what's the best way to finance a house?
477463
First decide how long you plan to keep the house.  Is it for 5 years or for 25 years ?  If you plan to keep the house for a long time the traditional 30 year mortgage is the way to go.  Many people keep their first houses less than 5 years when most of the payment is interest.  if that is the case a 5 year adjustable rate mortgage (arm) is best. But when taking out this type, do a worst case scenario i.e. if itcould increase 2% for example, run the numbers and make sure you can make the payment.\n\nNo matter which you choose, make sure your credit score or fico score is as high as it can be.  You should be able to get this on line.  If you have a high score --over 700- your rate will be lower than a low score 500 -- and you will pay much less in interest. If your score is not high, try to pay off your credit cards and after that charge a very small amount , $50 a month a pay it off in full each month.\n\nBuy an easy to read book on mortgages like Mortgages for Dummies and try to understand it well.  There are literally 100 or more mortgages to choose from and it is very complex.  The mortgage broker wants to sell you one and not necessarily educate you forthe one best for you. Buyer beware.\n\nIf you belong to a credit union, it will offer some very good rates.  Try that first. \n\nFinally shop around and check programs at various places and ask, ask , ask if you do not understand.  One time a mortgage broker tried to sell me a mortgage that appeared to be $500 less a month than any other.  I asked how that was possible and she said they $500 would just be added to my principal mortgage.  In other words at the end of a year my mortgage would be $6,000 more and after 5 years it would be $30,000 and of course my monthly interest payment would go up.  Notice she did not offer to explain this . \n\nGood luck and rememeber ask, ask ,ask  until you are sure you understand what you are getting
162832
Well first try to get something small,like a furniture account. Then you just must make sure you are not late on any payments and you build from there.The more you pay the more someone will take a risk on you.
742217
Talk to a mortgage advisor at any estate agents. They scan a computer with over 33,000 mortgages on it to find the best one for you. Northern Rock do a 100% they told me.\n\nGood luck, be sure you know what you're doing!
784350
not enough info....two loans? 1st and 2nd?  home equity etc. unless there is equity in the home that you can access, the only option is a personal loan  unless you sell the house and have it deeded in both names...a reverse mort might be an option, however, that is usually only avail to seniors.....you could do a promissory note and use purchase money mort as a way to have the one party buy even amounts...ask a real estate atty
531166
Like everyone else said.  Pay the mortgage first.  Your house is a secured asset.  Credit cards are not.  Do not take out a home equity loan to pay of or consolidate credit card debts.  You are replacing an unsecured loan with your house as collateral.  You would be better to use 0% or low interest credit cards to consolidate bills.\n\nAfter that, budget your money, and if possible, make an extra $25 payment each month toward the principal.  It doesn't sound like much, but an extra mortgage payment each year will cut a 30-year mortgage in half.
18736
Buy. Right now, even an investor will get positive cash flow by buying and renting the house. The great thing is that you get better loan terms (Owner Occupied) a tenant that you trust (yourself!) and in addition to that, there is projected appreciation for houses in the South.
598578
Being there a innumerable ways to begin establishing your credit and to buy a house with no credit established, I will offer you a couple ideas for both.\n1.The best way to purchase yourself a house with no established credit is either from an owner financed, lease to buy, or first time buyers program.Many people now are selling their own homes or purchasing homes and selling them as investment realty properties.Look in your local newspaper real estate section and contact owner financed offers,in these cases the owners carry the note and generally only want a down payment, and proof of income.Lease to buy offers you the opportunity to purchase by making lease payments to the owner and then deed the property in your name when the purchase price has been paid,in this case make sure lease payments are credited to the purchase price in the event you come into some money at some point and want to pay the full balance before the lease is up,bare in mind the lease option will have a shorter term.The FHA and VA offer first time buyer programs and many homes qualify, you can only use the first time buyer FHA once, to use this method contact a realty agent and tell them you are a first time buyer and want to go with a FHA qualified property , usually only proof of stable income and job history is needed as the government is trying to bolster the economy and help people buy a home.Department of HUD in your state is a great place to look for value properties that qualify for FHA loans.\n2.Establishing credit is not near as difficult as it once was,you of course must be over 18.Department store cards like Jc Penney, Sears, Dillard's, ect, are the easiest to get,many banks like orchard and household,and capitol one offer low limit starter cards too (visa & mc).Buying a car and making 6 -12 consecutive payments works well too.The best way is credit cards of any type that are unsecured,secured cards don't mean a thing.Be prepared to maybe pay a little higher interest rates or get lower limits to start with but that will immprove as you make payments.Be sure to make payments on time and at least minimum.Try to pay the balance every month, and never let your balance exceed 50% of your limit.You can also get loans at smaller loan companies like beneficial,american general and such if you have a car or something you can use as collateral,and then make your payments.The important thing is get them reporting good stuff about you to the credit bureaus.Remember your just trying to get in the game and as you build your credit history and score better rates and offers will start coming to you in the mail.Of course you must have a job or proof of income and stable history of at least 6 months to a year to do any of these things we've talked about.There are some ways around this but thats a little to creative to condense into a short yahoo answer.Good luck and try a few of these things they will work for you , we have all been there.
