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rebeccamol
LIF Adult
Member since 10/13 975 total posts
Name:
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Buying a house, new to the process,advice please
My BF and I are planning on getting married and buying my parents house end of 2015. HELP!! what is the right amount to put down on a $350,000 house? is 20% the amount to get the perks of a first time home owner? Also how bout credit scores...I had a mishap 2 years ago and slowly building up my credit, last I checked 6 months ago it was up to 667 but keeps getting higher. Also can closing costs be put into the mortgage? My BF has excellent credit and were working on that everyday with buying and paying off...I took a credit card for sleepys and paying off a bed in 6 months so that should help(intrest free first 6 months)
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Posted 3/3/14 9:06 AM  |
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PaddysGirl
Little princess is here!
Member since 4/07 5923 total posts
Name:
Crystal
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Buying a house, new to the process,advice please
In my situation the bank took the lowest score to determine interest rate. Pissed me off because I have great credit. However, you have time to build it up, you should be good.
The bank will look into any new credit inquiries on your account (within90 days) So I don't suggest opening anything new once you are within that window for a mortgage preapproval.
If you pay less than the 20% you need to pay PMI insurance until you hit that 20%.
Good luck!!!
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| Posted 3/12/14 11:18 AM |
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curiousG
LIF Zygote
Member since 8/14 18 total posts
Name:
cynthia
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Buying a house, new to the process,advice please
You'll need to bump your credit score up above 720 to get a better rate.
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| Posted 8/26/14 8:58 PM |
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ISpoilHim
I think I got this
Member since 11/10 1523 total posts
Name:
K
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Buying a house, new to the process,advice please
Can he qualify for the mortgage without you. When we bought our house the mortgage I'd completely in DH'S name but we are both on the deed.
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| Posted 9/8/14 10:39 PM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Re: Buying a house, new to the process,advice please
Posted by ISpoilHim
Can he qualify for the mortgage without you. When we bought our house the mortgage I'd completely in DH'S name but we are both on the deed.
I'm not sure when this was, but when we did our mortgage, we HAD to both be on the mortgage, if we were both to be on the deed... Also, a very good friend of mine had to refinance their house when she was married in order to get her name on the deed (they wouldn't add her name to the deed without her name being on the mortgage).
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| Posted 9/15/14 11:52 PM |
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Re: Buying a house, new to the process,advice please
It's been awhile for us, but I also recall them factoring in all of our bills and most average people here on LI wouldn't be able to swing that on one income in the BANK'S eyes, which is why we both had to be on it.
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| Posted 9/16/14 5:42 AM |
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2boys1girl
and one more girl on the way!
Member since 5/10 2954 total posts
Name:
D
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Re: Buying a house, new to the process,advice please
Posted by jessnbrian
Posted by ISpoilHim
Can he qualify for the mortgage without you. When we bought our house the mortgage I'd completely in DH'S name but we are both on the deed.
I'm not sure when this was, but when we did our mortgage, we HAD to both be on the mortgage, if we were both to be on the deed... Also, a very good friend of mine had to refinance their house when she was married in order to get her name on the deed (they wouldn't add her name to the deed without her name being on the mortgage).
We closed on Weds and I did not need to be on the mortgage with my husband. Anyone can go on the deed its just attorney paperwork.
Also you do not need to refinance to add a name to the deed...same as above just attorney paperwork
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| Posted 9/22/14 2:46 PM |
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Metsfan1
LIF Zygote
Member since 10/14 2 total posts
Name:
Frank
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Buying a house, new to the process,advice please
Rebecca when it's comes to buying there are so many different programs available it just comes down to both of your comfort level with payment and out of pocket expense that there is no right and wrong answer.
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| Posted 10/22/14 4:55 AM |
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ISpoilHim
I think I got this
Member since 11/10 1523 total posts
Name:
K
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Re: Buying a house, new to the process,advice please
Posted by jessnbrian
Posted by ISpoilHim
Can he qualify for the mortgage without you. When we bought our house the mortgage I'd completely in DH'S name but we are both on the deed.
I'm not sure when this was, but when we did our mortgage, we HAD to both be on the mortgage, if we were both to be on the deed... Also, a very good friend of mine had to refinance their house when she was married in order to get her name on the deed (they wouldn't add her name to the deed without her name being on the mortgage).
It was in 2012. Maybe it was because we had greater than 20% down, I don't know. But no one ever gave us a problem just doing the mortgage in his name. I had just had DS and was not sure I was going to continue working and I did not want my income to be factored into the loan. We knew what we could afford.
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| Posted 11/25/14 2:27 PM |
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js1978
LIF Zygote
Member since 3/15 22 total posts
Name:
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Buying a house, new to the process,advice please
anyone familiar with a 10/1 arm loan
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| Posted 3/16/15 9:42 PM |
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