Thread: First time home buyers..... Need Help.

One must invest wisely, and carefully choose the right real estate assets to invest; the true value of a real estate property can only be determined after a careful analysis of various key factors: condition of property (calculate correctly its rehab costs), its location (accessibility to convenient shopping, cultural amenities, crime free, etc.), and current appraisal value (less than 45 days).

Originally Posted by dasanii19

Hello,

We are first time home buyers, and as most of you know, its confusing, frustrating, exciting and stressful! We have been learning as we're going, but we dont want to make the mistake of finding out value tricks of the trade, too late.

Any help or advice you can give us, we would greatly appreciate...we put together a list of questions that we have...here it goes!

1.If the 30 year % rate is set, why do you have to shop around?

2. How do you shop for rates, if your loan requires manual underwriting?

3. Are rates the only thing to take into consideration when shopping around?

4. How do you figure out the ballpark range for rates?

5. How do you negotiate with lenders?

6. I am purchasing a home for 157k, and putting 3.5 percent down. I am using a FHA 30 year fixed loan. If I put down more money...how much will that decrease my monthly payment by?


Again, thank you for answering our questions...we really appreciate the help!

Ignore the poster above. They are just spammers.

What you need to do is talk to a couple of lenders in your area and look for garbage fees. These are fees added onto your loan that fatten the wallet of the lender and do nothing to help you out.

Talk to reputable lenders. If you have an agent get some names.

If we speak with multiple lenders in the area...does that mean we will have to go through this whole approval process again? We just recieved a call from wells fargo who just manually approved our loan...are they all linked together? (lenders) Will the wells fargo bank say , "I have a loan here, who wants it?" Or does each lender go through their own banks? Sorry if Im being confusing!

Originally Posted by Greg

Ignore the poster above. They are just spammers.

What you need to do is talk to a couple of lenders in your area and look for garbage fees. These are fees added onto your loan that fatten the wallet of the lender and do nothing to help you out.

Talk to reputable lenders. If you have an agent get some names.

You are not be confusing, instead I think you are asking very good questions.

Each lender has slightly different criteria and procedures, but the difference is not going to be apparent to you. Yes the lenders actually get their money from diferent sources/banks and no they are not "linked" together. I would always start at your bank first, since you already have a relationship with them.

And PLEASE PLEASE keep asking questions. This is the most important decision in your life. Get all the help you can! Educate yourself as much as possible.

Today 9/26 the lender that ive been speaking with told me that she would like to wait until Monday before she locks in a rate for us. She says that usually rates are lower on Mondays and higher on Fridays (Is this true?) Is there something going to happen in the stock market that I dont know about? The bail out possibly? Should I wait until monday or lock now? In my opinion, the rates will jump up after the bail out, so why would my lender want to wait until Monday (the day of the bailout)????

Originally Posted by dasanii19

1.If the 30 year % rate is set, why do you have to shop around?


5. How do you negotiate with lenders?

1-Because the 30 yr is the starting point, then they look at you and your credit and then you get a rate offering.

5-Get a rate quote based upon your quilifications and take it to the next lender to try to ddo better.

Good luck

The problem is, we didn't know about getting a "good faith estimate" from lenders before hand, we had already picked the lender our realtor agent suggested. This lender pre approved us and just as of yesterday we were informed that we are now officially approved from the under writer. We have not spoken to her at all about any fees nore what rate we should be getting. She told us that she wants to wait until Monday or Tuesday to lock in a rate for us and get the ball rolling.

So tell me this, from what I've stated above, have I dug myself a hole? Or should I wait and see what she has to offer? How will I know if she's trying to pull a fast one on me? Or if it really is a good deal? I'm very concerned here. On the upside (in my opinion) I do have a friend that's a lender that willing to go with us to her office when she's going over all the fee's and rates and what not, would this be a good idea to bring my friend along so that she doesn't take advantage of us?

This is all happening in a few days and would really appreciate any support on the matter.

Thanks in advance!!

Zac

Anyone??