907399
you may have to go to a sub prime lender and pay a slightly higher interest rate.\n\ni would visit a mortgage broker, sit and go through it with them, they will recognise the best deal for you.
225190
get a repayment ....thats the only kind to go for unless u a financial wizzkid \n\nalso try lookin into this new goverment housing scheme they look reasonable where u only buy half your house ..\n\ni feel ya pain ...1st timers got it tough
986028
Find a company that offers low or no closing costs and get a mortgage....it is a lot lower interest rate and you can take it out for 15, 20, or 30 years to control the payment amount.\n\nMike\n\n==============
784422
why don't you look into a lease-with-option-to-buy?  you can rent from the owner, but a portion of the payment goes towards the down payment on the house.  then, in 6-12 months, you can purchase the home with some money down.  remember to negotiate the purchase price upfront when you enter the contract.\n\nbut, there is no mortgage product that allows you to get the cash now and not have the loan secured by a property.\n\nlast suggestion would be setting up a direct withdrawl from your paycheck, and have it put into a savings account.  maybe if you don't have to actually bring the money to the savings account, you won't miss it.  good luck... homeownership rocks!
463851
Get a loan on the home that is for the amount that the house costs, and the difference between the worth and the cost could be considered the down payment?\n\nOr, get another person to invest the down payment, with promise of high interest with the repayment. Since it's foreclosed, I'm assuming that the value is higher than the price, making it an attractive investment for your partner.\n\nOnce you buy it, you can\na) sell it, and pay your partner with interest from the profit\n\nb) rent it and do the same\n\nc) live in it yourself, and with the money you are saving on the monthly payment, repay the partner
1021748
Easy short answers:\n\n1. find people who are having difficulty paying their mortgage or have been served a notice of default. Your local paper, people trying to rent their house and it's not renting, online servcies and such are your source. Just put yourself in their mindset and you will know where to look. \n\n2. You will need to determine the value of the house and how much equity (if any) is in the house. If equity, then you draw up a contract giving you the option to purchase the house. It's called an "assignable purchase option contract". Let's say you negotiated to give the owners 2k to move out and they have 30k in equity in the house. You now sell your contract to an investor for 5k. You just made 5k. Investors can be found by calling the "we buy houses" numbers you see advertised everywhere. \n\nThis whole transaction should have cost you $1 out of your pocket and no credit. Do a search on "assignable purchase option contracts" for more info on how that works and you can download a purchase option contract form for free (you just have to make it assignable) from http://www.firsttuesday.us/Downloads/form161.pdf . To make this contract assignable, you should add an assignable clause and put the following words after your name "and/or assigns".\n\nOne word of caution, check your state laws to see what legal forms you might need to purchase property from people who are in foreclosure and have equity. For example, we have a form in California we have to give or we can be sued. \n\nAlso, in number 2, if the property has no equity, you still can work out a deal, but that will require cash money (called a "short sale"). You can sell your leads of no equity to investors as well. They usually pay anywhere from $250 to $1000 per lead. \n\nGood luck. Investing is a great job because you get paid to help other people.
670725
There are lots of ways to buy a home with little or no downpayment.  Talk to a lender about 100% financing.  There are FHA programs where you only need 3% down and they have a great rate.  Your REALTOR can also write your purchase contract so that the Seller of the home will pay some or all of your closing costs which means even less money our of your pocket.  Good Luck!
904192
You need to ask for a 100% mortgage.. to get that you need to be earning loads of money.. I did hear that some banks are offering 5x your salery.. in that case if you are on £30,000 a year you would be able to get a £150,000 house
10570
Try Regional Mortgages.\nhttp://www.regionalmortgages.com
101150
You should go to a mortgage broker. They help you find the best mortgage lender for your situation. \n\nThey don't cost any extra as they just get a cut of the money the mortgage lender makes. At least that is the idea, you still have to be a wise shopper.