Mortgage: where do you get a loan?
- Thread starter Romans922
- Start date
- Status
Wayne
Tempus faciendi, Domine.
Banks will cost you a bit more, though there are advantages as well with that option.
It boils down to what rate can you get AND how much are the fees going to total?
Generally stay away from the guys with all the constant ads on TV and radio. They will have higher fees to pay for all those ads.
Try PHH Mortgage in Mount Laurel, NJ - 800-236-3268
I had good experience with them on a purchase and on a refinance.
It boils down to what rate can you get AND how much are the fees going to total?
Generally stay away from the guys with all the constant ads on TV and radio. They will have higher fees to pay for all those ads.
Try PHH Mortgage in Mount Laurel, NJ - 800-236-3268
I had good experience with them on a purchase and on a refinance.
Edward
Puritanboard Commissioner
Every time you have your credit score checked by a lender, it hurts your credit score. So don't 'pre-qualify' until you are ready to buy.
The new rules are going to be no more than 43% of your income for total debt service after the loan is made for a 'qualified' loan (one that can be sold by the international bankers). (I think that's way too high, but no one asked me.) and fees and points can't exceed 3%. There are some loopholes inserted by lobbyists, of course. But you ought to be able to do a rough 43% calculation yourself - car loans, student loans, credit card debt, etc. calculated against your income should show you how much you have available to service a 30 year mortgage. Banks can make loans outside of these parameters, but with substantially more risk to them.
You can improve your credit score if you need to by getting credit cards that you don't use - unused capacity should boost your score.
CFPB issues final rule on residential mortgage lending requirements - Lexology - looks like the new rules don't start taking effect until the beginning of the year. So they may still be under the old rules.
Understand that I'm on the other side of the fence, so others may have a better grasp of where things are at the moment.
The new rules are going to be no more than 43% of your income for total debt service after the loan is made for a 'qualified' loan (one that can be sold by the international bankers). (I think that's way too high, but no one asked me.) and fees and points can't exceed 3%. There are some loopholes inserted by lobbyists, of course. But you ought to be able to do a rough 43% calculation yourself - car loans, student loans, credit card debt, etc. calculated against your income should show you how much you have available to service a 30 year mortgage. Banks can make loans outside of these parameters, but with substantially more risk to them.
You can improve your credit score if you need to by getting credit cards that you don't use - unused capacity should boost your score.
CFPB issues final rule on residential mortgage lending requirements - Lexology - looks like the new rules don't start taking effect until the beginning of the year. So they may still be under the old rules.
Understand that I'm on the other side of the fence, so others may have a better grasp of where things are at the moment.
Andres
Puritan Board Doctor
Dave Ramsey recommends Churchill Mortgage. Check them out.
The total cost can include all kinds of crazy fees. I'd get a book that's no more than a couple of years old so you know what's legit and what's negotiable both with the mortgage lender and with closing costs.
In answer to your original question, we've had a pleasant association with James B Nutter. Sometimes your own bank will be anxious to hold onto all of your business.
Also, there are different kinds of preapprovals, some of which are little more than a nice pat on the back and others that pretty much signal the seller that you are truly in a position to make an offer.
In answer to your original question, we've had a pleasant association with James B Nutter. Sometimes your own bank will be anxious to hold onto all of your business.
Also, there are different kinds of preapprovals, some of which are little more than a nice pat on the back and others that pretty much signal the seller that you are truly in a position to make an offer.
- Status
Similar threads
