U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-16-2008, 04:27 AM
 
167 posts, read 1,375,095 times
Reputation: 166

Advertisements

i am living in raleigh, north carolina and have started thinking seriously about buying a house since yesterday. we are non permanent resi. aliens. i do not have a credit history due to my dependent visa status but my husband's credit score is 723. we got the pre approval letter from an online lender. we are offered 5 % for 15 years term with 0.75 t0 1 point. since this is our first house and housing market is going down and down every day, we have decided to be very conservative and not going for bigger house even though we can afford up to 550000. we are planning to put 20 % down and dont want to go beyond 375k. we are going to finalize the agent within next 2 weeks and then start house hunting. we are not impulsive buyers and ready to spend months before we find right house at right price.

we are canadians and do not have much information abt the complicated buying and lending procedures over here. i would like to know

1. are we on the right direction?
2. where should we go to get better rates?
3. how and when to lock the interest rates?
4. if the rate goes down after locking, can we break the contract and contact another lender?
5. is there a fee for locking?
6. when is the right time to lock the rate? now or after finalizing the house?
7 what if we decide to go for 20 or 30 years term instead of 15? or a bigger house than 375 k?

Thank you all for your replies.
Reply With Quote Quick reply to this message

 
Old 09-16-2008, 07:37 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,102,357 times
Reputation: 1008
read below

Quote:
Originally Posted by trusam View Post
i am living in raleigh, north carolina and have started thinking seriously about buying a house since yesterday. we are non permanent resi. aliens. i do not have a credit history due to my dependent visa status but my husband's credit score is 723. we got the pre approval letter from an online lender. we are offered 5 % for 15 years term with 0.75 t0 1 point. since this is our first house and housing market is going down and down every day, we have decided to be very conservative and not going for bigger house even though we can afford up to 550000. we are planning to put 20 % down and dont want to go beyond 375k. we are going to finalize the agent within next 2 weeks and then start house hunting. we are not impulsive buyers and ready to spend months before we find right house at right price.

we are canadians and do not have much information abt the complicated buying and lending procedures over here. i would like to know

1. are we on the right direction?
2. where should we go to get better rates? broker, local bank
3. how and when to lock the interest rates? Lock the rate after you have shopped. Most lenders require that you have a home picked out.
4. if the rate goes down after locking, can we break the contract and contact another lender? yes, but the whole process starts all over. some lenders allow you to relock.
5. is there a fee for locking? some lenders may charge a 500-600 fee. I WOULD NOT PAY ANY FEES TO LOCK.
6. when is the right time to lock the rate? now or after finalizing the house? You want to lock AFTER you have found a home or UNDER CONTRACT. What if something happens, and you would need a lock extension? that can be expensive!
7 what if we decide to go for 20 or 30 years term instead of 15? or a bigger house than 375 k? If you go over the 417k loan amount, then your interest rate will change. If you decide to put less than 20% down then your rate will change or you will need to worry about paying mortgage insurance.

Thank you all for your replies.
Reply With Quote Quick reply to this message
 
Old 09-16-2008, 10:48 AM
 
Location: Cary, NC
1,036 posts, read 3,629,409 times
Reputation: 503
Quote:
Originally Posted by trusam View Post
i am living in raleigh, north carolina and have started thinking seriously about buying a house since yesterday. we are non permanent resi. aliens.

How long have you been living/working in the US? Also, how long has your husband had credit history?

Just make sure that its over 2 years. Some loan officers miss this if they do not have a lot of experience working with Foreign Nationals, but most underwriters now require it. This is true for Fannie Mae/Freddie Mac conforming loans, there are still a few programs for those with <2 years but that could change your interest rate and terms.

This applies to anyone that is a permanent resident, on a VISA or any other status other than citizen.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top