes in the area. Your realtor will more than likely give you a comparative analysis report, but you can do that on your own right now. If a new development offers a home at one price that is higher than what you see on the search, parlay that into your initial offer.

I don't live in that area, so I can't say with any certainty, but that's HIGHLY unlikely in this environment.

Banks have the final say in your value and if your home is considerably less than others in the neighborhood, yours doesn't appreciate to their level, the OTHER homes decrease to your home's value..i.e a foreclosure.

Banks are now SUPER-conservative in valuations.

 

[black again]

my gal is about to get a house that we're gonna rent out, we're gonna ask 905 a month and the area where we got it rents for 1200+. payment on house is only gonna be 700. win win.

Win for now, but why lowball the rent?

When you go to buy your next place, that home will be calculated into your ratios. Whereas you see a $200 profit, a new bank sees a net loss of $22.50 mo. (you only get 75% credit for your rent)

If you're expecting to add income of $200 and your ratios are already tight...

 

[black again]

Is it better to get a realtor or look online at houses we like?

Nothing wrong with doing both..

I'd recommend working with someone you know, a friend or someone a fam member has used and ya trust. Make sure they're familiar with the area you wanna live in.

The main thing I wouldn't suggest..Make sure YOUR realtor isn't the same as the LISTING agent..seen that a few times..

 

[moblack]

she got the house for 50k, we're gonna pay 700 to pay it off faster. have others pay for the note is the plan. once the first renters move out we'll jack it up 100 till its close to local rent avg. its not about profit to us, i dont have long to pay on my house. i'll use my va loan again to buy another house and rent it out to0, that would give us two. old folk next to me do that. they own 4 homes which they rent out. our plan is to own as many as we can.

If its not about profit then what is it about? A business that isn't turning a profit isn't a good one. I do understand what you're saying about letting the renters pay the house off. That is the way to go. If it was me I'd charge a thousand flat for the house. What part of town is the house in? Also does the VA loan say that you can use the house as a rental property?

 

[moblack]

Nothing wrong with doing both..

I'd recommend working with someone you know, a friend or someone a fam member has used and ya trust. Make sure they're familiar with the area you wanna live in.

The main thing I wouldn't suggest..Make sure YOUR realtor isn't the same as the LISTING agent..seen that a few times..

AKA.....disaster

 

[SamSneed]

If its not about profit then what is it about? A business that isn't turning a profit isn't a good one. I do understand what you're saying about letting the renters pay the house off. That is the way to go. If it was me I'd charge a thousand flat for the house. What part of town is the house in? Also does the VA loan say that you can use the house as a rental property?

its north of third ward, near the new rail tracks, you know damn well that area will be high soon.

they dont need to know, all they care about is the first loan paid off. i got my first loan at 3.26% next one should be near 2.25-3%. got my first home after i got out of the service i'm 32, i'm lookin to have my first house paid when i'm around 40 at 55 my second home should be paid off.

 

[Rick Ronson]

GET PREAPPROVED

GET PREAPPROVED

GET PREAPPROVED

GET PREAPPROVED

GET PREAPPROVED

GET PREAPPROVED

GET PREAPPROVED

GET PREAPPROVED

part of the problem with the mortgage crisis was that people used "brokers" that guaranteed them a rate, then the broker sold the mortgage to another shell company that sold the mortgage and every time this happened, the more and more, the rate on the homeowner changed. So the mortgage that started off as $1100 is now $1900 within a 12 month period. Get pre approved and control what you can spend. you'll know your limit.

commonly known as setting your ass up for failure

 

[black again]

GET PREAPPROVED

GET PREAPPROVED

GET PREAPPROVED

GET PREAPPROVED

GET PREAPPROVED

GET PREAPPROVED

GET PREAPPROVED

GET PREAPPROVED

part of the problem with the mortgage crisis was that people used "brokers" that guaranteed them a rate, then the broker sold the mortgage to another shell company that sold the mortgage and every time this happened, the more and more, the rate on the homeowner changed. So the mortgage that started off as $1100 is now $1900 within a 12 month period. Get pre approved and control what you can spend. you'll know your limit.

I don't know the details of this, but it doesn't work like this.

After your loan closes, the mortgage can and usually is sold on the secondary market, however, your rate DOESN'T change. If yours did, then maybe the rate was never fixed in the first place.

Fixed rates are just that, fixed. No matter how many times your loan is sold, it won't change.

If I remember correctly, there's a disclosure you sign, at closing, that states that.