home loan tips
My Husband and I are buying our first Home. What are some tips and advice that we should know???
We dont really know about different percentage rates and what they mean. We are going to use a VA Loan. We are buying in Columbia SC. We know to get a newer home. But what else should we know.
Try and apple for the loan by yourself without your husband as a Co-applicant, or have him apply by himself without you as a Co-applicant. This is a great way of kepping the other persons credit good without it being tied into the mortgage. Just in case some day things get tough the other persons good credit can save you both. However in this case you would make sure and ask that both names go under the title.
One persons name for credit, both under the title.
Do try and get a conventianal fixed loan 15/20/30 years, you pick how many years would be best for you. Shop around for your loan before you find a house so that you know what you qualify for. This also gives you a chance to get the best rate.
You may want to check out this website i ended up getting my loan through them.
http://www.amerisave.com/
They where straight to the point and got my my current loan which i love 15 year fixed at 4.625%.
Rates have gone up since then so don’t expect to find this rate again. They do show all of their rates on line, if you fill in the calculator they have provided. I did a lot of research on this company and was satisfied when i found that they where rated as one of the best mortgage companies by both CNN and comsumers digest.
You need to find a real estate agent, if you know someone you can trust go for it. Ask relatives who they have dealt with and what their experience was like. If you find a house for sale that you really like and you do not have an agent yet, contact to agent who is selling it this will increase your chances of getting the home as he will probably push the sale to you, because he would get double the commission.
Make sure you learn about the neighborhood, how safe is it? How far is it from your work? how far is it from your family, how far are the schools? how far is the nearest market? etc… All these thing will have an effect in your life, for example how much money you will be spending in gas going back and forth every day. I have known some people who have bought cheap homes far away and thought they where saving money, yet they now spend all their savings on gas, and mechanical repairs (wear & tear) to their cars.
Negotiate your price after all this is a buyers market.
