Jackson1647545504 Posted April 25, 2007 Report Share Posted April 25, 2007 I did a quick search on house threads but most of the responses are old; what I'm wanting to know is... What good mortgage experiences have people had? Heard good things about 3rd federaland 5th 3rd Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted April 25, 2007 Report Share Posted April 25, 2007 5th 3rd did us right....they can be haggled down too. We refinanced with them and over the course of two weeks and some back and forth with a walk through on the appraisal, we got them down .75pts from their original offer. Quote Link to comment Share on other sites More sharing options...
Got-Boost? Posted April 25, 2007 Report Share Posted April 25, 2007 Just make sure it's a FIXED RATE mortgage... Quote Link to comment Share on other sites More sharing options...
XChris1632X Posted April 25, 2007 Report Share Posted April 25, 2007 Not to hijack the thread but I hear a lot about first time homebuyer plans. Are these loans better deals or not? What kind of crudentials are needed to apply for one of these first time homebuyer mortgage? Quote Link to comment Share on other sites More sharing options...
sol740 Posted April 25, 2007 Report Share Posted April 25, 2007 If you don't have enough down to get a nice fixed rate. Save more. Quote Link to comment Share on other sites More sharing options...
smokin5s Posted April 25, 2007 Report Share Posted April 25, 2007 honestly, the one thing that I wish that I would have paid more attention to is, make sure that your mortgage doesn't have any early pay off penalties... mine has them where I have to pay 6 months interest if I pay off my mortgage early.... so... next year when I get married, we have no choice but to stay in my house for a while or we'll be paying out the wazoo to get out of the loan... Also, really look into 80/20 loans... My opinion, it's the best way to go... oh, and as said above, get a fixed loan. only other advice would be, don't get the most that you can afford because then you'll be living pay check to pay check, and make sure you want to stay there a while. Quote Link to comment Share on other sites More sharing options...
Nate1647545505 Posted April 25, 2007 Report Share Posted April 25, 2007 Put atleast 20% down. I went through 5fth 3rd and overall I'm content with their services. Quote Link to comment Share on other sites More sharing options...
Mojoe Posted April 25, 2007 Report Share Posted April 25, 2007 Great questions guys. I'll try to shed some light. I'm a Mortgage Broker first off, not a bank. So why I say is from my side of the field. I am the Broker for my company and not just a Loan Officer. 1st, 5th 3rd and 3rd Federal are both good places to look. But, know what you are looking at with them. The only have their programs and they are a little strict. They tend to work with people who only have good credit. That's not the case for everyone wanting to own a home. The rates have some variance, but both bank have average rates for banks. Brokers have access to lower rates, for the most part. The reason is, Brokers get the whole sale rate. Banks work with retail rate and restrictive programs. 2nd, "get a fixed rate". It depends on your position. If you are planning on staying in the home for a while, than yes, a fixed rate id the safe way to go. If it's a starter home and you know you are going into some thing else in 5 years, look into the other programs that are out there. It doesn't mean you have to go with them, but at least be aware of your options. 3rd, First Time Home Buyer programs. There are several. KNOW WHAT YOU ARE GETTING INTO. Some will put $ up for you. Some require you not exceed a maximum income and my require you prove you have not made too much or they with raise your rate. For the most part FTHB programs work. But, Many Lenders(not banks) have programs the don't require money down other than closing cost. Fixed rates can be had regardless of the amount of money you put down, or none at all. 4th, Prepayment penalties. What is a prepay? It says if you refinance your home with in a given time (Most prepays are 3 -5 years, some are shorter) you have to pay a fee. The law just changed on this and I'll answer questions on that one on one. Again, know what you are getting into. A prepay and be helpful. How? If the lender is offering a lower rate with a prepay of 3 years, and you know you are not going to be in a position to refinance in that time, why not get the lower rate? If you sell your home the prepay does not apply. I hope this has helped some of you. Quote Link to comment Share on other sites More sharing options...
smokin5s Posted April 25, 2007 Report Share Posted April 25, 2007 Pre-Pay = either re-financing or paying off because of selling or whatever as far as variable rates... I can list at least 8 people in my development that were told how great an idea this was that now can't afford their house because the rate went up.... and can't sell their house because the market isn't that great right now. Quote Link to comment Share on other sites More sharing options...
