Equity Home Loans

Mortgage????

I'm going to talk to a mortgage specialist tomarrow about buying my dream house. I built my house for $220,000.00 9 months ago and it just appraised for $300,000.00. The house I want appraised at $360,000.00 but because it was my friend who built it he will sell it to me for $320,000.00. I am only 23 so IF the bank agrees to give me this money what are some things I can do to get the lowest possible payment? I have renters now so money isnt a problem but I need to be able to make the payment if something were to happen. Ive tried doing research but im not getting any really good info Im more looking for information on Terms, lines of credit, maybe getting some sort of bonus because ill have a big down payment...... that kind of thing. Just wondering if people have advice form personal experience. Im not looking for someone to pre-approve me lol

Public Comments

1. you left out income and your bills. please dont this think you work out the finances.
2. Your Income or combined income? Other bills? Have Kids? Single or Married? Do you need a big house? Do you realize that most homes don't sell for their appraised value? If you really want this house, and qualify for some kind of loan, perhaps it's a good idea to get some roommates to offset some of the cost. If you make more money later on in life, you can refinance your loan with a lower interest rate. Or, if you're single, consider buying something smaller to maintain your level of equity. Would you rather have money to travel and do things or money that goes directly to the bank?
3. Great question! As a retired Mortgage Banker who has taught thousands of loan officers how to earn incredible incomes, I would love to answer it. There are SO many people hungry for answers to such a great question, that addressing them one at a time is SO ineffective. I have a free report available that anyone can access to get educated about all the "dirty little secrets" of this business and HOW we as a society ended up in such a mess. It bothers me greatly that so many people, young AND old, have been taken advantage of and NEED answers to prosper financially and not become a mortgage victim. If you DON'T get educated BEFORE making a decision, you're next in line to be ripped off. Count on it. I've been posting answers under numerous aliases on Yahoo! because I have to keep creating new accounts to do so. It seems the "establishment" prefers to keep the public in the dark when it comes to exposing the truth about anything which could actually help them avoid catastrophe. When faced with a serious choice about something in your past think about what you should have been made aware of by someone in "authority", but weren't. If you knew what "they" knew, wouldn't you have made a better decision? Whether you're a first time buyer, moving up, refinancing, buying a foreclosure, short sale or trustee sale or auction, you're going to need financing in place. First. Doing it ANY other way is wasting your time and a professional real estate broker won't even LOOK at you or your offer unless your financing is in place. Don't believe me? Try it. If you want to learn the industry from the inside, visit my website. I can't type the internet address here or I'll be creating yet another Yahoo! account. I'll spell it for you. MortgageSelfDefense[dot]com. Type that into your web browser as you would a regular internet address and you'll get there. In addition to the information you'll receive on the site, if you decide to be a free subscriber, you'll receive tips, techniques and advice on regular intervals along with my personal contact information to ask questions. I look forward to helping you. P.S. I'm also a Real Estate Broker in two states (CA & NV) and have been since 1981. Having been so gives me a unique perspective on the industry.
4. Make sure to price out your loan with your LOCAL banks and mortgage brokers only. A lot people giving advice on here are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO. Remember Buddha's advice: "Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something (its not advice, its advertising). Don't buy "it."
5. I am a mortgage specialist. First when you are buying a home lenders use the lesser of appraised value or sales price- so.. you buying your friends home for $320,000.00 means that lender uses that as the value. You will not get a $40,000.00 credit even though it appraises for $360k. Also if you have not been a "landlord" for 2 years (verification required) you can not use rental income to help you qualify. So you may not be able to get the loan unless your income will qualify you for both house payments. Best to sell the other house & use profit for large down payment. The lower the L.T.V. (loan to value) the better terms. Also a lot less worry with the housing market slump.