best loan articles

Do people have bargaining options when getting an interest rate on a mortgage loan? My wife and I are buying a home for around $210k in a rural town in VA. We went to a lender and were told that our interest rate would be about 6.5-6.8% and that it would be the same just about anywhere we went. We both have good credit (mid to upper 700's) and have a downpayment of $60k. The rate she quoted was for an interest only loan lasting 5 years. Given our good credit and downpayment, should we try to bargain for a better rate? Is this rate going to be the same every place we go? I just felt like she was trying to give us as little info as she could and making it seem like the rate she quoted us is our only option.

How much more should an APR be than the base mortgage rate? What is a typical spread for the base mortgage rate to APR for a jumbo mortgage? I am applying for a 30-year fixed jumbo FHA loan and was quotes a mortgage rate of 5% but with an APR of 5.69%. Is that spread typical (i.e. 0.69% more)?

VA loan mortgage rates? My husband and I are thinking of buying our first home using his VA loan benefit. Our friends used theirs in Jan 2009 and they received 5.5% interest rate, they have really great credit and we dont, my husbands score is 635. When I called around today (i called 6 places mortgage companies and banks) I was told the VA interest rate has gone up, 2 banks quoted me 6%, 3 said 6.5% and another said 6.75%%.. These numbers have nothing to do with credit as I never provided any info for them, only asked what the current VA mortgage rates were... I thought rates were dropping...Im confused now

What should we do if bank messed up our mortgage loan? We finally found a property that we like, but it turned out to be a detached condo. Our bank gave us a great quote on the mortgage rate that we decided to lock, and two weeks before the closing and approval of the loan we were told that the property was wrong and the original loan won't fit our property type, and in order to continue we have to pay additional 5% down and also a much higher mortgage rate. At this point we can't afford the extra 5% and had to decline the loan, but we already paid the home inspection ($300) and the mortgage processing fee ($600). We will get the fee back with the bank declining our loan but not the home inspection. Our feeling is that the bank has messed up toward the beginning, are we entitled to the reimbursement of the inspection as well? Also now we had a declined loan and credit check on our record, will we get affected for our next mortgage application? Any help will be great. The realtor did fax the sale contract to the loan officer stating it's a detached condo. However the he assumed it was a house because of the total amount of mortgage to be financed and it was also detached. I guess there aren't many detached condo out there...

For $100k mortgage loan, should we get a Fixed or Adjustable rate at this time? We got quoted 6.68% for 30-year Fixed rate... Also, if we wanted to refinance in a year or 2 would that make sense or it doesn't pay to refinance in such a short time?

Real cost of mortgage loan calculator? My parents are considering refinancing to a fixed rate mortgate. I need software that can take in the following info: quoted rate, initial fees including mortgate points, loan amount, loan period, tax deductions on mortgate interest. The software needs to output the following. Total payments minus tax break plotted against time. If there is no such software, a webpage with step by step instructions to do the calculation would be helpful.

How much does a mortgage broker make in yield spread premium on an FHA mortgage loan? The broker that I spoke with today quoted a 7.125% rate that seems pretty high. He is also charging a 1% origination fee. Am I getting ripped off here?

Should I refinance now? Or will fed rate cuts (I hear there will be more) drop the mortgage rates more? This is not a jumbo loan, and I talked to a mortgage guy who quoted me at 5.5 - 5.75%. Just not sure if it'll go down more.

Are large local banks less likely to give great mortgage rates to borrows with great credit scores? I've been shopping for a low interest rate (30 year fixed). I have excellent credit but it doesn't seem to help me much when I go into large local banks. It seems like they just run the basic numbers to make sure I qualify for a conforming loan. They then tell me their printed rate on their website. My experience with smaller mortgage companies is that they collect more information and they have quoted lower rates. Is this typical?

Getting a mortgage loan.? I initially went to a mortgage broker for a preapproval. I had to sign all sorts of paperwork. Decided to go to the bank today and found out I could get a mortgage loan with a 4.8% rate with .625 points. Can I forget about the mortgage broker and stick with quote the bank gave me? or do I need to stick with the broker? Also, is that a good rate the bank gave me?

How do I know if I am getting a good home loan offer ? I am about to start looking for a home loan,mortgage offers. When getting the quotes from different banks what are the main points I should be looking at the quotes, to make sure I am getting the best offer ? APR,interest rate,closing costs,fees ?

Are the interest rates the same between people who take a new mortgage and those who refinance? I want to take advantage of the decline in intest rates by refinancing my mortgage. When I search online I find a lot of rates quoted for new loans but not much for refinancing. Is it safe to assume the refinancing rates will be similar to the new buyer's rates (with the same terms and credit rating of course)? Thanks.

Am I getting ripped off from my mortgage lender (countrywide), they locked in a rate without my permission? I'm purchasing a home and I got quotes from different large banks and countrywide gave me the best quote at the time (30 yr fixed 6.75 (1pt), 2nd loan HELOC at prime plus 1% (9.25%). Plus I was already preapproved by them. I never locked in a rate but was told my mortgage lender locked in the rate for me (can they do that? I didn't ask them to). I was waiting for the feds to lower the rate(9/18). He sent me the good faith estimate and Lock in agreement. On the lock in agreement it says float also I noticed it said (1.125 pts instead of 1 pt we had discussed earlier) but when I emailed him he said its locked in. He said he'll try to look for a price reduction. Can he do that when he already locked in the rate? If we go with another lender who will give us a better rate do we have to pay appraisal fee, processing fee, credit report fee, courier service fee, and etc? Even though we didn't verbally or sign anything to lock in the rate can they charge us for the fees? Thank you in advance. I forgot to mention it is stated income, jumbo non-conforming loan, 2nd home but primary residence in CA and a median fico score of 760. no prepayment penalty. 10% down. purchase price $861K.

What credit is needed for the loan rates quoted on various sites? Simple question. I want to buy a house in January in California and I see that the rate today is 6.103% for a 30 year fixed mortgage. What FICO score correlates to those rates? My wife and I each had FICO scores of 719 and 721 six months ago. We have paid down maybe 30% of our debt. We make about $80,000 gross combined, have a $530 car payment, and are looking for a $300,000 mortgage with no money down. I know that there are many factors, but what range can we expect in regards to a realistic interest rate for us? I have $60,000 of available credit on credit cards to use and I have $6062 in credit card debt on a 0% interest card for 12 months that expires in January. I have been paying the minimum and saving the rest for when the 0% term is up rather than using the money to put down on a house. Pay off credit card and have $4000 in savings or don't pay off the card and put down $10,000 for the house?

