Who should I see to obtain a home mortgage loan?
My daughter is getting ready to buy a home from a family bough. The family lawyer will fiddle with the actual transaction. She needs to get a loan for the mortgage.
Should she agree to her bank (Wachovia) or a mortgage company? Which is cheaper as far as their fees? Who could give her the best interest rate considering how the Dutch auction will be handled?
there is no valid estate agency or agent involved. She only needs to borrow $50,000.
the merely thing I know is she needs to step ahead and get pre-approved now so she can be in position to buy as soon as the final price of the house is set.
HELP, Please??
Answers:
You can get a gift of equity on the purchase of a home from a house member so be sure to specify that to the loan officer. This will help your daughter to qualify a lower loan to pro and perhaps not have to provide any down donation. Make the purchase price $62,500. With a $12,500 gift of equity she would have a 50K loan at 80% loan to importance so she would not need PMI.
I used to work for Wachovia and there is zilch wrong with using them, but there may be better option from other lenders available.
Check with http://providentfunding.com. I used to use them for wholesale fixed rate programs and found they have some of the best pricing contained by the country.
We have a low cost purchase in our bazaar for $500 + recording ($100) at 6.625% on a 30 Year fixed rate. Check with your local bank to see if they have similar offers. I even hold a 40K loan I am closing next week.
Some lenders have minimum loan amounts or will charge better costs on smaller loans because they are trying to gross a certain amount so watch out for that.
Best of luck next to your search. Source(s): 7 years mortgage lending experience.
Go to 3 places and interview. Where she bank. a local credit union (they are lending these days), a local mortgage broker (there are some wonderful ones and a local realty broker can administer you a recommendation)..
Hi, I am one of your contacts & just happened to be looking at my contacts question. I work as a mortgage lender (for last 22 years). Please do NOT go beside anyone on Y/A who calls you "dear". Know what I mean?? They are the desperate lenders who will rip you sour!. Don't go to Wachovia- have you hear todays news about them? Someone on here mentioned a offering of equity- good idea. FHA have really good programs, no loan limits- low fixed rates. You can go to www.fha.gov - in attendance is a place to key in your closure code to find an FHA lender approved in your area. Call them for free pre-approval. If a lender is FHA approved you are assured that they enjoy been looked at HARD by the government. I believe it took my company approximately 6 months for approval- which be 10 years ago- it takes even longer now. I would suggest your daughter run 30 years for lower payment- then if she makes one extra principal contribution per month it pays off in 15 years. She should expect to reimburse about 2-3% in closing costs which may include origination, flood cert, credit bureau, processing, title insurance, closing fees, doc prep, and tape of the deed or mortgage and state taxes. Also she will be required to set up escrows for homeowners insurance and property taxes. FHA normally requires 3% down but if near is built in equity of at least 15% next you can use the gift of equity program instead. I hope this helps, be aware of free to email me if you have any questions.
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Should she agree to her bank (Wachovia) or a mortgage company? Which is cheaper as far as their fees? Who could give her the best interest rate considering how the Dutch auction will be handled?
there is no valid estate agency or agent involved. She only needs to borrow $50,000.
the merely thing I know is she needs to step ahead and get pre-approved now so she can be in position to buy as soon as the final price of the house is set.
HELP, Please??
Answers:
You can get a gift of equity on the purchase of a home from a house member so be sure to specify that to the loan officer. This will help your daughter to qualify a lower loan to pro and perhaps not have to provide any down donation. Make the purchase price $62,500. With a $12,500 gift of equity she would have a 50K loan at 80% loan to importance so she would not need PMI.
I used to work for Wachovia and there is zilch wrong with using them, but there may be better option from other lenders available.
Check with http://providentfunding.com. I used to use them for wholesale fixed rate programs and found they have some of the best pricing contained by the country.
We have a low cost purchase in our bazaar for $500 + recording ($100) at 6.625% on a 30 Year fixed rate. Check with your local bank to see if they have similar offers. I even hold a 40K loan I am closing next week.
Some lenders have minimum loan amounts or will charge better costs on smaller loans because they are trying to gross a certain amount so watch out for that.
Best of luck next to your search. Source(s): 7 years mortgage lending experience.
Go to 3 places and interview. Where she bank. a local credit union (they are lending these days), a local mortgage broker (there are some wonderful ones and a local realty broker can administer you a recommendation)..
Hi, I am one of your contacts & just happened to be looking at my contacts question. I work as a mortgage lender (for last 22 years). Please do NOT go beside anyone on Y/A who calls you "dear". Know what I mean?? They are the desperate lenders who will rip you sour!. Don't go to Wachovia- have you hear todays news about them? Someone on here mentioned a offering of equity- good idea. FHA have really good programs, no loan limits- low fixed rates. You can go to www.fha.gov - in attendance is a place to key in your closure code to find an FHA lender approved in your area. Call them for free pre-approval. If a lender is FHA approved you are assured that they enjoy been looked at HARD by the government. I believe it took my company approximately 6 months for approval- which be 10 years ago- it takes even longer now. I would suggest your daughter run 30 years for lower payment- then if she makes one extra principal contribution per month it pays off in 15 years. She should expect to reimburse about 2-3% in closing costs which may include origination, flood cert, credit bureau, processing, title insurance, closing fees, doc prep, and tape of the deed or mortgage and state taxes. Also she will be required to set up escrows for homeowners insurance and property taxes. FHA normally requires 3% down but if near is built in equity of at least 15% next you can use the gift of equity program instead. I hope this helps, be aware of free to email me if you have any questions.
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