Mortgage loans - Page 2
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I like this quote:Quote:
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Originally Posted by Got_Daca
locodaca.
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Originally Posted by beingoflight
Jesus Christ, we might get DACA terminated on June and you plan to buy a house now?
Hold on until June..... |
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Originally Posted by sk16
Hi All,
I see a bunch of threads on mortgages but can anyone give some tips on how to prepare your credit for mortgage. my score is currently in the gutters (low) but I will have finished paying any loans in a few months. I did some have accounts closed and sent to collection when I was younger but I dont think some of those will come up on a credit check anymore. |
It takes time to build credit. Watch YouTube videos about building credit for mortgage and stuff like that. They give general but helpful advice.
Due to the recession, many mortgage lenders now have strict requirements. So, if your credit score is not good and you don't have enough down payment, it will be really hard to find any lender willing to finance your home purchase right now.
If your credit score is as bad as you say, it will take a few years to build your credit.
Ideally... to get the best "deals"
1) Improve your credit score to 720~740 or above.
2) Save for a down payment for your future home. You want to have at least 20%. That is not necessary in a normal environment. But, at least now and for the foreseeable future, due to more strict requirements, a lot of lenders want 20%. So, if you are aiming to buy a home that is $300,000, you want to have $60,000.
3) Lower your monthly loan/debt payment as much as possible for your income-to-debt ratio.
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Originally Posted by anon.nona
Hello everyone,
I am looking to buy a house this year, hopefully in the next 6 months or so. I went mortgage shopping recently and basically got auto denied, as in they wouldn't even type in my information, as soon as they realized I am not on a Visa or under any permanent immigration status. Did some reading but couldn't really find anything local, I live in Washington/Seattle. Rocket mortgage was the only viable option from those I saw. One thing a nice gentleman warned about at a local credit union is to make sure that I not only get pre-approved but underwritten, as otherwise, after making an offer and starting the buying process, the loan can be denied when they see my status and the bank basically keeps some of your money. So, question to all you home owners out there, specially in Washington, who do you have your mortgages with and did you get underwritten for it ahead of time? Also, did they give you extra high rates because of our status? I was momentarily offered 3.8 percent because ofy credit score 800+. Any recommendations? |
Hi there, looking to purchase a house as well, how did it go for you? Did you get approved for a loan? Would love some more information. Thanks in advance.
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Originally Posted by anon.nona
Hello everyone,
I am looking to buy a house this year, hopefully in the next 6 months or so. I went mortgage shopping recently and basically got auto denied, as in they wouldn't even type in my information, as soon as they realized I am not on a Visa or under any permanent immigration status. Did some reading but couldn't really find anything local, I live in Washington/Seattle. Rocket mortgage was the only viable option from those I saw. One thing a nice gentleman warned about at a local credit union is to make sure that I not only get pre-approved but underwritten, as otherwise, after making an offer and starting the buying process, the loan can be denied when they see my status and the bank basically keeps some of your money. So, question to all you home owners out there, specially in Washington, who do you have your mortgages with and did you get underwritten for it ahead of time? Also, did they give you extra high rates because of our status? I was momentarily offered 3.8 percent because ofy credit score 800+. Any recommendations? |
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