Can I apply for 2 mortgage loans from 2 different lenders in parallel for the same property? What would be the consequences if I did so? One lender quoted a better rate but did not seem confident in approving the loan on time. I trust the other lender, but they have a higher rate.

Got a mortgage refinance quote: Too good to be true? A mortgage broker quoted me a refi of $235K with adjustable rate loan at 1.2%, and the monthly payment can increase by only $77 per year. Does this sound too good to be true?

Hi, i am going to sign a commercial loan contract approval, any advice is helpful? I have been quoted a rate by a commercial finance consultant company and they are asking for $2500.00 deposit to get the loan started. They say it is partially refundable if loan doesent go through, I don’t have a lawyer, here is the fine print in the contract, if someone could read it and tell me what it means. This is governed by CA law since it is a company in California, also what can I do if I send the deposit and sign the contract with the clauses here and they do not decide to give me back my deposit? Thank you. Borrower hereby retains Commercial Capital as the placer for the purpose of procuring a mortgage loan approval. Furthermore to obtain a new mortgage upon further investigation of equity, credit, income and title validation. Commercial Capital acting as exclusive placement agent for borrower will conduct proper due diligence in accordance with ethical business standards to adequately find and place borrower(s) loan request with proper lender. Commercial Capital does not guarantee successful permanent placement of loan, this agreement is for the sole purpose of proper due diligence and best effort for borrower(s). Borrower(s) agrees to fully comply with document requests relating to loan placement and due diligence needs list requirements for the best efforts to fund loan for borrower(s). Borrower(s) agree to respond with relating documents within 7 days of request to ensure proper streamlining of loan. Any due diligence fee & packaging fee deposit given to Commercial Capital becomes the property of Commercial Capital wholly earned at the time of payment or collection. Commercial Capital Promises to use its best efforts to find borrower(s) financing for borrower(s) property. Commercial Capital does not guarantee loan funding within any period of time specified because underwriting guidelines may change from time to time & borrower may not qualify due to loan to value, fico score, or liquidity, debt to income, debt service coverage ratio, or property does not debt service. Rates fluctuate daily, terms and rates are only approximate until borrower(s) signs the letter of interest from lender and has submitted all the required paperwork and goes to underwriting for loan approval. Final rate depends on credit worthiness, dept to income ratio, net operating income, and asset liquidity of borrower(s) & credit risk. Initial rate quote is subject to change by lender. Commercial Capital is not responsible for lender or investor changing rate and will not be held liable or responsible. Borrower(s) agrees to cooperate fully and submit all requested due diligence information in a timely manner, within 7 days in order to submit to underwriting. Disclaimer: Rates may change if borrower does not submit within timely fashion within 7 day period. All submissions must be done electronically. Broker required to submit all due diligence documents electronically. If referring broker does not send all required due diligence documents within 7 day period it could adversely affect rate which was originally quoted to borrower. We are advocate of client to use best effort to find investors or lenders which fit into borrower’s request. Subject to underwriter to receive all due diligence material within 7 days otherwise PMD fee is not refundable partially or in full. This PMD fee is not subject to a refund, an offset or a reimbursement and is deemed earned once received.

Home loan interest rate - was I quoted wrong? My husband and I are buying a home. The home we are looking at is about $73,000. We were quoted a 6.25% interest rate for a 30 year note with a monthly payment of $908 (without tti). This seemed quite excessive to me. Coming home and doing the calculations (on bankrate.com's mortgage calculator), a 30 year note of $73,000 with a 6.25% interest rate should result in a $450 monthly payment. In order to get my monthly payment up to $908, I had to make my interest rate 14.75%. Now, the underwriter said the 6.25% wasn't the APR. What does that mean? Why would I have two interest rates, and why is one so much higher than the other? If we pay $908 a month, we end up paying $326,000 for a $78,000 home. This seems a little ludicrous to me. Anyone with financial experience got any wisdom to share? This was just the man who's selling me the house who will put everything together for the loan application. The total including TTI was $1208.

What is a respectable rate(s) for an 80/20 ARM loan? What is a respectable rate(s) for an 80/20 loan with credit scores in the mid to upper 700 range and a very manageable debt load? I have been quoted 6.125/8% on a Good Faith Estimate and I’m curious if this is a good to respectable rate. I have 5.5% to 5.8% stuck in my mind as a preferred or ideal rate on the 1st mortgage. Thanks for the help. I'm sorry; the loan I'm pursuing is a fixed rate and not an ARM. I'm not certain why I through ARM in the question.

Which Mortgage Plan should I do...20 year or 30 year? 20 year or 30 year mortgage. ? I just got my mortgage interest rate quotes for refinancing. I have Excellent Credit! I am 30 years and single. 30 year fixed @ 5% payment $805.23 20 year fixed @ 4.875% payment $980.02 If I purchase a point 30 year fixed @ 4.75% Payment $782.47 20 Year Fixed @ 4.625% Payment $959.53 I plan in staying at this residence for a long time. Probably own it for the life of the loan. The 15 year was about $1150 a month in payments so I am really focusing on the 20 year considering it is only 177 more a month than the 30 year. I can afford all of them...and I am thinking also if I do the 20 year, I can make 1 extra payment per year which can cut down my years on the loan.... Which one should I do???

What is the interest rate for high credit scores and the differences in rates? If one is prime rate. Credit score above 780. Are the final interest rates they quote you lower than what is advertise on their website? I am considering using a mortgage broker however their rates seem higher than the bank + the cost seems higher. If the rate is what they advertise, I might just go to the bank directly first and save my time. The mortgage broker seems to be on top of things and most likely have better info on closing etc. which is their only selling point but if the interest rate is higher than the competitor I am reluctant to go with it since they will hit my credit score if I apply. Simply put money is money a little .25% can equal 60K over the life of the loan. Something that could sit in investment generating returns for me. In general what is the difference in the interest rate for prime/ A credit scores? Are the advertised rates using prime rates or just average rates? Thanks in advance

What is a good rate for a fixed mortgage? I got a quote from http://get-a-home-loan.net at 4% fixed for 15 years is this a good deal or not?

1% interest only mortgage / loan? Can anyone explain to me what the 1% refers to in all these ads for mortgages/refinancing? We just got a quote from a broker for a refinance at 1.5% but the "Truth in Lending" sheet shows a variable rate, which starts at 7.4%. Our loan broker isn't giving us a straight, understandable answer - help!!

