1
vote
1answer
148 views

Is this the right house and time or do I need more time to save for downpayment?

I saw this $699K worth of 2 bedroom condominium in La Jolla, Ca. For a downpayment I have access to: $55K that I can get from the company stocks that I bought $15K emergency funds but this will come ...
1
vote
1answer
77 views

Renting with the Help to Buy: mortgage guarantee scheme

With the Help to Buy: mortgage guarantee scheme, I have heard that you cannot rent out the property under the scheme. Is this true? Also I have heard that it is possible that if you get a mortgage ...
3
votes
1answer
132 views

What is a cash back mortgage and should I consider using one?

In speaking with a mortgage adviser recently, I found out about cash back mortgages. I was wondering if someone here knows about this and could tell me if they are a good idea? To give you some ...
8
votes
1answer
222 views

Is my financial plan for buying a house logically sound

All money is in NZD, all calculations done Weekly. Linked house is just example. House in North Shore, Auckland, New Zealand. $600K 30 year Mortgage with ASB, 430K loaned at 5.75% variable, (170K ...
1
vote
2answers
132 views

As a first time home buyer looking for a mortgage, are there financial advisers to help me through the process?

I am thinking about purchasing a home instead of renting. The cost saving and benefit of doing so seem to outweigh the thought of long term renting. My problem is that I am fully overwhelmed with all ...
2
votes
1answer
102 views

For qualifying for a mortgage, is it better to have a small business showing a loss or a pay stub with short history in the company?

My fiancee and I are trying to qualify for a mortgage. She is full-time W2 employee and I am a small business owner. My 2012 profit in the business was significantly less then 2011 (more than 20% ...
2
votes
1answer
162 views

Physician Mortgage: What's the advantage of using one, vs. a regular 20% loan?

I'm a software engineer whose bride-to-be will become a medical resident in a few months. We're confident that we'll live in the area where she'll do her residency. Looking at a $250,000 house, I'd ...
0
votes
0answers
377 views

Personal “Profit & Loss Statement” required for mortgage?

I am purchasing a house and have finished most of the process. My mortgage application has been approved pending some documents; all of these documents are typical except for "Profit & Loss ...
1
vote
1answer
105 views

Are Previous Home Owners Eligible to be Defined As First Time Home Buyers?

According to the U.S. Department of Housing and Urban Development (see link), it seems that previous home owners who haven't owned a home for over 3 years can be defined at as a "first time home ...
3
votes
3answers
157 views

Is it worth trying to find a better minimum down payment for a first time home buyer?

I talked to the mortgage agent at my current bank, and they gave me a pre-approval with a particular interest rate and minimum down payment percentage. I am happy with the interest rate, but the ...
4
votes
3answers
142 views

How to find a real-estate agent for buying a first home?

How soon should I find a real-estate agent? I am probably going to buy my first home in September and am assuming I will need an agent. So when should I contact one?
4
votes
2answers
11k views

Multiple mortgage pre-approvals and effects on credit score

Background Info: My wife and I are looking to purchase our first home/condo. Given our combined gross annual income of ~$100k and lack of any actual debt, we're looking at properties in the $200-250k ...
10
votes
4answers
1k views

Buying a house, Bank or rent to own?

We currently rent a house. Our credit is ok, but we're working on it (paying things off, disputing things, etc). We are first time buyers. We have a good relationship with the owners. We are thinking ...
5
votes
2answers
548 views

Why would an FHA loan require a loan guarantor to also be a party to the deed?

My daughter is buying a house with an FHA loan but does not have enough income to qualify, so she needs me as a co-signer. The loan originator is claiming that, by FHAs terms, if I am co-signing, I ...
5
votes
2answers
228 views

How to tell if HOA for a prospective condo purchase is financially healthy?

I'm considering purchasing a condo. I live in a major metropolitan area; so I'm almost certainly going to end up in a building maintained by an Home Owners Association (HOA). As I'm learning the ins ...
2
votes
1answer
582 views

First Time Home Buyer - How much down payment? Where to go for Mortgage?

I'm currently spending $15,000 a year in rent and gaining nothing in equity! This needs to change :). Looking to buy a place, I'm in the DC area so it'll be in the $500,000 price range. I have just ...
14
votes
5answers
282 views

What factors are to be considered when deciding to go with a 15 year fixed vs a 30 years fixed?

What factors are to be considered when deciding to go with a 15 year fixed vs a 30 years fixed? Pretty simple really; I could make the payments on a 15 year fixed, but at today's low interest rates, ...
5
votes
2answers
182 views

Buying first house with help from parents

First of all, it might help you to know I reside in the UK. It might make a difference. We (my gf and myself) are buying our first house and my parents are willing to help us out. What has been ...
6
votes
3answers
729 views

What is the true value, i.e. advantages or benefits, of building up equity in your home?

I am a relatively new home owner, having purchased my first home in October 2009. It was a $315,000 home, purchased with a 5% no-cost loan with I believe 12% down payment. I think the total financed ...
36
votes
7answers
5k views

How big of a mortgage can I realistically afford?

I'm 25, and I'm in the process of closing on a $260,000 mortgage for a very nice condo in downtown Salt Lake City. My salary is $80,000 right now, which I feel is pretty solid, but I'm starting to get ...
7
votes
5answers
267 views

First time homeowner and getting a mortgage?

My wife and I are looking to purchase our first house. What is the best approach for finding a mortgage? We're looking for a conventional 30yr fixed (w/10-20% down). Thanks!
9
votes
3answers
201 views

What criteria should I use to determine if I should become a home owner?

Currently my spouse and I rent a small apartment. Eventually we'd like to expand the family, and a one bedroom rental won't cut it forever - even if we continue renting we'll be expanding to a ...
4
votes
5answers
527 views

First time buyer interested in buy-to-let, bad idea?

I'm a first time buyer, living at home, on a good salary of around £25k and with no major committments. I would like to get a mortgage and get on the ladder, but I'm quite content living at home, and ...
4
votes
2answers
241 views

What is mortgage insurance? Do you have to have it, in order to be approved by a bank?

What does mortgage insurance do? Whom does it protect? Do I need it? MUST I have it, in order to be approved by a bank for a mortgage with them?