Mojoe Posted April 25, 2007 Report Share Posted April 25, 2007 Dominion and MI developments have had huge issues with there buy down and variable rate programs. The Columbus Dispatch has write almost a dozen piece's about it. Let a lone people who have gotten into interest only loans. You have to KNOW what you are getting involved with. If the person you are doing your loan with can't explain it to you in a way you can understand, go to someone who can. Communication is very important and can save you thousands of dollars. People get so caught up in a process they aren't familiar with, that they take the word of who is getting paid, VS. taking the time to LEARN and UNDERSTAND what they are getting involved with. Quote Link to comment Share on other sites More sharing options...
Bam Posted April 25, 2007 Report Share Posted April 25, 2007 mojoe, explain points to me please... i'm probably just going to do a 30yr fixed, w/ between 10%-20% down, have excellent credit, and want to setup bi-weekly withdrawls and then just pay extra towards principal when I can. I see prime listed online is like 5.75%, but realistically, what can one expect? sry to hijack, thanks for the help. Quote Link to comment Share on other sites More sharing options...
Mojoe Posted April 25, 2007 Report Share Posted April 25, 2007 Read 4 posts down. Quote Link to comment Share on other sites More sharing options...
Berto Posted April 25, 2007 Report Share Posted April 25, 2007 I got a loan for my house. No money down. 30 yr fixed at 7.25% I took a higher rate because they rolled PMI into the interest. The reason I did this is because at the time Interest is tax dedictible, while PMI is not. Now I think that has changed. I'm happy with it. The only thing I wish I would have done differently is find a way to get out of some of my closing costs. FYI my credit score at the time was 772. Quote Link to comment Share on other sites More sharing options...
Bam Posted April 25, 2007 Report Share Posted April 25, 2007 I got a loan for my house. No money down. 30 yr fixed at 7.25% I took a higher rate because they rolled PMI into the interest. The reason I did this is because at the time Interest is tax dedictible, while PMI is not. Now I think that has changed. I'm happy with it. The only thing I wish I would have done differently is find a way to get out of some of my closing costs. FYI my credit score at the time was 772. Thanks for the info, when did you close, just so we can get an idea of what rates were like then? Do you happen to remember price at that time? My credit score is very close to yours, although I heard anything about like a 730 is the same, is that true? Quote Link to comment Share on other sites More sharing options...
Guest Ponyfreak Posted April 25, 2007 Report Share Posted April 25, 2007 I went through Fifth 3rd when I first purchased my house last year. Since I had ZERO credit they still managed to put me through on a special program(8.25% 30yr). After 6-7 months of building credit they managed to get a 6.125 for a 15 year loan. They have done well by me. Unfortuantly I was penalized for having no credit but i the end they worked to get me the lowest possible rate and I am pleased. I honestly think this had more to do with the individual that I was working with rather than the bank itself. If you get a funny feeling from the mortgage guy you are working with jsut walk away. Same goes with the real estate agent. Quote Link to comment Share on other sites More sharing options...
Mojoe Posted April 25, 2007 Report Share Posted April 25, 2007 mojoe, explain points to me please. I see prime listed online is like 5.75%, but realistically, what can one expect?. Edit for easier reading. Points are very hard for some people to understand. Here's how they work. For the most part, many places use them as a way to make more money without it rising the loan amount or seeming as it's coming from the borrower. Ultimately, it still affects the borrowers money. Example: You qualify for a PAR rate (PAR = no points) of 6.5%. Your loan is written up at 6.875%. this is still a great rate, but the lender/bank/broker might be getting paid, let's say 1.75 points. What that means on a $150,000 loan is someone is making $2625.00 from the lender for giving you a higher rate. You might also be in a situation when there is not room for the lender to get paid for doing the loan. The borrower is in a pinch. So, the lender charges points to get paid. NO ONE DOES A LOAN FOR FREE. Somewhere they are getting paid. There is more to this, but for the most part that will cover you. If you want more details PM me. Points are usually paid for within the loan on a refinance. Therefore, no out of pocket expense for the borrower, IF they choose. On a purchase, you would have to pay the points out of pocket. Quote Link to comment Share on other sites More sharing options...
