Home Buying and Mortgages...

[cboogsrun]

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

shop around my friend. I just went to the bank and applied for a construction loan to build my house. The difference between some of the banks was enormous. half a percent of interest on 200k over 30 years was around 70$ a month. The amorization alone was in the thousands.

 

[CENTURION44]

yea i think im gonna just go with countrywide direct...with the 80/10

 

[manny78]

I'm in the same process right now and it's easy. You're probably dealing with the wrong people. I go to different banks, tell them I'm looking for a mortgage and that the best rate I got so far is XYZ % from ABC bank. The only questions I get asked are:

- what term ? 10-15-20-25 years ?

- How do you wanna pay ? Weekly, bi-weekly, monthly ?

- what is your cash down ? 25%+ means no insurance required

Btw I dont deal with a broker. They suck ass.

 

[solidspine]

Keep it simple make sure that is no prepayment and

then pay the thing off over the next 10 years,

Makes the points, interest everything very, very, very secondary.

 

[CENTURION44]

So whats the next step..The contract is in their attorneys hands and will be at my attorneys by the end of the week..I just got my packet to send off to the mortgage co...and that will go out today...How long do these things usually take...Is it within reason to have this done within 3 weeks/????

 

[jnevin]

So whats the next step..The contract is in their attorneys hands and will be at my attorneys by the end of the week..I just got my packet to send off to the mortgage co...and that will go out today...How long do these things usually take...Is it within reason to have this done within 3 weeks/????

What state are you in? Which bank did you decide on? If you went with CW and turned everything in with the correct information, the loan could realisticly be underwritten and approved with whatever conditions in 2 days. All you'd be waiting for would be title and the appraisal.

 

[CENTURION44]

im in NJ...and i did go with CW...

 

[jnevin]

im in NJ...and i did go with CW...

CW is very fast when it comes to processing and underwriting conforming loans. Title can take maybe a week, same with the appraisal. Once those are in, you should expect to be dome in a couple of days, fund in another day or two. They may shoot for the end of the month to close you to save you per diem interest. I've never done Jersey loans, so I don't know how long title and appraisals can take. If they qualified you for a fast and easy loan, it could seriously be done pending clear title and appraisal. Just be in constant contact with your loan officer. I'm hoping you went to a local branch instead of called the 800#?

 

[ksharp01]

Down here there is need for flood insurance also that is usually not disclosed until last minute to customers so you may want to just ask about that to. *my .2*
Good luck, I know it can be a pain in the a@@ but all worth it in the end.

 

[jnevin]

New Jersey just needs shitty Jersey insurance.