I received two quotes from two different mortgage copanies? The first one was from Quicken Loans and it's an 80/20 conventional loan. First at 6.3% secound at 7.8%. The secound quote is from Global mortgage. 100% with no PMI. The bank they are using is Charter One and the interest rate is 6.875%. I was told that their was no way I could get such a loan without paying PMI. What is the law reguarding that? Which loan would you recomend? Thank You, Jesse TaberI

Can a mortgage broker give lower rate today compared to a direct bank ? I am applying for a home loan: I have got a GFE from a bank and they quoted around 5.30%(30 yr fixed - zero points) I have got another GFE from a mortgage broker and they quote 4.85%(30 yr fixed - zero points) 1) Does a mortgage brokers usually give better rates than direct banks ? 2) How do I know that the mortgage broker will give me the GFE rate what he gave me today, so there are no surprises later ? 3) Are there any questions or something i need to ask the mortgage broker to make sure I am getting the right deal ?

30 fixed mortgage rate history in CA? Guys, I am looking to purchase a house in the next 60 days. My loan will be about 400k, my credit is 790, my salary is above the average. My broker has quoted me around 5.875...He has told me this about 2 months now. I have seen the apr for 30 year fixed go down, how come my rates isn't going down? Is there a history that I can print out and show him? I have looked on bankrate, but couldn't find anything. Any advice would be helpful.

What is a good interest rate for a jumbo FHA mortgage in CA? I am working with two different mortgage brokers. One is telling me they can get me an interest rate of 5% (paying 1 point) for a jumbo ($625K) 30-year fixed FHA loan with 3.5% down. The other lender is telling me that isn't possible and that a 5% interest rate on a jumbo FHA 30-year fixed mortgage does not exist. Does anyone have experience getting such a loan recently and if so, can you share your rate? The second lender is quoting around 5.4% with 1 point.

How to know if I am getting a good/low interest rate for a home mortgage ? I am in the process of looking out for a home loan (first time buyer) and wanted to know as what I need to look in the quotes what I get from lenders to know that I am getting the good/low interest rate ? 1) Do I have to just look at the APR rate to know as what the final rate is for my loan ? does this APR determine my actual rate ? 2) Any other factors do I need to consider ? 3) Is there a sheet or online website where I can put all the numbers what I get from different lenders and it does the math and tell me which is the best for me ?

Quicken Loans transfer my mortgage to their "parter" Countrywide Home Loans? I recently closed purchasing a house and used Quicken Loans for my mortgage. My first payment was 1/1/2008. A few days ago I got a letter in the mail stating my loan have been transfered to Countrywide Home loans. What the crap? One thing my loan originator tol me was Quicken has an exclusive benefit of being able to reapply after being at a rate for 6 month in your loan if the rates should decrease. With no costs involved. Now that sounded to good to be true. Is this a ploy they routinely do to stop people from using this or other benefits. I should have went with my local bank since they offered the same rate and term. Also quicken was very HIGH PRESSURE. wanting me to electronically sign right away and giving me payment quotes when i wanted rate information, closing cost and points. It was pulling teeth to get them to just tell me what i asked and when i said nevermind then they gave me the info. of course he had to go to his manager to remove the 1 point my local bank wasnt chargin

Web sites for Prequalification of a mortgage ... without giving them personal information? Hello. I will be looking to purchase a home in about 3 years. I am saving up for the down payment and closing costs during this time. However, I want to get an estimate of what type of price range and monthly payments I might be looking at. I understand that my situation may change over the next 3 years and a quote today is not a guarantee. However, I need to start somewhere. I was wondering if there are any sites that allow you to get quotes on mortgages, not only the interest rates but also on the maximum loan allowed, based on your down payment and credit score. I want just an estimate, so I need sites that do not require personal information. I do not want to accidentally sign up for an agreement or have people solicit me stuff through the mail.

anyone can solve this finance question? You are purchasing a home and applying for a $500,000 mortgage. The bank quotes you a rate of 7% APR for a 30-year fixed rate loan. What is your monthly payment? • Note: when no compounding interval is stated, it is generally equal to the payment interval – in this case monthly.

Refinancing - Fed interest rate cuts? What do folks think about waiting until Mar 18 (for next potential Fed rate cut) or refinancing now. I know the mortgage rates aren't directly tied to the Fed rates but some folks (including those that work at banks) think I should wait. I currently have a 6.0% interest only loan (no prepayment penalty) and the quotes I've received thus far range from 5.125% to 5.5% (for another 5/1 ARM interest only). Think I should wait or go for it? 3 days ago - 4 days left to answer. Additional Details 1 day ago No, it's not ridiculous (my payback period on the closing costs is about a year so it doesn't make sense NOT to - since I plan to be in the house 5 yrs)...the only reason my friend thinks I should wait is cause she thinks the rates will go down by 0.5% point by mid-late March. My question is - do folks think they will (not the Fed rate but the refi rates).

Feasible to combine 1st mortgage ( 30 year ) with Equity line into a 15 year fixed or less? I have a 1st mortgage of $125K. I have an equity line ran up to $50K. First is on a fixed 6.75% 30 year. Equity line is on a variable rate can't recall what it is at the moment. We want to combine the two loans into one 15 year loan. Is this feasible or reasonable to do? I saw at bankrate.com that one lender was giving 15 year fixed at 4.5%. Can you get a 10 year fixed? Or even a 5 year fixed? I "might" consider the 10 but didn't find any rate quotes on a 10 year fixed and not sure if the rate is much better than the 15 year fixed. Can someone tell me the best route to go with this? I'm not too knowledgeable about refinancing and am trying to learn what I should look out for yada, yada, yada. All help greatly appreciated!! thanks, Ken

Refinance Texas Mortgage? Our current lender said in the State of Texas laws prevent us from refinancing our current mortgage until is has matured to one year. I cannot find this "law" and want to find out if anyone has any information on it. We purchased the home in Dec of 2007. Our current "Note" states no prepayment penalty for full or partial payments. We have a few rate quotes in the area of 5.875% to 6%, with zero closing costs. Our current rate is 6.875%. We purchased the home in Dec 07 for $155K and financed closing costs for a total loan of $163K - the appraisal (12-07) valued our home at $183K. Thank you in advance for all your help.

why will my monthly payment be higher quoted from mortgage company than from mortgage calculators on internet. i got a quote of 7.75 interest rate on a 30 yr.conforming fixed home loan(for $45,000)and he told me it would be like 390 a month, not including tax and insurance. when i go to a mortgage calculator on the internet and type in 7.75%, 45,000 loan, and $0 down payment it says around $250 a month. can anyone tell me more about how this works, thank you

Does the lenders run the credit check to get mortgage rates ? I am in the process of buying a home and did like one of them who did take my offer. Now coming to the actual loan process. I see several website who give me a online quote as how much my interest rate would be and other things.. 1) Will they all stick to that rate what they have quoted online ? 2) Or do they have to actually run my credit history and then can give me final rate ? 3) If I have to shop around, does everyone runs my credit history ? Does it effect my FICO score ? Will it drop my score if currently i am around 790