99ta Posted April 25, 2007 Report Share Posted April 25, 2007 do you have to pay a pre penalty if you refiance with the same lender? Quote Link to comment Share on other sites More sharing options...
Mojoe Posted April 25, 2007 Report Share Posted April 25, 2007 do you have to pay a pre penalty if you refiance with the same lender? Depends on the lender. Some will waive it, or put one on the new loan. Quote Link to comment Share on other sites More sharing options...
iwishiwascool Posted April 25, 2007 Report Share Posted April 25, 2007 i just got a 5.75 30 year from national city. though i got a good rate i have had nothing but trouble with national city as the lender. it has been a mess. Quote Link to comment Share on other sites More sharing options...
RangerTurbo Posted April 25, 2007 Report Share Posted April 25, 2007 Anyone look at an 80/20 loan for you first time home buyers? Quote Link to comment Share on other sites More sharing options...
Mojoe Posted April 25, 2007 Report Share Posted April 25, 2007 Anyone look at an 80/20 loan for you first time home buyers? What are you wanting to know? Quote Link to comment Share on other sites More sharing options...
Conesmasher Posted April 25, 2007 Report Share Posted April 25, 2007 Anyone look at an 80/20 loan for you first time home buyers? I have the option of an 80/20 loan, a PMI loan at 6.25%, or no PMI at 6.75%. I personally dislike the complexity of the 80/20, it just doesn't make me feel good. Conventional is smooth, simple and a done deal........just have to make sure and ask the important questions. Quote Link to comment Share on other sites More sharing options...
RangerTurbo Posted April 25, 2007 Report Share Posted April 25, 2007 The basics I guess. Being directly out of college I'm starting with minimal down payment as I didn't own a house to begin with to sell, and put money down on the house I'm building now. From what I understand the 80/20 keeps the PMI away as the 20% is covered with the 80/20. Now, I think I understand that the second loan (the 20%) comes with a higher interest rate. I have used an online calculator to figure out my payments assuming some things, but I was fair. And going with the 80/20, over a full financed with PMI saves me about $100 a month. If you could shed some more light as to rights, wrongs, do's, don'ts that would be great. If you'd like more info, we could talk it over through PM's. Quote Link to comment Share on other sites More sharing options...
Mojoe Posted April 25, 2007 Report Share Posted April 25, 2007 Let's address PMI first. Up until this year PMI was wasted money. And still is for the most part. PMI, covers the lenders insurance on you failing to complete your mortgage agreement. It is incurred on CONVENTIONAL(good credit) loans of more than 80% of the homes value. These loans are a looked at as higher risk and the rate may be higher reflecting that. Affective 2007, homes with PMI and a household income of (I've read 2 reports that differ) $100,000 can write off their PMI (the other report said $110,000). PMI varies, but on average, I see it from $50 - $140 per month included in the payment. Not to have it is still the better way to go, but if you have it, at least now you can get some back with your taxes. 80/20's are good for getting rid of PMI. However, your rate on the 20% will be higher than the 80% and the @05 is a 2nd mortgage. There are lenders out there that will let you buy out the PMI with a higher rate. the payment is lower this way and you are still writing off the interest at the end of the year. Rights, wrongs, do's, don'ts can come down to your personal situation. Feel free to PM me. I've talked to a few people today; I'm not looking to do loans from CR people. This is where I come for recreation. I've had many people here help me with things, so I am just looking to return the favor. thanks Quote Link to comment Share on other sites More sharing options...
99ta Posted April 25, 2007 Report Share Posted April 25, 2007 I have an 80/20 ARM. I am happy with it. We will be selling with in our 5 year arm so I am not worried about it going up that much. I got my house at a great price so I know I can get out it if I need too. My loan officer was awsome and explained everything in detail and in a way i understood it. Quote Link to comment Share on other sites More sharing options...
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