Need a Broker or Lender- Help!

[CoachK]

Hello. My situation is this... I was discharged in March, 2006. I am currently selling my home that has a 6% rate, but I got a great job and I have to take it and move. I am trying to find a lender who will give me a decent rate, but I am haing a hard time finding one. I did an app. on lending tree, but I only received one offer. I will have $20K to put down. I am looking at a $200K home. Any help would be appreciated.

CoachK, Pennsylvania

[SinkingFast]

Especially going into a new job that's move related, just outa BK, I'd strongly recommend you rent to start with.

Get your house sold before you try to buy. The market for resale housing is a bit flat in many parts of the country right now. It may take longer than you anticipate to sell.

Take some time to work on your Credit Reports. Check them out and get any errors cleaned up.

Give yourself some time to see that the new job is gonna work for you. You don't wanna get in there, committed to a home purchase, with a house you're trying to sell on the other end, and find out that this job is not right for you. Or your new boss is a butt. Or the people are maniacs and you can't stand working with them. Or whatever.

In 6 months to a year, your Credit Reports will be cleaned up, you'll have your house in the old location sold, and you'll know for sure if you like the new job. And if this job is one where you're basically doing what you did before, then job stability won't be an issue with a mortgage lender.

[Minnymouth]

Good sound advice,

Minny

[SinkingFast]

Good sound advice,

Minny

Lessons from the School of Hardknocks.

We're Corporate Gypsies. We've been there done that. Same thing as CoachK is going thru right now.

Hubby took what seemed to be a decent job. We had to relocate to a new area as well. As soon as we made an offer to buy a house, they lowered the boom. He came home all flustered one day and I suggested he chat with his boss and the supervisor. Vent his frustrations and find out what's going on from their perspective. He did. They backed off for a while.

Right after we closed on the house, they were worse at work than before. Small town. 20% unemployment rate. A $50K house might as well be a $500K house. They thought they had him locked in.

Hubby got a new job for $10K more/year and a $5K sign on bonus. We managed to sell the house, took our losses and moved on.

Unless you're moving with the same company, always take some time to see if you're gonna like working for the new company before you commit to the area by buying a home.