Posted on Jun 3, 2016
Do you have any advice on mortgage lenders, banks, etc. for first time home buyers?
4.38K
41
18
8
8
0
Posted in these groups: 
Veterans United Home Loans
Home Loan
Veterans United Home Loans Home Loan
Posted 8 y ago
Responses: 13
6
6
0
Location, location, location. Buy a small (starter) house, and let your bigger house neighbors pull your house up in value. Good school district for the children makes it a lot easier to sell in the future. Get a GREAT real estate agent, and don't fret about paying them. If they are excellent, they will have an excellent broker, who will get you the best deal. Do some serious research about where you want to be; and ensure that your spouse is on board about it as well.
(6)
(0)
MSG (Join to see)
To add on to MAJ Rene De La Rosa post, the worst house in the best neighborhood is always better than the best house in the worst neighborhood. When you move and have to sell your home you'll find it easier and more profitable.
When it comes to fees from your real estate agent ... question everything and haggle with them.
When it comes to fees from your real estate agent ... question everything and haggle with them.
(2)
(0)
4
4
0
Do not use a bank, go to a mortgage company, someone who specializes in mortgages. Then inspect inspect inspect, Know the house before you buy it. If you have a question get an answer, and get all the answers first...
(4)
(0)
PO1 John Miller
SFC Everett Oliver
That is precisely why I recommend USAA. They took care of ALL that stuff for both houses I bought using the Home Loan Guarantee program.
That is precisely why I recommend USAA. They took care of ALL that stuff for both houses I bought using the Home Loan Guarantee program.
(3)
(0)
CSM Charles Hayden
Time spent shopping for a great loan rate is as important as shopping for the house. I have been impressed by some mortgage loan brokers. Time spent shopping is MONEY that stays in your pocket. Go slowly, shop %s and shop some more %s!
(4)
(0)
CSM Charles Hayden
PO1 John Miller I agree USAA is a solid firm with a great rep. When my last variable loan came in @ 2 1/2% it was a huge deal thru an independent broker. 7 year fixed, max 5 % increase total for the next 23 years. SHOP!
(2)
(0)
3
3
0
The VA loan guarantee may not be your best option. If you have great credit and a low debt to income ratio, a conventional loan may be your best bet. The VA COE allows for a lower credit score and a higher debt to income, however there are rules and you can not play the interest point game.
IMPORTANT>> You can mortgage shop for rates for 30 days and only have 1 credit score hit. Lending Tree and other services are good to use. However, you would want to wait to do this until you find a house you are interested in.
The VA COE requires a harder initial inspection on the house, and you may or may not have to pay for it.
The COE does stop extra fees like PMI (mortgage insurance) and that can save you near $80 a month.
Save up as much cash as you can in your main bank account.
You should know how much you are willing to spend, and stay in that range.
If you are handy, often the City you are in will have foreclosure homes, also VA Foreclosure homes can be a nice deal. Unfortunately they can often be hard to use the VA COE on.
IMPORTANT>> You can mortgage shop for rates for 30 days and only have 1 credit score hit. Lending Tree and other services are good to use. However, you would want to wait to do this until you find a house you are interested in.
The VA COE requires a harder initial inspection on the house, and you may or may not have to pay for it.
The COE does stop extra fees like PMI (mortgage insurance) and that can save you near $80 a month.
Save up as much cash as you can in your main bank account.
You should know how much you are willing to spend, and stay in that range.
If you are handy, often the City you are in will have foreclosure homes, also VA Foreclosure homes can be a nice deal. Unfortunately they can often be hard to use the VA COE on.
(3)
(0)
Read This Next
Continue with Facebook 
Continue with Google