Closing The Deal? I am going with my dad to do paper work on a mortgage loan for a 30 year fixed loan for $78,900. He is co signing for my loan and was quoted a rate of 6.625%. Is that a good rate or could we do better somewhere else? Also......any "fine print" or details we need to watch out for or be aware of? Any good questions we need to ask before we commit to it. The bank is Bank Of Oklahoma....ANY advice is GREATLY appreciated!!! thanks : )

Refinancing - Fed interest rate cuts? What do folks think about waiting until Mar 18 (for next potential Fed rate cut) or refinancing now. I know the mortgage rates aren't directly tied to the Fed rates but some folks (including those that work at banks) think I should wait. I currently have a 6.0% interest only loan (no prepayment penalty) and the quotes I've received thus far range from 5.125% to 5.5% (for another 5/1 ARM interest only). Think I should wait or go for it? (my payback period on the closing costs is about a year so it doesn't make sense NOT to - since I plan to be in the house 5 yrs)...the only reason my friend thinks I should wait is cause she thinks the rates will go down by 0.5% point by mid-late March. My question is - do folks think they will (not the Fed rate but the refi rates).

REFINANCE MORTGAGE & HELOC? About 2 months ago i went to my bank to look into a refinance. I have a high FICO score and was quoted a rate of about 5%. My current rate is 6%. My loan is not moving very fast although i know it is finally in underwriting because they called needed clarification on a document i gave them. I currently have a HELOC (Home equity line of credit ) of $14k and need to tap into it for some home repairs. I currently have a $0 balance on it. I don't know if I can use it during the refinancing process and I can't get the bank to call or email me back. I get the standard response "due to high call volume and refinances, we can not guarantee a call back until your loan is ready." I have paid no fees up front and i have not even locked in a rate. Should I a) go ahead and use my HELOC b) scratch the entire refinance idea c) stalk the bank until they call back? Any suggestions? Can you refinance with a balance on your HELOC? What if that balance is incurred in the middle of the refinance?

Do you think the mortgage company would pre-approve me? I make $50,000 a year before taxes..good credit..no negative reports..680+ credit score..and owe $500 in monthly installment debts, to include 2 student loans and 1 credit card. Everything else is paid off. I will be applying for this mortgage alone and have been working at the same job for 2+ years..I'm already pre-qualified..I just want to know what my chances of being pre-approved are..They said it'll take a week before I receive a response, but I really can't want that long..must know now. Also, I'm putting 3% down and doing an FHA loan. I've been quoted 5.875 for an interest rate. Thanks!

Anybody know if there is some hidden problem with this type of sale? I recently signed a contract to buy a new home from the builder, previous contract fell through, the home is ready for move in, I was told closing costs would be paid by the builder. The contract is contingent upon me financing thru the builders mortgage company. I paid a pretty large earnest fee, 8k. I was reluctant to pay this without talking to the lender first but of the course I was told their mortgage co would be able to provide any other rates that banks quoted me. As it was, I had a preapproved loan, and yes it is at a much better rate. Now it looks like I am stuck with this deal. The papers provided by the mortgage co don't reflect any closing costs being paid by the builder, they actually have my earnest money listed in this block. Am I being taken for a ride here? Any help out there?

Predatory Loan? I recently pirchased a home. I'm wondering if the loan was predatory. Here's the deal. I became disabled and was in br - Chap 7 due to bills piling up during my illness. The lender I went through did the loan. The first quote was for 2% lower than what I am paying. As I was becoming anxious about the close, I trusted everything he said. Yes, that was a mistake. Now, I'm in a situation where I can barely afford food. I don't even think about new clothes too much anymore. That's a fantasy. The lender asked if I wanted a fixed rate or an adjustable. I had heard that the best way to go was fixed. He said an adjustable would only increase by 1/2% annually. When I insisted on the fixed, he called a few days later and said the loan would have to be 2% higher than originally quoted because it was risky. To date, I've paid my mortgage and have paid additional to buy equity which is why I'm broke. This is becoming increasingly difficult with each passing month. Can I get out? How?

online mortgage broker vs direct lender aka bank? what are the pros and cons between these 2? i see the rate from online mortgage broker is lower than the bank. for example, one mortgage broker told me he is able to get me 5.875 for a 30 yr fixed while some banks are quoting me 6.25%. first the mortgage broker guy told me he is salaried and doesnt work on commission. and he is able to a volume of sales thus able to get me a lower rate. and he also guarantee on a bank letterhead for my loan. so who should i go with? plus who here ever gone with a online mortgage broker instead of a bank? and did you ever regret it? did they ever try to do the "bait and switch" on your rate when comes closing time?

How to decide between a conventional v/s FHA loan? I am trying to decide between these 2 loan types and am confused with which one to go with. Option 1: Conventional 30 Year fixed.. Loan amt: 560K Rate : 4.875 with 1 point & 10% down Add $450 to monthly payment for PMI This option requires 10% and may require us to come up with around 10K - 15K at closing meaning more liquid cash at closing. Stricter guidelinesielines. Allowup toly upto 36% Debt to Idon'te (dont quote me on this) Option 2: FHA 30 year fixed 560K (but add 1.75% to loan amt) = ~570K Rate: 5.25% and add 0.55% per month as Mortgage Insurance. This may allow us to roll closing costs into the loan amount. Looser credit guidelines. Allows upto 50 Debt to Income. Not sure if the monthly payment reduces after 78% Loan to value (or 5 years) with this option. So folks.. can anyone help me decide between the two? Also, I plan to stay in this house long term so any help will be appreciated.

