Where can i seize a mortgage loan minus a living? ?
I want to buy a condo for $200K in seattle. Down pay $50K and attain a loan on the rest. I want to move before I get a profession there so its gonna be tougher to get a loan at a fiesta enough interest rate. I heard they are hugely picky about giving out loans these days. I be wondering if it would be easier if I had someone cosign for me.
Answers:
You say the asking price for the condo is $200K, how do you know what the asking price will be this time next year?
YOUR BANK is asking alike question. You could lose your entire deposit in one year if you're not meticulous and your bank would lose collateral value on the loan they advanced you which would dramatically affect your credit.
BE WISE. Unless you go and get an absolutely fabulous bargain don't even ponder about buying yet. Leave it for a year and swing onto your cash it's very costly. You'll be glad you did.
I was a loan officer for 12 years and of late got out of the mortgage business because the market is so bleak right now.
For your original query: As far as I know, you can't get a home loan without a livelihood...even if you put $50,000 down. However, you might get the loan with a co-borrower who have a job.
A lender might allow you to be a co-borrower if you're the one putting up your own $50,000 (assets) but no income. And then they would own to see if you qualify for the monthly payment based on your co-borrower's income ONLY since YOU don't hold an income at this time. (Hope that makes sense the way I said it.)
But a couple of other things: The folks within here encouraging you to wait to see about the cutback...take all of that into consideration...especially since you hold no job when you're moving to a new location contained by a bad economy. You may enjoy a job skill that you have confidence surrounded by as in "no matter where on earth I move, I will always have a job". That's great and it may be true within normal circumstances. But we are not in a commonplace economy!! Do you expect your co-borrower to agree to make adjectives the payments while you are looking for a job? Are they able to?
Go straight to one of the big lenders and inform them what you want. Let them pre-qualify you for a mortgage. Thi
Try asking your employer.
Why don't you rent for a while? Nothing fancy. See how the market goes. Everything is so volatile right in a minute. Waiting will work in your favor. You'd get more time to query neighborhoods. Job might tank.
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Answers:
You say the asking price for the condo is $200K, how do you know what the asking price will be this time next year?
YOUR BANK is asking alike question. You could lose your entire deposit in one year if you're not meticulous and your bank would lose collateral value on the loan they advanced you which would dramatically affect your credit.
BE WISE. Unless you go and get an absolutely fabulous bargain don't even ponder about buying yet. Leave it for a year and swing onto your cash it's very costly. You'll be glad you did.
I was a loan officer for 12 years and of late got out of the mortgage business because the market is so bleak right now.
For your original query: As far as I know, you can't get a home loan without a livelihood...even if you put $50,000 down. However, you might get the loan with a co-borrower who have a job.
A lender might allow you to be a co-borrower if you're the one putting up your own $50,000 (assets) but no income. And then they would own to see if you qualify for the monthly payment based on your co-borrower's income ONLY since YOU don't hold an income at this time. (Hope that makes sense the way I said it.)
But a couple of other things: The folks within here encouraging you to wait to see about the cutback...take all of that into consideration...especially since you hold no job when you're moving to a new location contained by a bad economy. You may enjoy a job skill that you have confidence surrounded by as in "no matter where on earth I move, I will always have a job". That's great and it may be true within normal circumstances. But we are not in a commonplace economy!! Do you expect your co-borrower to agree to make adjectives the payments while you are looking for a job? Are they able to?
Go straight to one of the big lenders and inform them what you want. Let them pre-qualify you for a mortgage. Thi
Try asking your employer.
Why don't you rent for a while? Nothing fancy. See how the market goes. Everything is so volatile right in a minute. Waiting will work in your favor. You'd get more time to query neighborhoods. Job might tank.
Related Questions: