- This topic has 11 replies, 5 voices, and was last updated 9 years, 1 month ago by Anonymous.
- February 20, 2011 at 2:18 am #413357AnonymousInactive
Stay away from internet lenders. If you bank locallly, go there and ask. Check around with other local lenders. Get a GFE on closing costs, ignoring closing costs can cost you thousands of dollars.
- February 20, 2011 at 2:54 am #413358AnonymousInactive
Do you have an ARM mortage? If so shop around for a 30 yr fixed and take nothing else unless it less years like 25,20. What’s your rate? If it around 5 to 8 state in the same motage you have and paid more on principle which in turn will reduce the amount of time you are paying intrest.
- February 20, 2011 at 3:36 am #413359AnonymousInactive
Before shopping around for a mortgage lender, make a list of the certain terms and personal concerns to ask any lender to choose the honest from the dishonest.
Begin the list with the amount of mortgage you are inquiring about, ask about the interest rates, PMI, second mortgages, penalty fees, closing cost, application fee, appraisal fee, flexible closing, lock in rate, and fixed or variable rates. From this point, you should have enough information to decide which lender you feel most comfortable with.
The best way to find a mortgage lender who is honest, truthful, and patient is by asking friends, family, and sometimes realtors. The most reliable answers you will get is from people who have used a mortgage lenders services.
Hope this helps!
- February 20, 2011 at 4:26 am #413360AnonymousInactive
You do not need a 3rd party to charge you money to negotiate something that you can do yourself.
- February 20, 2011 at 4:29 am #413361AnonymousInactive
Stick to local lenders, ones with offices that you can meet.
Your bank or credit union is your best bet.
- February 20, 2011 at 5:02 am #413362AnonymousInactive
if they are recorded together it will show like that until everything is all paid
if you smaller loan is paid , why don’t you go back to the bank and refinance your mortgage
that way only the amount you owe now will show on your records
- February 20, 2011 at 5:53 am #413363AnonymousInactive
Your deed of trust is the full amount together or purchase price in this case. It will not be deducted even once paid off, so depending on where ya live, you may get reassessed for real estate taxes at the purchase price.
- February 20, 2011 at 6:47 am #413364AnonymousInactive
I’m guessing that the mortgage company paid off the builder and tacked that on. They aren’t going to lend you $ $ on a house that has lein senior to theirs.
- April 16, 2011 at 6:23 am #199233AnonymousInactive
I know there is a mortgage insurance premium around 1.5% when you close on a FHA loan, but I was wondering if the same charge apply when you close on a conventional loan
- April 16, 2011 at 12:10 pm #257151RichEventNNMember
Yes if you don’t put down 20%.
- April 16, 2011 at 12:12 pm #257217sthesharsuppfudddaMember
SURE, UNLESS you put down 20%, you have to pay PMI because you’re a poorer risk.
- April 16, 2011 at 12:15 pm #257348ethovnucphiloParticipant
Yes, if you pay less than 20% down on a conventional loan you will pay a PMI premium each month. There are some very infrequent exceptions to this, so you can probably count on it.
Make sure your closing documents include the provision somewhere that once your LTV ratio reaches 80% (either through your principal reduction over time, or an increase in the appraised value of your property), you can request that the PMI be cancelled. That will save you each month.
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