I need help. Mortgage consulting only please? I need help I think my broker is milking for money. The loan program he got me into he never took the time to explain with that program he wasnt able to lock the rate until closing time. now I am days away from closing he called me stated that I need additional 4500 for me to buy down points because the rate went higher and I wont be qualified for the loan. I am doing 100% finance and going stated. my credit score is 680. now the second issue is he says that if they check my credit again and my score goes down one point or two I will differently be disqualify. The only reason my score went down because he had submitted it to different bank. I never really got a chance to shop around because he said if i have someone else check the credit my score will go down, I believed him because this my first time buying a house. and by the way the rate he quoted me was 10.175 and now he said it went up to 11. ? I dont what to do, I believe it is to late to turn away now. If I change my mind about everything will I have to pay the my lawyer, title, etc

Mortgage broker vs. direct lenders? We are in contract on a house. We've been working with a local mortgage broker recommended by my RE agent. She's been very helpful to us in recommending types of loans, organizing our paperwork, and getting us pre-approved. She also took care of getting us a HELOC that we needed (without getting paid for that service, I think). I've been doing some rate shopping today. It looks like we could get a better deal through a direct lender than with our mortgage broker. The broker quoted us a 7/1 jumbo ARM at 6.125% and a 30-yr fixed jumbo at 7.125%, both with 1 point. I've spoken with Countrywide and Quicken Loans, and they are quoting me roughly 6% on the 7/1 and 7% on the 30-yr fixed, both with 0 points. So, two questions: 1) I'm feeling guilty about going with one of the other lenders after this mortgage broker has been so helpful to us. What do you think? 2) Why the difference in rates between the lenders and the broker? Is there a catch? Thanks! Update, Thursday 3/6. Thanks, everyone, for the responses. I've done a little more digging, and -- surprise! well, not really -- the rate my mortgage broker was quoting was actually pretty good. Turns out, she was qualifying us for essentially a "stated income" loan, because we won't sell our current house till after we've closed on the new one. So, all those lower rates I heard from other lenders wouldn't actually be available to us. Lessons learned? 1) My mortgage broker really should have been more clear in explaining the circumstances of our loan; 2) I should have called her as soon as I saw lower rates and asked why hers were higher; 3) lots of loans sound good at first, until you really start digging into the details.

For loan officers only: Flex 100 program? I am a loan officer who is doing a mortgage for a purchase. I am using the Flex 100 program. My rep quoted me rates based on the borrowers score which is 640. The coborrower has a 614 score, however the rep clearly said that we would be pricing with the borrowers score. Now that we are locking, he is telling me we have to use the 614. I believe that this product has the same guidelines regardless of which bank, is the Flex 100 usually priced with the borrowers, coborrowers, or the lesser of the two? Please only answer if you know this, and if so, do you know where I could find it in the guidelines? I've searched guidelines on a few banks, but haven't had much luck. Thank you! Yeah some of the AE's drive me crazy. I told him, you priced this at 640 when I sent the credit, you knew what the coborrower had. His reply was "well the market has changed in the last month and you can't expect to get the same rate you were quoted a month ago. I told him regardless of the changing market, which I obviously understand, you still quoted me incorrectly. He didn't apologize or anything, just acted like I misunderstood. GOD, just blowing off steam, thanks for the replies, it really helps. The lender is First Choice and they actually have some very good products. They are allowing a 50dti purchase full doc 614 at 7.375 with .875 on the back. Not bad for what I have, so I guess I can deal with the AE, I just hate playing the bait and switch game with my clients. Thanks again.

someone please help? any mortgage brokers here? this is my situation...i talked to a mortgage broker a while back about getting a loan. he ran me and my husbands credit and he told me we would qualify. after checking around alittle more i decided to go with his mortgage and finamce company.he has sent me a pre-qualification letter saying we conditionally qualify for a loan up to 250,000. so we put in an offer on a house and it was acccepted. i got a commitment statement from him quoting my interest rate and he also said he needs copy of purchase agreement and w2's and pay stubs. he wrote that once he receives this is will be sent to the lender for final approval.i don't understand this. why does the lender have to make final approval. we have had some credit issues in the past, but he already pre-qualified us for the loan. now we are buying this house..what if something goes wrong and the loan doesn't go through? can this happen if they already ran our credit and pre-qualified us.i'm terrified he will say we can't get the money

Why a Primerica Smart Loan? If the reps KNOW it's a MUCH worse deal than getting a conventional mortgage, why do they lie to their friends and family and represent it as a great loan? The simple interest feature means nothing when the loan has a higher interest rate. In fact, a Primerica SMART loan that starts as 30 years that is scheduled to be paid off in 22 years through bi-weekly payments carries: -A higher Monthly payment -More than Double the closing costs -Worse reduction of principal on an amortization schedule when compared to a good old 20 year mortgage. So, you're done in 20 years instead of 21 or 22, you have a lower monthly payment, and it costs you a lot less to get. Also, the SMART loan has a HUGE pre-payment penalty which the conventional won't. So, if you can't PROVE my assertions wrong, why do you sell it? Don't use canned PFS quotes, answer with FACTS and tell me where you're getting them. "If I recall, you only been with Primerica for 6 months and then quit? " Some of us are quicker learners than others "You seem to think the SMART loan is a mortgage, but its really a debt consolidation loan" LOL....A mortgage is a transfer of debt to a lender as security for a loan. Is it a loan or a mortgage or the same? By the way, on your SMART loan solution, it has a check box for 1st or 2nd mortgage. Silly! "It combines all your debt into one monthly payment, thus lowering your monthly payment" Same as a conventional mortgage. "Do you even understand the difference between a simple interest vs schedule interest?" I certainly do. Again, the high interest rate makes this feature inferior to ANY loan of the same duration. If you can't understand this premise, hang up your license. "It is most effective when it is paid bi-weekly." Actually, most effective to pay daily. :) "I've done over 100 SMART loans" I've done over 1,000 mortgages, & understand how to compare total payments Well, as usual, as soon as you start mentioning FACTS, the Primericans run like cockroaches when you turn on the lights.

Credit Score & Mortgage? I am 23 years old, I have a credit score 795 Exact, I have no debt whatsoever, I have 5 credit cards limits totaling around 80,000+, all installment loans have been paid and all credit cards are zeroed out, but yet for a 675000 mortgage for a 835000 home (20% down) of a why am I gettin quoted a 12.325% APR, imma mortgage officer (as policy I can not request a loan from the company) but what is going on I am even putting a good enough downpayment down, by my standard at my company (can't releave name) I should be getting a below prime rate of around 4.875%, but that rate is almost 3 times that anybody have any insight? (wierd im the mortgage officer and im asking the questions) Yes I know of jumbo (417,000+ for Va) and super jumbos ($1,000,000) but my point is that even at my bank a subprime jumbo buyer still gets around a 10%, in the mortgage world 0.250 % is a lot, in reality what you heard is wrong, jumbo loans are not defaulting a majority of the loans that are defaulting are that of $250,000 or less

