introuble Posted July 24, 2014 Report Share Posted July 24, 2014 Bhayyas, Is it good time to buy a house? I am still in dilemma, koncham suggest cheyandi? Link to comment Share on other sites More sharing options...
littlestar Posted July 24, 2014 Report Share Posted July 24, 2014 yes Link to comment Share on other sites More sharing options...
mukunda1 Posted July 24, 2014 Report Share Posted July 24, 2014 depends on where you want to buy, how much is the budget, how many sq.ft fits your need, what is neighborhood etc. man. Link to comment Share on other sites More sharing options...
accuman Posted July 24, 2014 Report Share Posted July 24, 2014 It all depends where? And how? And how much? Link to comment Share on other sites More sharing options...
introuble Posted July 24, 2014 Author Report Share Posted July 24, 2014 yes thanks bhayya, what are the steps need to take care. 0 knowledge on mortgage and how the process will work, can you throw some light? Link to comment Share on other sites More sharing options...
Rebel890 Posted July 24, 2014 Report Share Posted July 24, 2014 Watch hgtv Link to comment Share on other sites More sharing options...
Hitman Posted July 24, 2014 Report Share Posted July 24, 2014 How much rent you are paying? How long you be there at your present location? are u willing to rent or live? how much down payment u can? what is Credit score? What is expected loan amount vs your combined salary? etc Link to comment Share on other sites More sharing options...
introuble Posted July 24, 2014 Author Report Share Posted July 24, 2014 I am looking around 250k, 1900sft, townhome 3 bd 3 bath and the location is very good in means of school district and community, budget ante entha downpayment kattali and credit score entha undali and market ela undi anedi ardam kavatledu. India lo konala leka ikkada teesukovali ani thinking Link to comment Share on other sites More sharing options...
Hitman Posted July 24, 2014 Report Share Posted July 24, 2014 Watch hgtv HGTV ok.. but real life lo anta easy ga undadu ga.. Link to comment Share on other sites More sharing options...
Hitman Posted July 24, 2014 Report Share Posted July 24, 2014 I am looking around 250k, 1900sft, townhome 3 bd 3 bath and the location is very good in means of school district and community, budget ante entha downpayment kattali and credit score entha undali and market ela undi anedi ardam kavatledu. India lo konala leka ikkada teesukovali ani thinking Good now answer my questions above.. and also where r u planning? Link to comment Share on other sites More sharing options...
vokatonumberkurrodu Posted July 24, 2014 Report Share Posted July 24, 2014 I am looking around 250k, 1900sft, townhome 3 bd 3 bath and the location is very good in means of school district and community, budget ante entha downpayment kattali and credit score entha undali and market ela undi anedi ardam kavatledu. India lo konala leka ikkada teesukovali ani thinking Credit score 700+ unte approval chances untai...Debt to Credit ratio < 30-40% unte approval chances ekkuva. Based on type of loan downpayment will be as low as 3.5% and may be as high as 20% (if you pay 20% you can avoid paying Mortgage insurance which is needed for any load with downpayment < 20%). If you plan to settle here then buy here or else India... Go with a good realtor...buying a used home involves a lot of negotiations during which the realtor may help in making offers, counter offers, negotiating closing costs... there are lot of desi realtors...some full time and some part time... also buy a home based on family needs...1900 sq ft may be sufficient for a couple now...but with kids down the line in a year or two you will need a bigger house...and school district will come into picture when kids turn 5 yrs... Link to comment Share on other sites More sharing options...
introuble Posted July 24, 2014 Author Report Share Posted July 24, 2014 Good now answer my questions above.. and also where r u planning? How much rent you are paying? ---- 1000 How long have you been there at your present location? --- 3 yrs are u willing to rent or live? -- no, buying for my purpose how much down payment u can? --- around 5-10% what is Credit score? --- 700 What is expected loan amount vs your combined salary? --- 240k - 5%(10%) and salary 100k Link to comment Share on other sites More sharing options...
introuble Posted July 24, 2014 Author Report Share Posted July 24, 2014 Credit score 700+ unte approval chances untai...Debt to Credit ratio < 30-40% unte approval chances ekkuva. Based on type of loan downpayment will be as low as 3.5% and may be as high as 20% (if you pay 20% you can avoid paying Mortgage insurance which is needed for any load with downpayment < 20%). If you plan to settle here then buy here or else India... Go with a good realtor...buying a used home involves a lot of negotiations during which the realtor may help in making offers, counter offers, negotiating closing costs... there are lot of desi realtors...some full time and some part time... also buy a home based on family needs...1900 sq ft may be sufficient for a couple now...but with kids down the line in a year or two you will need a bigger house...and school district will come into picture when kids turn 5 yrs... thanks for the answer bhayya, I am planning on buying a new house with a downpayment of around 5% or 10% and my CC utilizatation rate is 42%. credit score 700. is this enough to get the approval. The closing is in April next year, so that I can build my credit by that time but now the builder wants a preapproval, not sure what are the chances of getting pre-qualified. Link to comment Share on other sites More sharing options...
Hitman Posted July 24, 2014 Report Share Posted July 24, 2014 How much rent you are paying? ---- 1000 How long have you been there at your present location? --- 3 yrs are u willing to rent or live? -- no, buying for my purpose how much down payment u can? --- around 5-10% what is Credit score? --- 700 What is expected loan amount vs your combined salary? --- 240k - 5%(10%) and salary 100k Also.. how long will you be living/owning the house? if you are planning to be permanent at same place is Ok. Not sure where u are planning. but most of the places .. the housing market bounced back and prices are getting increased day by day. If you are going to be living in house at least for 4 years it is fine.. otherwise with the current market price you will not gain much + you will not able to save much if you plan to sell near future. 240 K ante.. u can expect 1800 as EMI. Browse available houses from ZILLOW.. if it is old house.. see the history then u can get some idea how much it can appreciate etc.. Link to comment Share on other sites More sharing options...
vokatonumberkurrodu Posted July 24, 2014 Report Share Posted July 24, 2014 thanks for the answer bhayya, I am planning on buying a new house with a downpayment of around 5% or 10% and my CC utilizatation rate is 42%. credit score 700. is this enough to get the approval. The closing is in April next year, so that I can build my credit by that time but now the builder wants a preapproval, not sure what are the chances of getting pre-qualified. Is it a new construction? which city or suburb? Link to comment Share on other sites More sharing options...
Recommended Posts