I've always rented, never bought before so I don't know what order this whole mess is supposed to go in.
I recently moved to New Mexico. The SO and I will be here for at least 3 years so we figured, for [in]sanities sake, I would buy a house.
I've already seen it. I'm planning on seeing it again so I can take pictures of the property and send them to my dad, the SO, and the friend that I am currently staying with. (I forgot my camera last time)
So, what do I do next. Do I hit the bank up for a loan now? Or should I have done that before I considered looking for a place?
That place I want to buy is BIG but CHEAP. I already have the 10% down that is generally requested. (It's $108,900) I'm thinking of seeing if the owners would go lower.
If I qualify for a loan that's too big (say, for example the bank does give me a loan for the full amount) can I use the rest for repairs? I've already calculated the price of the mortgage as "rent" and if we want to, there's a spare room we can rent out (it has 4 bedrooms).
So, is the next step go to the bank? Or go back to the Realtor?
I recently moved to New Mexico. The SO and I will be here for at least 3 years so we figured, for [in]sanities sake, I would buy a house.
I've already seen it. I'm planning on seeing it again so I can take pictures of the property and send them to my dad, the SO, and the friend that I am currently staying with. (I forgot my camera last time)
So, what do I do next. Do I hit the bank up for a loan now? Or should I have done that before I considered looking for a place?
That place I want to buy is BIG but CHEAP. I already have the 10% down that is generally requested. (It's $108,900) I'm thinking of seeing if the owners would go lower.
If I qualify for a loan that's too big (say, for example the bank does give me a loan for the full amount) can I use the rest for repairs? I've already calculated the price of the mortgage as "rent" and if we want to, there's a spare room we can rent out (it has 4 bedrooms).
So, is the next step go to the bank? Or go back to the Realtor?
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