What does it take to buy a house? What percentage should I have before I go buy. Can

[jonalan3482]

someone explain mortgages I would like to buy a house or condo. What does it take? What percentage of the total amount should the down payment be? What are ways to build up credit. I am young. What are some things to watch out for when getting a credit card and building up my credit? Tell me anything you might think is beneficial for me. Thank you

[vladpogud]

To build a good credit you should have a credit card it is the simplest way to go if you are young have just one it is enough. The most important is payback at the issue date and not to be late ( consistency is important), yes life is not perfect and you can be late sometimes but not to often.

-Each credit card has interest in % per year if you are late with your payment or payed not the full amount that is due the credit card company will charge you the interest rate on the amount due even if you payed a small part of it before.
Therefore it brings us to the point that you have to use your credit card and think if you can payback at the end of the month(period) or not !!

-Some companies will offer different advantages with the credit card (eg: point , airmiles etc...) but they can charge you a yearly fees for this or not.It is important to ask. In some cases if you are a student then you could have advantages without fees until you finish school (consult your bank).
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To have a mortgage you need to work at lest a year at one job position. If so, you should go to every single bank and ask what amount of mortgage you can get, each of them will give you different amounts because of there flexibility of giving a loan. there is also people that work with all the banks at the same time those people can get you a better mortgage. It is due that their are working with high level of money in transaction. Same thing with them find more then one for better choice.

Now don't forget when you buy a property(house or other) you have to pay the mortgage, the taxes (could be more then one) and do not forget that where will be other expenses to consider; renovation and paying more for hitting and electricity because of a bigger area, without forgetting to pay the regular bills (telephone, tv etc...).
===Very important to calculate if you can afforded your own property===

There is different mortgage plans: eg: flexible rates or even you can transfer your old mortgage on the new house. In other work ask ask ask question where you going to get a mortgage.
Also the number of years that you would like to amortize the amount of your property; less years high the amount but you will save something on the interests.

for the down payment is also flexible could be 0% and up but in more cases when you deal with 0% down you will get a higher interest rate. In the range of 5% to 20% will be good.

you could also convert retirement plans into mortgage. If you have one consider this option but it is not very popular move.

I hope this will be a start for you and do not forget

get as more info as possible from different sources.

[src50]

Way too much to explain here. Get yourself a book on home buying for first timers. There are several excellent ones available.