# home buying help **URL:** \ **Category:** PittSpeed Off Topic\ **Created:** [February 18, 2009, 1:43pm UTC](https://forums.speedlife.net/t/home-buying-help/201916 "2009-02-18T13:43:34Z")\ **Posts on this page:** 8\ **Page:** 1
**Author:** ![tom\_vito](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/tom_vito/32/6000_2.png) [@tom\_vito](https://forums.speedlife.net/u/tom_vito)\ **Post date:** [February 18, 2009, 1:43pm UTC](https://forums.speedlife.net/t/home-buying-help/201916/1 "2009-02-18T13:43:34Z")
Ok guys here’s the deal. I have never bought anything larger than a car, that I needed a loan for. looking to get a loan for my current house. It is currently owned by a relative. Can someone give a quick leasson in what all of the terms and thinks to know are? like closing costs? Points? Terms? (I can figure out that 30 yrs means just that, you pay for 30 years. But why not take a low monthly payment on say a 30 year loan, and just pay more monthly or even extra payments instead of taking a 15 year loan?) Anything else I may need to know. Thanks, Tom ---
**Author:** ![cleanquick306](https://avatars.discourse-cdn.com/v4/letter/c/48db29/32.png) [@cleanquick306](https://forums.speedlife.net/u/cleanquick306)\ **Post date:** [February 18, 2009, 2:03pm UTC](https://forums.speedlife.net/t/home-buying-help/201916/2 "2009-02-18T14:03:26Z")
taking out the 30 yr FIXED rate mortgage would be the best way to go. Overpaying is always a good idea especially since in the first couple years you are hardly paying toward your principle with the min. payment. Rates are low and housing is reasonable in most areas so it is a good time to invest. good luck! ---
**Author:** ![jph102900](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jph102900/32/6049_2.png) [@jph102900](https://forums.speedlife.net/u/jph102900)\ **Post date:** [February 18, 2009, 2:03pm UTC](https://forums.speedlife.net/t/home-buying-help/201916/3 "2009-02-18T14:03:57Z")
We’re going through buying a house too. I am not an expert by any means, but this is my second house purchase so I know some of the stuff. Closing Costs consist of the following: -Processing fees -Settlement fees -Document prep. fees -Notary fees -Title insurance -Transfer taxes -and various other nickel and dime fees -Points are paid when you lock in an interest rate or when you get a lower rate. For instance right now I can get a 5% mortgage with no points or I can get a 4.5% rate with points. Points are paid at closing and they are essentially a % of the price. So if I paid 0.5 points it would be 0.5% of the sales price that I would have to pay at closing. -And the term is really up to you. If you have the monthly cash flow to pay off a mortgage in 15 years, more power to you. You can get lower interest rates and over the life of the loan you will spend a ton less in interest. It is kind of sickening when they show you the total $$ you will spend over the life of your loan to actually own your house. If you can minimize the interest that you pay, I would go for it. ---
**Author:** ![obi-1](https://avatars.discourse-cdn.com/v4/letter/o/ac8455/32.png) [@obi-1](https://forums.speedlife.net/u/obi-1)\ **Post date:** [February 19, 2009, 4:50am UTC](https://forums.speedlife.net/t/home-buying-help/201916/4 "2009-02-19T04:50:49Z")
There is something called a quit claim deed that might be worth looking in to. > **[Quitclaim deed](https://en.wikipedia.org/wiki/Quitclaim_deed)** > > A quitclaim deed is a legal instrument that is used to transfer interest in real property. The entity transferring its interest is called the grantor, and when the quitclaim deed is properly completed and executed, it transfers any interest the grantor has in the property to a recipient, called the grantee. The owner/grantor terminates (“quits”) any right and claim to the property, thereby allowing the right or claim to transfer to the recipient/grantee. Unlike most other property deeds, a quitcl... I don’t know the details but I am pretty sure it’s cheaper to do it this way. Since it’s a family member that might be the way to go. ---
**Author:** ![cleanquick306](https://avatars.discourse-cdn.com/v4/letter/c/48db29/32.png) [@cleanquick306](https://forums.speedlife.net/u/cleanquick306)\ **Post date:** [February 19, 2009, 4:56am UTC](https://forums.speedlife.net/t/home-buying-help/201916/5 "2009-02-19T04:56:23Z")
> [@pics of the year](https://forums.speedlife.net/t/pics-of-the-year/39657/5): > > There is something called a quit claim deed that might be worth looking in to. > [Quitclaim - Wikipedia](http://en.wikipedia.org/wiki/Quitclaim_deed) > > I don’t know the details but I am pretty sure it’s cheaper to do it this way. Since it’s a family member that might be the way to go. that’s just for the property transfer…the closing cost are mostly related to the loan itself so you might as well let them handle the deed work as it is included in ur closing costs. ---
**Author:** ![Blackbelt](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blackbelt/32/5998_2.png) [@Blackbelt](https://forums.speedlife.net/u/Blackbelt)\ **Post date:** [February 19, 2009, 7:35am UTC](https://forums.speedlife.net/t/home-buying-help/201916/6 "2009-02-19T07:35:05Z")
Previous posts cover most of the main points. Shoot a PM to foz here on pittspeed. He is in the biz and can help you out with detailed info. ---
**Author:** ![Quik83Z](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/quik83z/32/6042_2.png) [@Quik83Z](https://forums.speedlife.net/u/Quik83Z)\ **Post date:** [February 19, 2009, 8:12am UTC](https://forums.speedlife.net/t/home-buying-help/201916/7 "2009-02-19T08:12:59Z")
Go get quotes from more than one lender!!! Closing costs can vary greatly from one lender to another…you want the lowest interest rate you can get, no points, and low closing costs. Oh yeah, unless you have 20% down, most of them will tell you that you have to pay PMI as well. From my past experience, most of the ones on the Internet are rip-offs. Stay with a local company!! ---
**Author:** ![jph102900](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jph102900/32/6049_2.png) [@jph102900](https://forums.speedlife.net/u/jph102900)\ **Post date:** [February 19, 2009, 8:27am UTC](https://forums.speedlife.net/t/home-buying-help/201916/8 "2009-02-19T08:27:50Z")
> [@Year end / Christmas Bonus...](https://forums.speedlife.net/t/year-end-christmas-bonus/39547/89): > > Go get quotes from more than one lender!!! > > Closing costs can vary greatly from one lender to another…you want the lowest interest rate you can get, no points, and low closing costs. > > Oh yeah, unless you have 20% down, most of them will tell you that you have to pay PMI as well. > > From my past experience, most of the ones on the Internet are rip-offs. Stay with a local company!! Agreed. Rates and closing costs can really vary from company to company. I saw a huge swing in the money I needed at closing and the monthly payment that I would end up with when I got quotes from multiple companies. You would be surprised how different the results can be considering that they are all using the same information that you provide.