Want to buy a house SO confused please help me?

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Ok, I’m so confused I’ve heard, it is the buyers’ market, it does not seem to do as I heard the news yesterday, now it will be difficult? We really want to do this the right way, but are very scared because we do not know what is good and bad. I have the documents in the other day about our loan for 103 000 and we should have eight additional 160,000 on top of work, it sounds very bad (the interest rate of 7.2%) We are paid on tax liabilities and continue with I have just paid off our trailer and car, so when we go to our values ​​a bit ready, but we know you need a new car and I fear that if we want our customers to go down and do our best interest to do so by recovery. I do not understand is all the rules. We were in a mobile home that we liked, but was told he should not go that way, but I feel like we do, no options, what we b / c for buy land and build so much and I do not know if we can afford a mortgage 1000. Thank you in advance.

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7 Comments
  1. Reply
    4Seasons
    May 19, 2011 at 9:56 am

    Buy your house and then buy the car.

  2. Reply
    xanaduloot
    May 19, 2011 at 10:22 am

    If you are not sure you can afford the mortgage DO NOT DO IT…..that is why the market is so bad, because a bunch of people took loans that had payments (or future payments) that were out of their pricerange..and than they couldnt pay. Buying a house is good, but find one you can afford FOR SURE…like even if you get sick and have to take 3 days off work….
    as soon as you own a house you can get any car loan you want….so dont even worry on that

  3. Reply
    gingerdaisy43
    May 19, 2011 at 11:11 am

    Don’t know where you live, but MANY states/counties have classes that teach you all you need to know. They are usually free. It sounds like you may have already bought a house.

    It is normal to pay more in interest over the life of the loan than the loan amount, however, if you cannot afford the payment, stay out!

    $ 1000 sounds a bit high for that size mortgage….unless it’s 15 year. My calculator says your mortgage would be $ 720, perhaps you are counting taxes and insurance in that payment.

  4. Reply
    Jan C
    May 19, 2011 at 12:05 pm

    That percentage for a mortgage is way beyond normal. Look at the newspapers in your area and find a lending firm that is willing to help determine a fair and low cost mortgage for you. Do shop around. I hope you know that your credit score and amount of down payment has a great deal to do with the rate. Don’t rush into buying just because it is a buyers market. You must become a smart shopper. Talk with a lot of people, ask questions and make sure you understand exactly what they are telling you. This isn’t an easy task, but do be careful. Good luck.

  5. Reply
    godged
    May 19, 2011 at 12:58 pm

    That interest rate that was quoted is not that competitive, so you most likely have some credit isssues. Don’t buy a new car, that is a terrible investment. Buy a house first, you can always find a loan for a late model used car.

    MH’s are a bad investment because they do not hold the value that other homes do.

    The reason that the market is hard for buyers is that those that qualified for ridiculous loans a few years ago are flatly denied. More balanced standards are back where you have to maintain a decent credit score and employment history to get the best programs.

  6. Reply
    cdubdub1982
    May 19, 2011 at 1:53 pm

    if you want to buy a house but don’t want a huge payment start looking at HUD repo’s. right now with the housing market the way it is there are many foreclosures. search for HUD homes in your market or talk to your local real estate agent about HUD and don’t let them scare you because they will try to get you to buy a standard listing because of commision reasons. banks want to get rid of these so they usually are nice homes that go for a great price.

  7. Reply
    Test
    May 19, 2011 at 2:14 pm

    Okay. first off take a deep breath and relax. The mortgage companies throw a lot of stuff your way when you first begin the process of buying a home. It seem like you have taken the first step and got prequalified for a mortgage. If you havent done that then i highly recommend that. It will give you and idea of what you can afford and what you can get approved for. As far as your credit score is concerned, as long as you have credit and you havent been deliquent on any payments your credit should be fine. Also, most mortgage companies wont lend money on a mobile home, so you probably cant go that way. My wife and i recently closed on our first home a few months ago. We didnt have a down payment and the seller paid most of the closing costs for us. I will assume that you do not have a down payment of closing cost, so you will have to go the same route. Because of the fact that you dont have a down payment you will have to pay What is called PMI (private mortgage insurance). Ours is about 150.00 a month on top of insurance and the mortgage payment. Our original loan amount was 127,000. We have a fixed rate at 7.2% for 30 years. When we are all done and have made our final mortgage payment, our total amount paid will be over 300,000. So the numbers that you came up with are normal or maybe even a little low. Remeber that you have to include property taxes, PMI, and insurance when you figure your monthly payment. Our house payment is 1130.00 a month. Around 400 of that goes to the things i said above. Most importantly, if you cant afford a home right now, dont buy one. You dont want to get into trouble and scew yourself in the future when you will be able to afford one.

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