Money Matters
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House buying questions

I have a 30 year mortgage on a house with a 6.5% interest rate. I bought it for $75,000. I am in a LCOL area in NYS. My family has outgrown the layout. I don't want a bigger or more expensive house. I would like a different house for a similar price. I bought this house 7 years ago without a realtor.  My credit was good at the time. I don't know what my score was then but I got into some credit card trouble. I'm back on track and will have the debt paid off In one year. My credit score is 650 but improving every month.

 Can I even get a mortgage with that score? 

 Can I use any profit from selling my house as a down payment? I've made some updates. 

 Does getting pre-approved for a mortgage affect your credit score?

Can I have my house appraised now to see how much it's worth? Who does that? 

Thanks

 

 

Re: House buying questions

  • imageMrsN052408:

    I have a 30 year mortgage on a house with a 6.5% interest rate. I bought it for $75,000. I am in a LCOL area in NYS. My family has outgrown the layout. I don't want a bigger or more expensive house. I would like a different house for a similar price. I bought this house 7 years ago without a realtor.  My credit was good at the time. I don't know what my score was then but I got into some credit card trouble. I'm back on track and will have the debt paid off In one year. My credit score is 650 but improving every month.

     Can I even get a mortgage with that score? 

    I believe you can get an FHA loan with a CS of 640. 

     Can I use any profit from selling my house as a down payment? I've made some updates. 

    Absolutely. I would wait until your home sells and put the profits towards your new home, finance the rest.  

     Does getting pre-approved for a mortgage affect your credit score?

    The only way it will affect your score is if/when they run your credit it will most likely put a hard inquiry on it. Based on how many inquiries you currently have, this may not affect you much.  

    Can I have my house appraised now to see how much it's worth? Who does that? 

     Definitely. Head to your city's court house and they can point you in the direction of your appraiser's office. (Or call)

    I suggest that you go talk with a Real Estate Agent and ask them all of your questions. GL! 

    Thanks

     

     

    Ella 8.6.11
    Carson 3.28.13
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