The SanAntonioHomeQuest.com Realty Solutions Team loves to answer questions about buying and selling homes. Here's the latest one.Question: How do I get pre-qualified and what is a good down-payment for a home?
Our Answer: If you are just wanting to get an idea, you could use the link below for some general information:
http://cgi.money.cnn.com/tools/houseafford/houseafford.html
If you are seriously considering purchasing, you will want to visit with a loan officer that you feel you can trust. Your agent might recommend one or you could ask friends to suggest someone with whom they have had a good experience. You could also visit your personal bank or credit union.
A pre-qualification should not cost you anything. A pre-approval is often required when you are ready to make an offer and that will usually have the cost of a loan application and credit check. The pre-qual is enough to get started in most areas, but there will be a point where you need approval.
The down payment is variable and is different from your earnest money. How much you choose to put down (along with other things) can affect the interest rate. If you are VA eligible, or qualify for a USDA financing, you may get by with 00 down payment. FHA will require 3.5 percent down. A conventional loan will vary and can run anywhere from 5% to as much as you want to put down. Many people choose 20% down on a conventional loan to avoid private mortgage insurance (PMI).
A good agent and/or a good loan officer will guide you through this maze? Good luck!
If you're looking for San Antonio homes for sale, visit our world class search engine at
http://www.sanantoniohomequest.com/ext-search-listings.asp.
Brought to you by the SanAntonioHomeQuest.com Realty Solutions team. If you have a question about San Antonio, real estate, mortgage loans, anything realty -- go here -- and we'll get back to you with our answer as soon as possible.
No comments:
Post a Comment