What is the best way to go about getting real estate financing?
My fiance and I are interested in a home but the home is priced at more than what we are wanting to pay per month. I know if we can get a better interest rate then the payments won’t be as bad.. We have worked really hard on his credit lately (his ex-wife did not get their home out of his name after the divorce, late payments,etc) We refinanced the home after taking her to court and sold it a month later.. I think his credit score is in the mid 600′s maybe low 600′s.. I wonder what his interest rate will be on purchasing a new home? Does anybody have any advice?
first off, never buy a home that you cannot afford… your payments will go up every year due to taxes , for instance me and my husband bought a house at $101,000. our payments when we first moved in, with escrow included and a 6% intrest rate… were $701… now, only after living here 3 years, our payments are $968, and we recieved a letter saying that starting this coming july.. we are getting another increase…. and we do not have any fluctuating rates or antyhing… just all do to taxes… so… just be careful. always go for a home that you know you can well afford, because as the years go on, it wil increase by hundreds… but good luck anyways… try going to a bank for financing and see where they stand with you, because they are the hardest to try and get loans from.. but good luck.