FOUND MY FIRST HOUSE!! Need Help

**bmwg84** · 09-07-2008, 07:51 AM

Hi All, I am happy to say that I think I found my very first house in Southern California. This is a home that has a lot of potential in the short-long haul to increase greatly in value. The price listed is $485,000. I need to know exactly what I should do now. I plan on putting an offer in for $460,000. Since I am self-employed, I've been told I need a second 10% down? My contribution was calculated to be $53,750 down @ 3,600/ month (6.5% interest rate, Fixed 30 year). Do these #'s seem high? My credit score is Excellent and I have zero debt and will have a couple trusted college friends helping with rent. Let me know what you all think I should do here. Can I do better on the down and month payments??

**Greg** · 09-08-2008, 05:48 AM

Your best bet is to talk to a variety of different lenders and mortgage brokers in your area to find the best deal. Don't get a loan over the internet. They can be real nightmares.

**Codythebest** · 09-08-2008, 06:32 PM

Just negociate everything.
The price: Get the lowest acceptable. From there offer less...
The loan: Get the best one. From there, ask to pay less...
And so on...It's easier than it seems...

**Mike Taylor** · 09-09-2008, 06:05 AM

Greg has it right, talk to several LOCAL lenders and shop it around. Rates have have improved dramatically over the last couple of days so make sure you get a quote from several people on the same day.

**stan Jensen** · 09-09-2008, 03:33 PM

Rates should be coming down since the fed has taken over Freddy & Fanny, don't be in a hurry to close. Find a lender you feel comfortable with and has been in business for more than 10 years . . .

Good luck,
Stan

**MortgageFindCanada** · 09-09-2008, 09:50 PM

With good credit I would like to think that you could get a cheaper interest rate than 6.5%! You will want to shop around and make the lenders work for your best interest, there should still be some deals out there.

Best of luck,
Chad