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Bracket racer
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Discussion Starter #1
I recently started looking around a bit.....and I'm sort of a "newbie" to the financial world. Who are the best mortgage companies to talk to and consult with? Any other advice would be appreciated!
 

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Best tip I have is save more and dont buy the biggest and the best
Shit we live in a shed and we are happy lol and own it
 

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Bracket racer
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Discussion Starter #5
Best tip I have is save more and dont buy the biggest and the best
Shit we live in a shed and we are happy lol and own it
I hear that! It doesn't take much to make me happy.
 

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Go to a bank, find out what you can get for amount, find a Realtor, find a house, sign your signature about 10,000 times, hope it passes inspection
 

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Void
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shop around for the best rates, pay off credit cards & any other dept. Don't use the realitors guy or girl for your loan. Find the max you want to spend and stay under it at all cost.
 

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Save as much as you can for down payment. Get preapproved for a loan to see how much you quailify for and then start looking for houses you like in that price range. When you find a house you like, go meet the neighbors and make sure you will get along. Also, if the house doesn't have a shop, check to make sure you can build one.Some areas have codes against metal buildings.
 

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JustSayin' CyberWarFare
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Get pre-approved and start hitting foreclosure actions.

Lendingtree.com is a good place to start to see what some rates you may qualify are, as well as how much you may be able to borrow. And of course it shows payments vs down payment. Then hit a credit union.

We paid cash for our house in Pensacola, Florida, 6 years ago at a foreclosure action (Right before Hurrican Ivan hit us). Appraised value was $180K with a new roof and carpet. Paid $68K out the door. Allowed us to install hardwood through out, a new kitchen and bad ass media room and still come in below $90K appraisal.
 

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do not get in over your head, just because you are aproved for a certain amount does not mean that you need to spend that much
 

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buy a garage with a house attached, you will be happier
try and get a pre approval, maybe start with your bank-dont get an ARM mort.
if you find a house, dont get into a bidding war-buying over priced houses is what got us into this mess
go by the house at diff times of the day, see what goes on
 

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JustSayin' CyberWarFare
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do not get in over your head, just because you are aproved for a certain amount does not mean that you need to spend that much
If more folks realized that we would not have needed a bail out. Sucks I paid cash for my house instead of getting a free ride.
 

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:smt081
Join a credit union
I've been in my credit union for a long time, have 20% for a house I wanted but they wouldn't give me a loan because I dont have any debt. They told me if I kept a balance on my cc along with more then one as well as a car payment they would give it to me. Another reason why this world is fucked up...
 

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Dinosaur Mechanic
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Make sure you can make the payments on one weeks pay, that way you have money for all the stuff life throws at you........for the next 30 years! And put 20% down so you don't have to pay PMI INSURANCE

your welcome
 

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Pre-approvals are great for contract offers, less great for knowing how much you can spend. I was pre-approved the first time I bought a house for almost 160k with $0 down. There's no way I could have afforded that even though they'd give it to me. I spent 90k on my first house and it served its purpose.

I made a deal with my wife on our last house that if she'll stay 100% out of the garage, she can decorate her house 100% how she wants to. Carrying that deal forward to the new house and it's worked out really really well for my project space :).
 

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Don't sign any variable rate loans ! Lock in a Fixed rate
Also check out the difference between a 15 year loan and a 30. (You may be surprised) You can save a bunch of cash if you could do the 15. JMO
 
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