So Confused pls help regarding who should I deal with? Mortgage Question.? okay so I need some advice as far as our 350k, FHA loan with 3 % down goes. The first deal I received was thru some loan officer located out of Arizona who gave me a 6.5% rate with 2 points. I heard this was a horrible deal so I decided to shop around especially after hearing that you have 14 days from the first mortgage inquiry to shop around and have other lenders pull your report without it harming your credit because it will be considered one. I then received a quote yesterday thru quickenloans.com but after reading some of the questions and answers that were posted about others experiences I was very skeptical even though they gave me what seemed like a good or better rate than the first guy. For example they gave me a 5.6...% (there were two more numbers after the 6 can't remember) with 2 points or a 6.25% w no points. I am also interested in seller concession so closing cost and points wont be paid out of pocket. Not only am I skeptical about the stuff I read here about quickenloans but they are also asking for $350 committment fee that will be refunded at closing if we decide to close with them. So if we dont close with them then basically that money is non refundable, which has me feeling trapped and I dont really like feeling that way. What I dont want to happen is I agree to pay that committment fee and then at closing theres a whole bunch of other fees that I did not agree or know about and I back down and they keep my $350 fee. Which $350 is not going to kill me but who wants to give away money? So I decided to not pay that fee but I still have them in mind just in case. I called JP Morgan Chase bank and they approved me with different rates. They offered me 5.875% with 2.3..( theres two more numbers after the 3, forgot...again!) points and a 6.125% with 1.5 points. I know Chase is a reputable bank that has been around for a long time and I kind of trust them better then quicken loans but quicken loans does have the better rates so basically im stuck???? I would like some type of advice on what I should do if worst case senerio where it's either one or the other I have to choose from. I am still going to shop around because I know I can probably do better. Here are the basics: -annual combined income: a little over 100k yearly. -401k combined: 17,364 -been at our jobs over 2 years both. -combined monthly bills: a little under 1000.00 monthly. -all three credit scores for him: experian: 643, transunion: 634, equifax: 610 -mine: experian: 684, equifax: 672, transunion: 649 Thanks so much!

What is average closing cost junk fees on a $185,000 loan? I have good credit and have been trying to refi my ARM and 2nd mortgage for about a year. Now, apparently rates have dropped as I'm getting quoted as low as 5.75 which is lower than my current rate. However, I just can't seem to get my total closing costs with these mortgage jerks down lower than around $4,000. About $1500 of that is in :"junk fees" they are basically getting to make the loan. Is this the bottom line? Should I just accept these closing costs and refi? TIA for any help! Also, I have excellent credit 750+. Yes, I've contacted the "no closing" cost gimmick places also but they seem to just jack up the rate in place of charging closing costs! :( My current ARM is at 5.875 so not at 6.75 like the first poster said.

Am I obligated to pay this appraisal fee? I contacted a mortgage broker I have used before about doing a cash out re-finance on my home combining the 1st and 2nd mortgage and getting some cash. He gave me all the details and sent over a good faith estimate and I provided all of the information in order to proceed. I later find out I cannot do a re-finance because our house is currently for sale. Therefore, I opt to go with a HELOC to refinance the existing 2nd mortgage. He quoted me a rate of prime and said it appears we are below 80% LTV and should have some additional equity to borrow against if we would like. The appraisal came back at $359K...far lower than the $398K appraisal I have done a few month earlier (that he would not accept) in order to remove my PMI. Coincidentally, the $359K put us right at 80% LTV and he proceeded to tell me the rate is no longer prime...it is now a 5% floor rate. I told him I was not interested...since I knew I could get a better deal (and I did with another bank). When I told him I was not interested and stated the appraisal seems way off...he said I still owe for the appraisal. Am I still obligated to pay this? Given my situation it seems like they purposely tried to get my appraisal to come in where I would not be under 80% LTV. From the recent sales in my area I know the $359K is low. Regardless, I was not happy with the entire process and was not informed of anything until after the appraisal. If he would have told me that it did not look like we would be under 80% LTV then he should have said so...instead of SURPRISE...you are not getting prime...the best we can do is a 5% floor. Another thing I should mention, I did not sign a Good Faith Estimate for the HELOC application...since I was originally applying for conventional loan. I only signed a Good Faith for the conventional loan. What exactly did I sign that obligates me to pay?

I have a home loan with Indymac.They are ripping me off.I paid them over $28,000. to reinstate, no itemizat? I was given a date for the foreclosure Sale of my house,if I did not pay the requested amount.Overnight mail and faxes sent by me and my lawyer were never answered by Indymac since 4 months, in which I requested a itemization of that amount.Also, Indymac escrows money for taxes and Insurance.They openly lied to me that they paid my taxes.I paid the Real Estate Taxes myself,but they are sitting on my money and are not returning my escrow .I proved to Indymac that I had my own Insurance. They promised that they would send me the $1,347.- back. Then I received a letter from them stating, that this amount was never taken from me.I told them that it was in front of me in black and white that I was charged.Then they said to me that the money went back into my account."Which account?" I asked. "The escrow account".Then I received a letter them stating that my monthly payment would be adjusted because I have my own Insurance. However, the payment they quoted me is the same as before with NO CHANGES. I have a 15 day graceperiod to pay my mortgage.After I paid $28,000.-,on the 2.(!) of the month they called me 7(!) times ,demanding the mortgage payment,whereby they forced me to overpay about $5,000.- and do not answer to my request for itemization. They are in Receivership. On top< in todays market they granted me no modification.They stay with their 12 % interest rate.The monthly payment they demand from me for a $122,500.- original loan balance (No backpayments) is $1,430.- They charged me for their foreclosure lawyer for 2 letters to me and him filing the foreclosure papers over $1,800.- My house has 10 acres and was 1.) underappraised 2.) I received only 60% LTV Loan amount. I have a lot of equity here.It appears to me,that they want to make it impossible for me to survive. Is there anybody who can help me with this situation?

question about mortgage pre-approval process? my husband and I are in the process of looking for our first home and I am really confused by the mortgage pre-approval process. We have a combined income of 85K and 80,000 saved for a down payment...despite all this we were only approved for a sales price of 330,000...I say only because when I do the math and figure out our monthly payments on a 30 year loan, the payments are less than $1000 per month which is less than what we are paying in rent and definitely less than what we can afford. Also, we live in a large city on the east coast and 330K doesn't buy you much.... Also, I should mention that my husband has a credit score of over 800 and mine is 740...so we are both excellent candidates for a large loan. Am i misunderstanding the pre-approval? I think when my husband filled out the application he said we were interested in a home that is listed for 330...is it possible that we could be approved for a higher amount? or does the quote we got sound about right? Also, I am not sure I am calculating the monthly payments accurately. Basically, I am assuming an interest rate of about 4.8% on each month payment...or is calculated differently? We don't have any significant debt, about $10K in student loans...and most of the properties we are looking at are under what's called 'tax abatement' for 10 years which is a program the city instituted the invigorate up and coming neighborhoods.

