Nooooo! Don't throw me away! *whimper*

StickyPurpleCat

tylerk4

I've still got their paperwork (I don't want to throw it away... I'm wondering if there's something better to do with it), and I'm almost thinking about suing them for false advertising / attempted fraud.

ChrisC1234

Everyone: If you think you need insurance to make sure the house gets paid off for your spouse/family in the event something happens to a breadwinner in the household, buy life insurance! It's a better deal and it's not tied to paying off your mortgage, it pays the amount defined in the policy. Personally I think insurance is just gambling that something bad is going to happen to you (since the insurer is gambling that it WON'T) and being over-insured is a waste of money.

GearheadGeek

The only thing I would add is - make sure the inspector (or someone) checks out your roof. Our roof was older than we were told and the gutters were broken (it's a three-story rowhome so we have no easy way to get up there), and we ended up with leakage & water damage two years after we moved in.

Snakeophelia

If you are buying an older home, make sure you hire a qualified home inspector and insist that any problems the inspector finds are repaired and then have them re-inspect. Insist that the seller buy a home warranty. A lot of them are garbage, but I've had a couple that have saved me from some big buck repairs within the first 2 years I owned the house.

Also talk to a realtor, talk to several realtors. It doesn't cost anything. All commissions are paid by the seller. Take it slow and be prepared to walk away from any deal you aren't comfortable with.

Sudonum

mac-phisto

it doesn't directly relate to mortgage lending, but it shows how the industry is flooded with shady companies & individuals.

mac-phisto

jmschn

Trai_Dep

If you have a good real estate agent they'll be able to take your income, down payment, and tell you how much house you can afford. Things to factor in: Homeowners insurance and property taxes.

Good luck!

Starfury

1) Don't fall for any of the language, trust your instincts, read the fine print, etc.

2) Do some research to find out what the prevailing 30 yr rate is. If someone is offering you something well below that, or it sounds too good to be true, get suspicious or just leave.

3) Agree with others, be very conservative with your income- pretend you won't get a raise for the rest of your life.

4) My guess is that you don't have 20% to put down, so you'll have to live with PMI. Also as others have said, remember taxes, assessments, etc.

5) Note, there are some "creative" financing options that aren't so bad. For example, financing closing costs or putting little/no money down is not preferred, but if you have everything else in order (see everyone's advice), its a necessary evil. The key here is to make sure you live in an area with appreciating (or at least stagnant) housing prices. But if you live in the OC, put plenty down.

6) This is a great time to be a buyer so be choosey, negotiate prices, ask for upgrades if new, etc.

ARP

Don't sweat it - buying a house is a big deal and yes, very scary, but rewarding! Believe me, I just bought and am located in a DC suburb and of course am freaking out about my property value and the loan I got and everything - my best advice is get a 30 yr fixed if you plan on being in that house for a while. Nothing else! No ARMS, no nothing!

pinkbunnyslippers

bohemian

Could it be the feds are sleeping with the very crooks they are supposed to be regulating? (How dare I be so cynical.)

Years ago, I was able to get my mortgage rewritten because the required TIL statement clearly showed misrepresentations by the lender. And I did NOT even need to lawyer up to get these bastards to buckle.

stuckonsmart

kelmeister

A lot of people tend to forget about the taxes and insurance when figuring out their mortgage payment. Depending on where you live it can make a HUGE difference in your monthly payment.

Then when I went to apply for the mortgage, I told them to only approve me for the amount I could afford. This prevented me from spending too much on the house. Stick with a straight 30yr fixed and you will be fine.

Rupan

Don't assume your income will increase when considering your mortage payment. Just get what you can afford now. If possible pay down 20% to avoid PMI.

joeblevins

I know what you mean about being anxious, but just remember---common sense goes a long way. I bought my first home about 3 years ago, in the loan-anything-to-anyone era. Using basic common sense and the research I had done, I chose a no frills 30 yr fixed at a reasonable rate from a known and trusted lending company. I haven't regretted it for a minute. Just keep your head about you and don't be lured into buying something out of your price range---being approved for a loan doesn't necessarily mean you can actually afford the house.

Best of luck to you. :)

Schminteresting

Blueskylaw

boandmichele

jmackowi

logicology

@boandmichele: My wife and I just purchased our first home, and it wasn't nearly as scary as you might think. I know that in Ohio, we have access to Bond money for a no money down traditional 30yr fixed mortgage. So we ended up with a lower interest rate than any bank was offering, and we also had the option for no down payment if we wanted to. You should check and see what your state offers for first time homebuyers. Just remember, if you try to buy a house you can't afford, then the process becomes much more complicated as you try to find ways to "make it work". That's where most of the homebuyers being foreclosed on went wrong...

Here is a pretty good example of the steps you should go through, and some links to get you there. [www.hud.gov]

aghast

logicology

Hexum2600

protest

courtarro

boandmichele

beavis88