Home Buying and Mortgages...

[CENTURION44]

Why does this process have to suck royal ass...So many diff stories from my mortgage guy...almost worse than a car salesman...

Any words of wisdom would be greatly appreciated...

thanks in advance

 

[bw1]

What's he telling you? Do you have a realtor?

 

[Tres Huevos]

They know that if they quit talking your brain will become un-NUMB you might walk out.

 

[CENTURION44]

I do have a realtor and have already signed a contract to purchase a house...We are sorting thru the thousands of diff loans and trying to find one that suits our finances and plans...

One minute 10% down is enough for a good rate...then i get a call that we need 20% down...Ive been literally doing this for 8 days now..and running out of patience...

 

[CO B-man]

I do have a realtor and have already signed a contract to purchase a house...We are sorting thru the thousands of diff loans and trying to find one that suits our finances and plans...

One minute 10% down is enough for a good rate...then i get a call that we need 20% down...Ive been literally doing this for 8 days now..and running out of patience...

You will still have to pay mortgage insurance unless you get an 80/20 loan by only putting 10% down. If you are purchasing a brand new home never been lived in before you will more than likeley be blindsided with a $200/month increase to pay for taxes that were based on an empty lot in which the new home was not realized. They will have to not only catch up with the missing taxes they will also have to increase your escrow for future taxes. Just something to keep in mind. That was a nice christmas present for me right atfer a divorce and a $263/month increase!

 

[bw1]

I do have a realtor and have already signed a contract to purchase a house...We are sorting thru the thousands of diff loans and trying to find one that suits our finances and plans...

One minute 10% down is enough for a good rate...then i get a call that we need 20% down...Ive been literally doing this for 8 days now..and running out of patience...

If your mortgage guy can't give you straight answers, go to some one else. Have your realtor get on him/her

 

[mkazzbmf]

If its a "special" loan of any sort than its to be expected...By special I mean....stated(where you dont verify your income), 1st time home buyer, If your credit score is less than 620, If the home is unique, etc...... I do Residential mortgages for a living and I know that 99% of the time when it gets screwed up its the investment bank that is chosen to float the loan says yes yes yes all day to me until I get the loan rolling with them.....then they break the brokers balls and the shit just runs down hill to the borrower. If you want me to see what he is making off of you just for your peace of mind I can let you know once you have his commitment. Im kinda busy to take on any purchase deal right now but I will help you with any questions or anything should you need it.


Kaz

 

[CENTURION44]

If its a "special" loan of any sort than its to be expected...By special I mean....stated(where you dont verify your income), 1st time home buyer, If your credit score is less than 620, If the home is unique, etc...... I do Residential mortgages for a living and I know that 99% of the time when it gets screwed up its the investment bank that is chosen to float the loan says yes yes yes all day to me until I get the loan rolling with them.....then they break the brokers balls and the shit just runs down hill to the borrower. If you want me to see what he is making off of you just for your peace of mind I can let you know once you have his commitment. Im kinda busy to take on any purchase deal right now but I will help you with any questions or anything should you need it.


Kaz

Thanks...let me know if this sounds right..

My FICA score is 715...I have plenty of income..assetss and cash in the bank...I want to do a short term A.R.M. at 2.25% Hes telling me no because it wont be my primamry residence...so the bank would consider it a vacation or investment property..and I want to do 10% down...hes coming in a 7.25% with 10% and said i can only get the lower rate with the %20 down..and one thing ive learned is cash is king..so id like to hang onto it...

 

[CO B-man]

If its a "special" loan of any sort than its to be expected...By special I mean....stated(where you dont verify your income), 1st time home buyer, If your credit score is less than 620, If the home is unique, etc...... I do Residential mortgages for a living and I know that 99% of the time when it gets screwed up its the investment bank that is chosen to float the loan says yes yes yes all day to me until I get the loan rolling with them.....then they break the brokers balls and the shit just runs down hill to the borrower. If you want me to see what he is making off of you just for your peace of mind I can let you know once you have his commitment. Im kinda busy to take on any purchase deal right now but I will help you with any questions or anything should you need it.


Kaz

Thats cool. Why do Mortgage companies not warn about the taxes that I mentioned above. When that happened to me I was mad and called my mortgage company and she was like yeah that happens often with brand new homes as if she should have known that and forewarned me so that I could have been prepared and saving instead of getting hit with a $1300/increase??

 

[hammer37]

Thanks...let me know if this sounds right..

My FICA score is 715...I have plenty of income..assetss and cash in the bank...I want to do a short term A.R.M. at 2.25% Hes telling me no because it wont be my primamry residence...so the bank would consider it a vacation or investment property..and I want to do 10% down...hes coming in a 7.25% with 10% and said i can only get the lower rate with the %20 down..and one thing ive learned is cash is king..so id like to hang onto it...

I'm a mortgage broker in CA and saw your post. First, the reason why he wants you to put 20% down is because the 2.25% loan he wants to put you in a negative amortization loan. While the payment is appealing, you are deferring interest and your loan balance is going UP. Not a good loan for a purchase. In some scenarios, it can be a very beneficial loan for a refinance.

If he's quoting you 7.5% for a full documentation loan (verifying your assets, income, etc) I'd say you can do better. why not consider a Fannie Mae 80/10/10? That's 10% down and the lender does two loans to avoid the mortgage insurance issue. You can get in the sub 7's on your first loan and the second won't be bad either. You could also keep your cash and go 80/20 with no down payment. Best of luck....