Mortgages

Posted by sourpatchbaby | 1/18/2007 | | 5 comments »

So, house number one is set as sale pending. The realtor person says that it should be two more weeks before it's finished. That's very good because we have to come up with $3000 to pay for the bills of next month. And did I mention we're broke? Yeah, we're broke. Anyways, I heard in the news the other day that last year there were about one million houses that went into foreclosure. That is sad. the article explained how people will sign up for adjustable interest rate mortgages that have very low payments in the first couple of years but that go up after a while. This is bad because people end up with that are triple or even quadruple their original payments. This is why it's very important to have good communication with the realtor/lender that is helping you buy the house. You definitely don't want any bad surprises later on. I also learned that a lot of mortgage lenders will target specific racial areas. How do you say? Well, basically that a person of some color with a great credit may end up with a subprime rate mortgage and a colorless person with a less than great credit may get a better deal on the mortgage. This is one of the reasons why it's great to be informed and have a rapport with the realtor so that they can help you find the best loan for you. Sites like this Mortgage that explain things in a clear way are very helpful. There is a difference in the person that is selling you the house, and the person that is getting you the loan. If you don't make a good connection or feel...odd about a realtor, chances are that they won't help you get a great loan processor. They will probably just want to sell the house and get your money. Don't think that just because the house you like is at a certain company that you must use one of their realtors. Any realtor can sell any house in an area. So, before buying a house, you should find what is called a buyer's realtor (one that will be as good to you as you will be to them) and go scout the city. That's how The Hubby and I were able to buy the house we're selling now. We got a great realtor (who would've been ours for life if not for the fact that he moved to Texas a couple of months ago), who got us a great rate. If your realtor won't let you call them at 3am to discuss paneling and fixtures, then they're not the one for you. You are a needy person, get someone that will feed into your needy personna.

**That was for you Katie, you needy wench you.

5 comments

  1. Katherine Marie // 10:15 AM  

    Katie is confused, what was for me?? You know, mortgage stuff doesn't sit well with me.

    In my simple mind, there are signs at houses for sale and when they're bought there's a red SOLD sticker. As far as I'm concerned, there is no other process to the matter. I won't hear arguments to the latter.

    OoO I inadvertantly rhymed. I pat myself on the belly and purr like a kitty. I'm on a roll, I swear!!

  2. sourpatchbaby // 8:24 AM  

    I meant the calling someone at three am to discuss paneling. I believe it's something you would do. You are very very needy.

  3. Katherine Marie // 6:37 PM  

    Oh, okay. That is very true. I would definitely call someone up at three A.M.- but not to discuss paneling... to discuss Katie ...

  4. sourpatchbaby // 8:17 AM  

    Yes, but. Katie's paneling. See, it's still about you!

  5. Katherine Marie // 5:55 PM  

    ok, well, as long as it's about me, then the end justify the means. The means being confusing the hell outta me, the end being refocusing attention on ♥ Katie ♥