To Lock or Not To Lock at 5.625%? Two weeks ago, I went shopping for a home mortgage because I wanted to purchase a house in Houston, TX. The lowest interest rate of a 15 year fixed mortgage I was quoted was 5.5% with 0 discount point and 1% of origination fee. I think it's a very good rate because my credit score is above 800. I have now found a house and signed a contract. I went back to the lender who had quoted me at 5.5% and applied for a mortgage, but the rate has now gone up to 5.625%. I filled out an application, but did not sign it. The loan officer told me to wait until tomorrow to see if the rate may go down (back to 5.5%). If it goes down, I will lock it. But the lady told that there's no guarantee because the rate may go up. My plan is that if the rate stays the same at 5.625% or goes down tomorrow, I will lock it. But if it goes up, I will give it another day and will lock it at any rate on Friday. What would you do?

How much would closing costs be on a 100k condo? How much do you think closing costs should be on a 1 bed 1 bath condo with 626 sq footage in a nice area. There would be two loans on the condo. 80/20 loan. No PMI. $600 payment per month on the first loan, 6.5% interest.. $180 per month on the second loan. 9% interest. NO MONEY DOWN. Interest only payments. All I want to know is how much do you think closing costs would be? I was quoted around $7,000 for closing costs. If I am putting no money down and paying no PMI....its a good deal. Banks or credit unions have to make money as well as mortgage brokers. My buddy had almost same exact condo with same scenario EXCEPT....he purchased with no money down AND paid no closing costs. But he is screwed because he got into a 3/1 ARM teaser rate. His condo payment is $800. It is going to double next year. Mine rate is fixed for ten years. hence I would rather pay $7,000 in closing costs up front rather than being slammed with double payments after ARM adjusts. What do u guys think?

Are the GFE rates ridiculous? A friend of mine with credit scores of 648,622 and 621. No late payments for almost 4 years. Lines of credit is Auto, Installment and 2 revolving credit cards. Middle score was 634 but dropped because of to many inquiries searching for a mortgage loan. DTI around 30%. But they was quoted on the GFE of 90% LTV at 10% and on 95% LTV at 11%. With the way the market is today and lenders tightening standards and squeezing borrowers out with these scores. What do you suggest 1. Take the deal before you can't get a loan and refinance later after your score continue to rise. 2. Take a chance on finding another lender (which may be impossible in todays market. 3. Wait it out. But his lease on a townhome he has been renting for 2 years is up Sept. 15th. Also I forgot to include he is getting a Alt -A loan becuase they are using his bankstaements as Income as well as his rent cancelled checks with lanlord verification of no late payments of arrears as documentation for qulification Just thought I might add his Income from the bankstatements is $61,507 divided by 12 is roughly $5,000 per month. And his rent payment is $1360.00 a month plus ALL utilities. The price of the home $181,900 minus $500 earnest money, with 3% sellers concession for closing costs and 5% down payment.

Is refinance or second mortgage a better option (specifics in details)? We bought our house in 2004 for $54K and have a 30 year fixed mortgage at 5.25%. Our balance on our mortgage is $47,500 Our house has appreciated and is now worth about $100K. We have student loans totaling $16K and credit card debt of about $10K. No car loans. We're expecting a tax return of about $4,500. We'd also like to add on another room to our house and have a quote for $7,500. We'd like to refinance for about $80-$85K. With interest rates getting back down to the mid to low 5% is it a better deal to refinance or get a second mortgage? Thanks in advance. My husband and I both have excellent credit.

will they denied me after all I went through? I went through alot with my mortgage broker. everytime I think I am done with them, they turn around and says I need more money for the closing. I am supposed to close this friday, and last thursday the loan officer says I need additional 4500 to buy down points so I can be qualified for the loan because the rates went up. the next issue is after I show that I have the money for closing they might run a credit report, the loan officer stated that if my credit goes down a point or two I will not be qualified for the loan. I didnt apply for any new credit cards, but he himself did submitt my info to other banks I believe that can bring down my credit score also, I also did little shopping around for a better rate. I believe my credit went down a bit due to that. Because when we was in the middle of the process of the loan he began to bring up thing we didnt agree on so I decided to shop elsewhere, but everybody quote me the same thing so i stay with the broker. STRESS

Easy 10 Points! 10 multiple choice money and banking questions? 1) The concept of ________ is based on the common-sense notion that a dollar paid to you in the future is less valuable to you than a dollar today. A) future value B) deflation C) interest D) present value 2) If $22,050 is the amount payable in two years for a $20,000 simple loan made today, the interest rateis A) 5 percent. B) 10 percent. C) 22 percent. D) 25 percent. 3) If a $10,000 face-value discount bond maturing in one year is selling for $5,000, then its yield to maturity is A) 5 percent. B) 10 percent. C) 50 percent. D) 100 percent. 4) The return on a 5 percent coupon bond that initially sells for $1,000 and sells for $950 next year is A) 5 percent. B) -5 percent. C) 0 percent. D) -10 percent. 5) Which of the following are generally true of all bonds? A) Even though a bond has a substantial initial interest rate, its return can turn out to be negative if interest rates rise. B) Prices and returns for short-term bonds are more volatile than those for longer term bonds. C) The longer a bond's maturity, the greater is the rate of return that occurs as a result of the increase in the interest rate. D) A fall in interest rates results in capital losses for bonds whose terms to maturity are longer than the holding period. 6) What is the return on a 5 percent coupon bond that initially sells for $1,000 and sells for $1,200 next year? A) -5 percent B) 25 percent C) 5 percent D) 10 percent 7) Dealers in U.S. Treasury securities always refer to prices by quoting the A) current yield B) yield to maturity. C) coupon rate. D) yield on a discount basis. 8) Which of the following are true of fixed payment loans? A) The borrower pays interest periodically and the principal at the maturity date. B) Installment loans and mortgages are frequently of the fixed payment type. C) The borrower repays both the principal and interest at the maturity date. D) Commercial loans to businesses are often of this type. 9) An $8,000 coupon bond with a $400 coupon payment every year has a coupon rate of A) 5 percent. B) 8 percent. C) 10 percent. D) 40 percent. 10) Which of the following are true for a coupon bond? A) The yield is less than the coupon rate when the bond price is below the par value. B) The yield to maturity is greater than the coupon rate when the bond price is above the par value. C) The price of a coupon bond and the yield to maturity are positively related. D) When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.

