Need a little advice

1

12sec kid

Forum Member
Long story short, I am living with my girlfriend of 4 years and it’s her house, we broke up and I need to buy a house asap but I am clueless when it comes to loans and rates. What’s best 30 years ? 15 year ? I have about 6-8k to put down and I want to keep a budget of 120k max. I have decent credit 740 and good job history 5 years with my company. Also what are major things to look for when buying a house. I am looking for a 2-3 bedroom ranch style house. I don’t want to rent again and move all my shit in a year, I would rather buy a small simple house. I am 30 years old btw and i don’t really have family to ask for advice. Do I get approved for a loan first or find a realtor, hoping someone here can walk me thru this. I am trying to do this ASAP.

I just want something like this
https://www.trulia.com/p/mi/dearborn-heights/24402-lehigh-st-dearborn-heights-mi-48125--2050113276


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You can’t and shouldn’t rush when buying a house.
But, I totally understand that you don’t want to rent.
I’d say really just suck it up and rent and apartment until you can find a decent house, rather than do an impulse buy of a house that’s a pile of crap.
Some apartments have a clause that will allow you to move out and end the contract if you buy a house, changes jobs, stuff like that, so it’s worth checking into.
It’s a big deal, so I’d really look around, and then look more when buying a house, you need to see and make sure that everything will work for you rather than getting something and being stuck with it after you find out it’s not for you.

Yes you need to get a pre-approval for what you’re looking to spend first. If you are a Credit union or bank member, check with them first to see who does their mortgages. At the least you can start with them to get a pre-approval.
Take it for what it’s worth…
 
X2 on Steve with Simple Mortgage..if your in a hurry, he literally closed on my loan in 12 days start to finish..
 
sofa king said:
You can’t and shouldn’t rush when buying a house.
But, I totally understand that you don’t want to rent.
I’d say really just suck it up and rent and apartment until you can find a decent house, rather than do an impulse buy of a house that’s a pile of crap.
Some apartments have a clause that will allow you to move out and end the contract if you buy a house, changes jobs, stuff like that, so it’s worth checking into.
It’s a big deal, so I’d really look around, and then look more when buying a house, you need to see and make sure that everything will work for you rather than getting something and being stuck with it after you find out it’s not for you.

Yes you need to get a pre-approval for what you’re looking to spend first. If you are a Credit union or bank member, check with them first to see who does their mortgages. At the least you can start with them to get a pre-approval.
Take it for what it’s worth…
Click to expand...

^^^^ Good advice.

I would add, purchasing a house (or any real estate) should be treated
as an investment. Think about selling the property before you even buy
it.

If you're new at this real estate thing, do tons of research on any property
you're considering purchasing, including inspections, visiting the city/township/
county and getting specific and general area info and visit the house at several
different times and days as well as talk to the neighbors.

Don't simply trust or rely on a real estate agent to choose or pick your investment.
Research, consult and work on this until you're knowledgeable & comfortable enough
to "pull the trigger".

Purchasing the right house for you can be one of the best things you ever did.
Purchasing the wrong house can be a disaster you'll be paying for, for years!
 
I will get in contact with Steve from simple mortgage I’m guessing you guys recommend staying away from Quicken loans or big bank?


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Simple Mortgage will set you up, he might even set you up with someone else if he thinks it will be best for you.
 
First, contact Steve!

Now, compile two lists.

one being needs other for wants.

Toss the wants out the window and cut the needs in half.

Reduce the budget 20% and have the house gone thru and in depth for inspection. Anything missed or not inspected can cost you huge. IF any foundation issues are identified, run away. Black mold detected? Pass on it. If you're looking for the best rates, you'll want to go with a conventional loan.
 
12sec kid said:
I will get in contact with Steve from simple mortgage I’m guessing you guys recommend staying away from Quicken loans or big bank?


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Click to expand...

No, definitely shop including Quicken Loans. I can't go through Steve as he doesn't work in the Georgia area.I just bought our house a year ago. Here's what I would recommend. Talk with Steve, find out what he can do. Just because he's a sponsor doesn't mean he is the best deal, so always shop around to see what is out there. I'd recommend looking at some new construction though. Builders will do their own financing which is usually better than what the big banks and loan origination guys can do and they throw all kinds of incentives at you. For instance, I went to Quicken Loans as well as a small mortgage shop last year when we were looking. I got approved for 325k through them. I went to a builder and got one of their spec homes and got a house for 415k, with 20k in addons to the house as well as 20k toward closing costs. In the end, my mortgage payment was only 200 more than what Quicken and the originator had quoted me and I got 40k in incentives.
 
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