My wife is a nurse (associates degree) and I am a Special Education teacher (doctorate degree) , and we are looking for a first home purchase loan. What route would get us the best interest rate, the teacher, the nurse, or first time home buyer? Does education level influence anything? Anyone heard of places that will stack discounts? We will have about 75k saved up for a down payment and houses around us are averaging 500k (WA). Household income is about 110k after taxes if that changes anything. Edit to add: she has a 758 credit and some student loans and I have a 759 credit and no student ..read more

My partner and I are ready to buy our 1st home. Can I get advice about things to try for and avoid? I have been told 1 extra payment a year will reduce our loan term on a 30 yr mortgage by approximately 7 years. I am concerned with the interest rates being at a record high, the fed stating it will reduce interest rates, and housing prices being at record highs based on average income. Is now the wrong time to buy? Is there a way to protect ourselves from market fluctuations? submitted by /u/ddd615 [visit reddit] [comments ..read more

Does the $3,000 annual stock loss carry over impact Debt to Income ratio when applying for a new mortgage? Would it reduce my monthly qualifying income for loan by $250?? Thank you so much for the help. submitted by /u/Future_Investment_12 [visit reddit] [comments ..read more

I refinance with a mortgage broker earlier this year. I really like working with him. I bought a new home, and he has been helping me with pre approvals while on my new home search. The offer was accepted! He was great in helping as the selling agent called him to be sure I’m in solid standing. Now that the offer was accepted, my friend told me to cross reference rates before closing. I did. The broker that I’ve been working with, best he can do is 6.64% if I put down 25% on a 30 year conventional loan. The other broker I was intro’d to do a 6.24% rate regardless of 20% or 25% down on a 5/3 A ..read more

When buying a property, what would more secure my position, if I remove the appraisal from contract or increase the offer and keep the appraisal? So there is a condo listed for $390k and I bet $410, I have also included in the contract that I won't ask any minor repairs, seller agent is asking me about the appraisal, so I'm not sure what would secure my position by removing appraisal or increasing offer by $5k? submitted by /u/lonelyshepherd8 [visit reddit] [comments ..read more

My mother (63) lives on a farm in IN which contains 13 acres and two houses with a shared driveway. We are going to be putting the property as a whole on the market to sell soon and want to purchase a smaller home for her with a small yard because she currently mows 4 acres and it's too much for her. When the farm sells I want to put her things into storage and get her into a short term lease while we look for something (assuming the ideal situation of closing on her new home doesn't happen the same day the farm sells). Now to the questions. Her SS benefits are low and I want to keep her mort ..read more

Hi all, Salary - $80/hr ($10'300/month NET) Monthly Expenses Including rent ($2k) - $4500 Saved - $100k Stocks - $37k Emergency - $20k Car Loan - $19k (8.36% APR) No other debt. Currently me and my wife are renting for $2k a month, but living here became a nightmare because of pests and mice's especially with a newborn baby. We definitely want to change a place of living but if we move somewhere it will be around $2700 a month. I am thinking of getting mortgage of $410k townhouse with 10% down, and total monthly payment including taxes, PMI, HOA and interest would be around $3500. My plan is ..read more

Just to keep this short without going into detail about my circumstances: I’m filling out an application with my lender through a financial assistance program. One of the questions are, “What is your intention with the property?” I am actually planning on selling it, I just want to do what I can to avoid foreclosure first. But, should I mention that my intention is to sell? Will that penalize me in any way? Does anybody have any experience with this? submitted by /u/Technical-Soup-7875 [visit reddit] [comments ..read more

Has anyone done this? I’m looking at a home on 20 acres and only want 10 of the acres. I want to split the land and sell a portion. I’ve read online that your lender may allow this, but I don’t understand how to ensure this is possible. My broker was no help, I assume a bank or credit union might just sell my loan into a pool of loans… Anyone done this or have any advice or resources? submitted by /u/BirdLawMD [visit reddit] [comments ..read more

I’m wanting to get prequalified for a house loan, but I have a small student loan. Leas than $6000. Half of it has an interest rate of 3.5% while the other half has an interest rate of 4.5%. When getting qualified for a home loan, would it be better to pay this all off right now or not? This is our only debt. I can pay it all off today and I like the idea of it not hanging over my head. However, I can see if the strange world of credit that having an outstanding loan could be useful. Also, I’m not sure how much of a difference it might make in regard to the amount I’ll qualify for so again, n ..read more