Jon- comments inline... > All of you guys have so much worldy experience, maybe you guys can > help...I'm buying my first house and I just learned that I've been > preapproved for my mortgage, but I was wondering, are houses negotiable like > cars, or should I just take the asking price? > Housing prices are totally negotiable, as are terms. When we bought our house (long ago), we got the impression the seller was not flexible on price but was flexible on terms. So we negotiated a longer close and them taking back a second mortgage, but met their price.
My cousin is a real estate agent in Marin County, N of San Francisco. It's such a hot market right now that there might be a half-dozen offers above the asking price the first weekend a house is listed. She has buyers losing out on houses because people outbid them. It all depends on what area you're in, what supply/demand is like. > Also I am just working with the mortgage guy that the person who is selling > the house refered me too, and I'm sure they are running some sort of > deal...they all are (damn capitalist pigs!). Is this a good idea, or should > I hunt around for different mortgage guys? The house guy is saying "another > agent" is showing the same house, and I get the feeling he is trying to rush > me...gives me bad vibes. yes, shop for mortgages too. Besides the loan interest rate, there are "points" i.e. "loan origination fee", usually a % of the loan amount. Plus fees (title company, filing, etc etc etc.) You can "buy" a no-points, no-fees loan by paying a higher interest rate on the entire mortgage. So, pay cash now, or pay over the life of the loan plus interest. Your choice. FHA is a federal program. Most loans do not stay with the original lender. They sell them into the secondary mortgage market. You get a notice someday that your payments now go to a different company. It's easier for them to sell mortgages if they meet FHA approval. So you can often get a little lower interest rate. > > Last question, the mortgage guy keeps talking about FHA loans and I have no > clue what they are, but it sounds governmental, and I don't want the govt > hosing up my house. Anybody have any advice, or info about the FHA thing? > > That said...just an fyi from what I've learned so far, apparently it's > pretty easy to get into a house with no money down these days. That's > incredible if you ask me. TANSTAAFL - "there ain't no such thing as a free lunch". See comments above how you are really paying for it. > > jon > > ______________________________________________________________________ Get the mailserver that powers this list at http://www.coolfusion.com Archives: http://www.mail-archive.com/[email protected]/ Unsubscribe: http://www.houseoffusion.com/index.cfm?sidebar=lists