Econ (money and banking) Homework Help? 1) The concept of ________ is based on the common-sense notion that a dollar paid to you in the future is less valuable to you than a dollar today. A) future value B) deflation C) interest D) present value 2) If $22,050 is the amount payable in two years for a $20,000 simple loan made today, the interest rateis A) 5 percent. B) 10 percent. C) 22 percent. D) 25 percent. 3) If a $10,000 face-value discount bond maturing in one year is selling for $5,000, then its yield to maturity is A) 5 percent. B) 10 percent. C) 50 percent. D) 100 percent. 4) The return on a 5 percent coupon bond that initially sells for $1,000 and sells for $950 next year is A) 5 percent. B) -5 percent. C) 0 percent. D) -10 percent. 5) Which of the following are generally true of all bonds? A) Even though a bond has a substantial initial interest rate, its return can turn out to be negative if interest rates rise. B) Prices and returns for short-term bonds are more volatile than those for longer term bonds. C) The longer a bond's maturity, the greater is the rate of return that occurs as a result of the increase in the interest rate. D) A fall in interest rates results in capital losses for bonds whose terms to maturity are longer than the holding period. 6) What is the return on a 5 percent coupon bond that initially sells for $1,000 and sells for $1,200 next year? A) -5 percent B) 25 percent C) 5 percent D) 10 percent 7) Dealers in U.S. Treasury securities always refer to prices by quoting the A) current yield B) yield to maturity. C) coupon rate. D) yield on a discount basis. 8) Which of the following are true of fixed payment loans? A) The borrower pays interest periodically and the principal at the maturity date. B) Installment loans and mortgages are frequently of the fixed payment type. C) The borrower repays both the principal and interest at the maturity date. D) Commercial loans to businesses are often of this type. 9) An $8,000 coupon bond with a $400 coupon payment every year has a coupon rate of A) 5 percent. B) 8 percent. C) 10 percent. D) 40 percent. 10) Which of the following are true for a coupon bond? A) The yield is less than the coupon rate when the bond price is below the par value. B) The yield to maturity is greater than the coupon rate when the bond price is above the par value. C) The price of a coupon bond and the yield to maturity are positively related. D) When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.

Economics Help? Commenting on the surge in innovative home financing products such as adjustable rate, "interest-only" loans, with low % down payment requirements that have allowed borrowers to hold down their initial mortgage payments even as housing prices and mortgage debt have increased faster than household incomes, an FDIC regulator commented last summer: "During the long housing boomn, banks have engaged in risk warfare. In order to get wider spreads they have taken on more risk for the same spreads. Bank loan portfolios in the last few years have become riskier." 1. What does the phrase "wider spreads" in the above quote refer to? Spreads between what and what? 2. What does the quote imply happened to the size of default risk premiums during the "long economic boom?"

Are my closing costs to high in San Antonio, TX? Are my closing costs to high ?Here are the costs: Loan Amount: $122,003 Interest Rate: 5.875% Loan Origination Fee: (1%) 1,202.00 Loan Discount: (2%) 2,440.06 Appraisal Fee: 375.00 Credit Report: 26.50 Tax Related Service Fee: 400.00 Processing Fee: 725.00 Closing or Escrow Fee (FHA) 425.00 Title Insurance: 700.00 Tax Certificates: 40.00 Endorsements: 84.00 Titles Delivery Fee: 25.00 Policy Guarantee: 1.00 Recording Fee: 110.00 (Items required by lender to be paid in advance) Interest for 23 days: 457.93 Mortgage Insurance Premium: 1,803.00 Hazard Insurance Premium: 792.96 (Reserves deposited with lender) Hazard insurance Premium: 198.24 Taxes and assessment reserves: 1,003.80 Aggregate adjustment: -401.52 estimated closing cost: $10,407.97 The loan office said it would probably be 2K less than quoted but still is 8K-10K high for closing? Seems a little high. Thanks!

Was the lender lying? I am planning on buying a house from Lennar Corporation. The cost of the house is 370,000 and I am going to be putting 25,000 down, so the amount of the loan would be 345,000 for a 30 yr fixed rate. I spoke to a lender and she quoted me a monthly payment of $2,700 including mortgage insurance. She said there was really nothting she could do to lower the payment, I think she's lying, any help, if someone is a loan office or lender please contact me at my email address: temperance815@yahoo.com

Does anyone know what buying down the interest means as an incentive in selling your house? This quote from a real-estate site: " Buy down the interest rate. It's not a sales price that people are buying -- it's the mortgage payment. And buying down the buyer's interest rate is a smart way to attract buyers without giving up your profits. For example, lowering the buyer's interest rate from 6.5% to 5.5% on a $150,000 loan reduces the monthly payment by almost $100 per month. The buy-down would cost you about 4.75% of the loan amount, (HUH??) or $7,125 in this example. Alternatively, if you lowered your sale price by that amount, the buyer would save only $45 a month. You can also offer to buy down the interest rate for the first year or two for less money. Either way, you're allowing buyers to get more home than they would have otherwise been able to afford.

First time buyers, good credit, interest only? My partner and I are purchasing a new home and we are receiving several mortgage offers. His score is 755, mine is 780, we have no car loans, no cc debt, I have 20K in grad school debt only. We make about 55-60K and currently pay $1400 in rent a month. We are trying to figure out if a 80/20 is right for us to avoid PMI. Do you pay two closing costs? My partner is self-employed, so we need to go stated? We can "borrow" 15% from my parents (but have to pay back with interest). We are trying to figure out if we can afford 250K and the best rate we've gotten is 6%. Taxes in the FL area we are moving to are going to be 4K-5K and we are having a hard time figuring out how much home owners insurance is going to be, as no one wants to give quotes in FL. At what point do you need to get homeowners insurance? If the sellers have already paid the yearly taxes, do we pay them next year? We are working with two different brokers and just trying to find the right mortgage. Any thoughts?

For everyone out there that thinks rates are going to drop??!!? A month ago we were able to quote commercial mortgages with excellent credit in the mid 5's low 6's, even though treasuries have actually dropped since then, money has gotten much scarcer so banks are charging more to borrowers, simple supply and demand. Rates have actually gone to the mid-high 6s to the low 7s on good credit now. That is what the market is yielding. I know that most of our loans are commercial jumbo, but that the lack of money is going to trickle down and affect the residential lending markets and even though rates and treasuries are going to drop in the future, lending rates are going to go up, again...all about supply and demand.

is it worth collecting online mortgage quotes? my sister is buying a home and she's looking for a mortgage that will suit her purpose. now the problem is , she's confused with so many online lenders offering rate quotes. and she needs to give minimum details to get the quotes. so there's a doubt as to whether the quotes are authentic and reliable. should she rely on such quotes or will it be better if she fixes an appointment with the lender and then speaks of her situation in details and then get a quote from the lender? are all quotes shown online almost the same as a person might get after applying for the loan? or is it better to just talk to him in front and then get a personalized quote?