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wanttobuy

Looking to buy/build within the next year Have Questions/Need Direction...

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Hi, We currently have a mortgage but would like to sell our house and either buy land & build or buy a preexisting home.  

 

Our credit is low currently but I would like to work on getting it back up.  I only have scores from Credit Wise, not sure how accurate those are.  What is the best way of going about to get the scores used for mortgages? 

 

We have our current mortgage, a car loan ($7000 left), and I have student loans ($93K).  We do have some late payments on our credit and 1 charge off I am working on getting removed.  I do have credit card with a small balance on it, so I will be paying it off too. 

 

Other than paying on time and paying down the debt, any other suggestions to help raise the credit score.  I wasn't sure if talking to a mortgage broker at this point would be beneficial.  

 

Also, is there a way to get an idea of how much your mortgage payments would be?  

 

Thanks for your help! 

 

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On 11/3/2019 at 11:20 AM, wanttobuy said:

Our credit is low currently but I would like to work on getting it back up.  I only have scores from Credit Wise, not sure how accurate those are.  What is the best way of going about to get the scores used for mortgages? 

Welcome!

 

Here is a good thread for this question.

 

https://creditboards.com/forums/index.php?/topic/574263-the-everything-about-mortgage-fico-scores-thread/

 

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On 11/3/2019 at 11:20 AM, wanttobuy said:

is there a way to get an idea of how much your mortgage payments would be?  

If you type "mortgage payment calculator" into Google, their basic calculator should be among the first results. 

 

There are zillions of other mortgage payment calculators, but this is the simplest.  

 

Make sure you also consider all of the other costs of home ownership when you budget.  The largest besides the P+I payment is generally property taxes, but the one most people overlook is repairs/maintenance/ongoing care.  

 

One day you'll wake up and you'll need a new roof.  

 

Four days later the HVAC system will die, and the next month something will get caught crosswise in the sewer line and it's going to cost $9,000 to get things flowing again.  

 

You do not want to be without working plumbing, and clogs do not care if you have money or not.

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On 11/3/2019 at 2:20 PM, wanttobuy said:

Hi, We currently have a mortgage but would like to sell our house and either buy land & build or buy a preexisting home.  

 

Our credit is low currently but I would like to work on getting it back up.  I only have scores from Credit Wise, not sure how accurate those are.  What is the best way of going about to get the scores used for mortgages? 

 

We have our current mortgage, a car loan ($7000 left), and I have student loans ($93K).  We do have some late payments on our credit and 1 charge off I am working on getting removed.  I do have credit card with a small balance on it, so I will be paying it off too. 

 

Other than paying on time and paying down the debt, any other suggestions to help raise the credit score.  I wasn't sure if talking to a mortgage broker at this point would be beneficial.  

 

Also, is there a way to get an idea of how much your mortgage payments would be?  

 

Thanks for your help! 

 

You have a mortgage, but you want to know how to determine a future mortgage payment?

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37 minutes ago, DollarDog said:

You have a mortgage, but you want to know how to determine a future mortgage payment?

 Missed that on the first read...  

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LOL yes we have a mortgage currently and I know what my payment is, but I was just curious how to determine like if the purchase price is 450,000 what the mortgage would be. (I completely made up that number btw, we would NOT be buying a house that cost that much) Someone once told me the payment would be about 10% of the purchase price and that is pretty true for our current mortgage, I was just curious if that was an accurate rule of thumb, I guess technically it would depend on lots of factors such as interest rate, down payment, etc...

 

I guess I answered my own question. thanks!

Edited by wanttobuy
deleted part of the post

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