best time to refinance mortgages..

we are thinking about buying a house. do you think we should try now? or should we wait more? it would be our first. unfortunately, we are both dreamers and have trouble making good decisions. now we also need a car. and this is what my husband thinks we should do...

get a mortgage on a house, but he wants to go to auction, so we would check out all the foreclosed houses first.

bad idea? i mean, is it THAT easy to get a bad deal? i know a guy that got a really nice house for 5k, but i KNOW that is highly unlikeable.

inputs from homeowners... give me some advice. ty

 

Well, at the moment just getting a mortgage can be near impossible. Also, a lot of people seem to be getting into trouble when the value of their house is now way lower than their actual mortgage and that's a really shitty situation to be in. The ideal would be to find a cheap house that you can potentially do up and so increase the value, and at the same time keep your mortgage to a minimum. And obviously not get a mortgage unless you're absolutely sure you will have a steady income and thus be able to actually pay off the mortgage. Good luck!!

 

yeah, i want a fixer-uper. i enjoy fixing up houses. ive heard that it should be getting lower though. i dont know if thats really true... no one can really know.

 

Or house has lost 10 percent of its value since July.

 

you wont be able to get a mortgage i assure you..

30% down and a credit score over 750 is the minimum right now to qualify for a mortgage.

as far as housing prices,from what i read they will not bottom out till 2012 so any investment you make now is almost certain to lose value if you were somehow able to get a mortgage..

 

I'm letting my place go to foreclosure. Fuck 'em.

 

on the news the other night, they said it was the best time to refinance. and were interviewing alot of ppl that refinanced and got a lower percentage. but of course, it could be just a way to get ppl to think about it and go for it. thats why i wanted some opinions.

 

hell you may still be able to live there for a couple years now.. a lot of places arent even serving people at the moment..

 

They're trying to stimulate the mortgage business which is odd because it's virtually non-existent.

Find an abandoned house and squat.

 

do you own a home now with a mortgage on it?? if not then why on earth do you keep talking about refinancing??
people already in a home refinancing has nothing to do with the ease or difficulty of buying a home..

 

Was paid up through Dec 1st. Saving money OUTSIDE the bank to build in WV. I should have enough by June, maybe July.

 

the banks are practically throwing themselves at the community telling us that we should get loans. and the mortgage companies are doing the same.

 

Last desperate act of a dying business. In 6 months when unemployment hits 25% there won't be any commerce to speak of except food and fuel.

 

you think they are? lol, walk in a bank and see if you can get a mortgage..

im telling you how it is,not how the media is spinning it..

 

if mortgages were so god damn easy to get i would have a job right now..

people are so gullible..

yes the banks are giving mortgages to QUALIFIED buyers..

those with 30% down and a credit score over 750.

yes the banks are refinancing,to keep some sort of income coming in from those people they already hold mortgages on..

 

It's like car dealers. Get em in the door and you got em.

Do what we are. Find a friend who has a nice chunk of land and who like to eat. Build a house there and grow some food. Sharecropping ain't so bad. Just don't piss of the Massa...

 

my own stupidity of the whole thing,.thats why i want to know what others think. i have a friend who bought a house just 2 years ago, and is selling and buying another house. people have told me that its the best time to buy a house. that the rates are lowering.

 

good luck to your friend at selling their house and not walking away owing money to the bank..lol

 

It's not about the rates. It's about qualifying. They're losing their ass to foreclosures and are really picky about who they lend.

 

Plus with values falling a lot of people are upside down. I live in a house that I owe $212,000.00 on but it's now worth $185,000.00 By summer that will probably be $150,000.00. Why should I keep a house that I will never be able to pay off and if I do it will only be worth maybe half what I paid for it? It's silly. I admit I made a dumb move and I'm not throwing any more good money after bad. Especially since I don't have any.