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Any issues at Logan this morning?
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What are y’all doing with the $600 Checks?!
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Subject Expert
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Internet only loans are a terrible idea. The only pro would be if for some reason you are 100% confident you will have a very large pay increase in a short time… say next 2 years. And I mean 100% certain. Better option would be an ARM if you are looking for a lower near term payment (those have risk too though obviously).
Don’t waive contingencies mostly. Realtor will push that in some markets but be careful. Water is really tough to deal with… look hard at the grading of the property. Knock on neighbors doors to ask if they know of any issues with the house/flooding. Also realtor commissions are different now. Don’t just accept 2.5% as your agents commission. Consider negotiating lower.
Last thing is to really, really know the market. If Redfin/zillow is in your area, put in your home parameters and look at every home sold in the last year or two in that bucket. Really understand why some houses went for more and others less. When a house hits the market, you will be way better prepared to know what the value is. Realtors generally suck for this.
To add to this: generally, there will be a point where the loan stops being interest-only and reverts to standard terms. When that happens, you will be hit with sticker-shock because your monthly payment will jump exponentially to include your required principal payment. If you're already leveraged tightly, you might not be able to keep up with your payments.
Two more recommendations: 1) plan on at least $4k in closing costs. Some lenders will let you wrap that into your loan, but that's not smart because then you're playing interet on it. 2) Remember to factor in the cost of homeowners insurance and property tax when calculating your monthly payment.
Agreee with above. Ask Ai for help too. Advocate for yourself always. Inspectors only see what’s there to us with the naked eye. You want one who will look under the house etc.
Do your research for your city, state, and county. toy may have access to to grants and down payment assistance. Also if you buy outside the city depending on the type of property, you can get free money or zero down. Military get a lot benefits. Be cautious of affordable home buying. There are limitations on selling the home.
Also some cities/ counties have free classes to attend with all this information.
Find a good realtor and they will guide you. Never buy anything large purchase until after you close on your loan. If you buy a car before, then it limits the amount of money you can borrow.
Subject Expert
A lot of realtors will have some “what to do to prepare to be a home buyer” content on their websites. Read a few of those and prepare yourself accordingly.
If you know what neighborhood you want to buy in, look at recent sales and find both the selling and buying agent (which is listed on Redfin or other realtor sites). The selling realtor will know what the offers looked like and what it took to win. The buying realtor will know what other homes or neighborhoods to consider in the area. I’d interview both and see if you get along with one
Where are you located? I would love to assist!