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At this point we'll talk with the landlord first and see where she stands and see what could potentially be "worked out". One thing I didn't factor in... we did have a $1,100 security deposit with her for renting.. I'd have to imagine we can use that for something right? Maybe part of closing costs?
Then I think at the turn of the New Year we'll get serious and sit down with a lender... any advice on who to go with? Our bank (PNC) actually does mortgages... I've seen some say to stay away from banks though? Is there a "better" option?
At this point we'll talk with the landlord first and see where she stands and see what could potentially be "worked out". One thing I didn't factor in... we did have a $1,100 security deposit with her for renting.. I'd have to imagine we can use that for something right? Maybe part of closing costs?
Then I think at the turn of the New Year we'll get serious and sit down with a lender... any advice on who to go with? Our bank (PNC) actually does mortgages... I've seen some say to stay away from banks though? Is there a "better" option?
Whether it is a bank or broker, it comes down to the person. One of the other lenders here actually posted how to interview a good lender.
Whether it is a bank or broker, it comes down to the person. One of the other lenders here actually posted how to interview a good lender.
Good luck
With credit score like yours a mortgage broker would probably be able to get you a better rate. You could ask around or work with a company recommended by your realtor. Also , you'll need to have a preapproval letter when you make an offer so anything you can pay off now to get credit score up.
I recently bought a house and my score was low due to some disputes a decade ago. Be sure you can explain your low score and be prepared to jump through more hopes. The days of easy loans are over.
I'd also see if you could save up the 20% or 23k necessary for a down payment. You'd pay no PMI and probably get a better rate.
Good luck. Buying was the most stressful thing I've ever done and I had to stay updated with both realtor and lender.
My wife's aunt and uncle are both realtor's so we should probably take advantage of that.... I would think (and hope) that they can point us in the best direction possible.
As for downpayment... I know it's ideal to get 20%... we'll try real hard for that but right now it'll be hard. Anything over 10% I'll certainly be happy... 20% would be amazing.
You should look into first time home buyer programs like this one. They help with everything including down payments, interest rates, etc. and can give you good advice....
So just a quick update for everyone... we actually spoke to our landlord/owner of the house yesterday and boy is her situation not good, which will majorly affect us.
Bottom-line is that she apparently owes way more then the house is probably worth. She still has $148,000 left to pay on the mortgage and comparable homes in the area for that type of house are running no higher than $130,000.
Her father actually is helping her pay the taxes and other fees that are not included in our rent and he's pretty much dictating what's going on. He said that there's no way he can sell the house without at least breaking even. So unless someone is stupid enough to overpay for this house they will never sell it.
I guess good luck to them.. they're going to need it. Disappointing for us considering we love the house and don't want to move but we have to do what's best for us and what makes the most sense.
Take help from estate agent, he will provide you the best information about home buying.
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