How frustrating was the home buying new process for you?

This is very frustrating and a headache to me. Everything takes so long. I Nd other opinions and want to hear about your experience was it an easy process or long and drawn out

Other answer:

Steve D:
The first time was a bit intimidating – mostly because we did not know the questions to ask (and also our loan processor sucked). Once we learned to work with out realtor on the mortgage process too and also went over the processor's head to his boss (amazing how a word form the boss gets things done), everything went fine. After the first one, the next 15 closings (3 houses, one piece of property, multiple re-finances and one estate home sale) went smoothly. I expect the next one to be the best (we started early, lined up the financing, got pre-approved for much more than we need with a bank that works with our builder).
It takes 30+ days to complete a purchase of a home. If takes just as much patience and effort to maintain the property once you own it. Most of the delays during the purchase of a home are due to the buyer not supplying signatures or paperwork in a timely manner.
It depends. We bought a short sale, so I'm not sure how it is *supposed* to work. It took a couple months for the bank to agree to the short sale and for them to handle paperwork. The process wasn't difficult; it was basically waiting for other people to do their jobs.
It took some time but the changing of asset liability from one person and financial institution to another one, especially to the tune of $100,000 to a million dollars of equity, takes some time.

it was a few months from start to finish. But I've been living my house for five years now. That's all in the past.

There is no need for any delays if you hire your lawyer in the beginning and apply for
the mortgage with proof of sufficient income.Have your down payment, closing
costs and legal fees saved in the bank at application time. Hire the moving company
and start packing. No need for delays.
Buying a house is frustrating because you are not aware of the process and the necessary procedures you would be required to go through to complete the purchase process.

It might be a help if you asked your real estate agent and mortgage loan officer to provide you a list of the steps you would be required to go through. This way you would have some idea as to what might be next. Even though you might have a list of the normal schedule and procedures there are times when things might not go a planned. You can expect this to happen

Keep in mind the people you are dealing with are professionals and some have been doing real estate or mortgage loans for a long time. In doing this they fail to realize that you are not a professional and throw terms and request for documents at you as if you know exactly what they are saying or expect.

If this happen, stop the person and ask questions, many questions, many questions. This is your money you are spending and taking on this debt.

Buying a house is a step by step process, this is the first step you should take in order to purchase a house is to be pre-approved for a mortgage loan, by contacting a local mortgage lender. The rest of the steps will fall in place, no matter the type of property you are purchasing.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage lender, you can find one in your local telephone book.

Make sure this mortgage lender or mortgage banker is able to do government loans such as USDA, FHA and VA loans if you qualify for one. With a VA mortgage loan you are not required to have a down payment, this will save you on closing cost.

He will fill assist you in the filing out of the mortgage loan application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of your monthly income earned would be used in a formula to determine what is called a debt ratio. This debt ratio would determine the amount a mortgage lender would allow you to borrow to purchase a house. This debt ration should normally not exceed 39%.

When you speak with the mortgage loan officer you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Make sure, before you get your pre-approval letter, you and your mortgage broker go over all your options, as to all the mortgage programs you qualify for, the interest rate, monthly payments. This will allow you to make an intelligent decision.

Once you have your pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial situation at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign. Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

You would be required to use a local title company that would make sure there are no additional liens on the property take care of all the legal recording at the county recorder's office. You should be sent a title deed in approximately 14 business days, by the title company used to close your sale transaction.

The down payment of a house would depend on the mortgage loan program you are approved for.

There are many and varied programs available to you than just the conventional mortgage loan, as well as the down payment required of each mortgage program.

#1. Conventional mortgage loan

Normally 5%-10% down payment.

A. 20% down If you want to avoid Private Mortgage Insurance (PMI)

#2.FHA mortgage loan

Normally 3.5% down payment

There is a monthly fee akin to PMI that you would be required to pay for the life of the mortgage loan or until you refinance the mortgage loan to a conventional mortgage loan.

#3. VA mortgage loan

There is no down payment

You must have been in the United States military active duty, veteran, or retired.

There is a monthly fee akin to PMI that you would be required to pay for the life of the mortgage loan or until you refinance the mortgage loan to a conventional mortgage loan.

#4. USDA mortgage

There is no down payment required

Normally to be approved for this mortgage loan the property you are purchasing must be a farm or rural property.

There is a monthly fee akin to PMI that you would be required to pay for the life of the mortgage loan or until you refinance the mortgage loan to a conventional mortgage loan.

I hope this has been of some benefit to you, good luck


Casey Y:
It is intimidating, but it will always take a long time.
I went gray! When I moved in, it grew in again ….

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