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Old 05-25-2009, 10:42 AM
 
Location: North Carolina
766 posts, read 1,472,490 times
Reputation: 329

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ello all,

I want to start my home buying process this week and I want to make sure where I begin.

I want to start meeting with some realtors and I was wondering should I start beforehand looking for mortgages and then see what they have as well.

My next question is considering my credit union (NCSECU). Well I was shocked that they don't have a 30-fixed. They only offer a 15 & 20 fixed. The first time homebuyer loan is a 30 adjustable, no points, $1,000 fronted if needed for closing costs.

Last, I am not sure if I will have a full 10% down and closing costs. So, I was looking online and I see where some counties offer down payment assistance. They don't give much info on this and suggest that you go to a class. Is this a good idea?

I would appreciate any help.

Thank you
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Old 05-25-2009, 10:47 AM
Status: "Real estate 4 life" (set 20 days ago)
 
Location: Just south of Denver since 1989
11,029 posts, read 29,807,011 times
Reputation: 7298
Interview local Realtors. Ask them to recommend local mortgage people. Call a few - know your fico score and your total debt.

Get and compare a few Good Faith Estimates (GFE's)

Find out what housing is available in your price range (what is comfortable to you) in the area you seek.

Read Home Buying for Dummies or some such other reference book.

Good luck!
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Old 05-25-2009, 11:12 AM
 
Location: North Carolina
766 posts, read 1,472,490 times
Reputation: 329
Okay, so I should wait until my chose my realtor to start applying for mortgages.

I did get one book already, but it was just okay. I think it was Buying a House Solo or something like that. I will try to get the Dummie book. Thanks
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Old 05-25-2009, 11:22 AM
 
Location: Cary, NC
34,339 posts, read 59,726,317 times
Reputation: 33499
Quote:
Originally Posted by caesarsgirl79 View Post
ello all,

I want to start my home buying process this week and I want to make sure where I begin.

I want to start meeting with some realtors and I was wondering should I start beforehand looking for mortgages and then see what they have as well.

My next question is considering my credit union (NCSECU). Well I was shocked that they don't have a 30-fixed. They only offer a 15 & 20 fixed. The first time homebuyer loan is a 30 adjustable, no points, $1,000 fronted if needed for closing costs.

Last, I am not sure if I will have a full 10% down and closing costs. So, I was looking online and I see where some counties offer down payment assistance. They don't give much info on this and suggest that you go to a class. Is this a good idea?

I would appreciate any help.

Thank you
In March, SECU was offering 2 year ARM, 100% funding.
Interest rate was 4.25%, I think.
No origination fee to first time buyers.
My clients walked away from closing with a check for their earnest money deposit and inspection costs.

If you can come up with 3.5%, you can go FHA, fixed 30 years, and have an assumable loan. The assumable part is valuable in the future should you need to sell, because it is quite likely that the current rate will be below future market rates.
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Old 05-25-2009, 11:53 AM
 
Location: North Carolina
766 posts, read 1,472,490 times
Reputation: 329
At NCSECU right now, for first time homebuyers it is 4.75% right now for the 2 year ARM. I wasn't sure if an ARM was a good idea since they are being treated like the plague right now.

3.5% with the FHA is definitely doable. I am checking out there website now. I am trying to find the interest rate.

Thanks for the info.
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Old 05-25-2009, 11:58 AM
 
Location: meridian, idaho
215 posts, read 708,496 times
Reputation: 113
Check out the first-time homebuyer's classes in your area, that is a really good place to start..they can give you info. on the programs out there for downpayment assistance and usually have loan programs that are doable for first-time homebuyers..in my state the agency actually offers a sort of "bridge" loan for you to be able to use the $8k tax credit for your downpayment and closing costs, then you pay it back when you get the tax credit next year..see if your agency does that also.
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Old 05-25-2009, 12:09 PM
 
Location: Cary, NC
34,339 posts, read 59,726,317 times
Reputation: 33499
Quote:
Originally Posted by caesarsgirl79 View Post
At NCSECU right now, for first time homebuyers it is 4.75% right now for the 2 year ARM. I wasn't sure if an ARM was a good idea since they are being treated like the plague right now.

3.5% with the FHA is definitely doable. I am checking out there website now. I am trying to find the interest rate.

Thanks for the info.
CG,
The bank will set the interest rate for an FHA loan, just like SECU sets their own rate.
You need to have a chat with a banker.

And, FWIW, I advised my clients to avoid the ARM. They rationalized the risk and proceeded with the loan.
Time will tell...
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Old 05-25-2009, 12:22 PM
 
Location: North Carolina
766 posts, read 1,472,490 times
Reputation: 329
I did a search classes, but I really didn't come up with much other than classes for real estate agencies and home builders, etc.

I found this website about downpayment assistance, but it doesn't list any of the counties that I am interested in buying in: ∏ North Carolina First Time Home Buyers Grants

I tried looking on the county website and I did a search for downpayment assistance, but I really didn't come up with anything either. I can try calling tomorrow and see if they are offering anything and if they have any classes.

I just found a little info on one of the city website. I am going to go through some area sites and hopefully I will find more information.

Thanks
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Old 05-25-2009, 12:27 PM
 
Location: North Carolina
766 posts, read 1,472,490 times
Reputation: 329
Quote:
Originally Posted by MikeJaquish View Post
CG,
The bank will set the interest rate for an FHA loan, just like SECU sets their own rate.
You need to have a chat with a banker.

And, FWIW, I advised my clients to avoid the ARM. They rationalized the risk and proceeded with the loan.
Time will tell...
That's what I was thinking too. I have a car loan currently with NCSECU and I like working with them, so I was hoping it would work out.

I was in there last week and I stopped in and spoke with l.o. that did my auto loan. He wasn't very helpful though. He pointed out there was no 30 year fixed which I missed myself on their website. He said the ARM they offer was really good and that he expected the rates to keep going down. I didn't really find him trustworthy or helpful.
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Old 05-25-2009, 02:55 PM
 
Location: meridian, idaho
215 posts, read 708,496 times
Reputation: 113
Hi, I did a search for your area and came up with a website that may be helpful
Home Buyers, Homeowners, Renters & Special Needs

hope this helps and good luck with buying your first home!

Last edited by kristinl5; 05-25-2009 at 02:55 PM.. Reason: corrected typo
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