12-04-2008, 08:09 PM
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#1 |
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Rear Admiral Lower Half
  
Join Date: May 2000
Location: in front of my computer
Posts: 2,503
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Shopping for mortgages
Got any advice? I'm a total n00b at this. Would LendingTree.com be the way to go?
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12-04-2008, 10:20 PM
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#2 |
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Fleet Admiral
Join Date: Aug 2002
Location: San Diego
Posts: 9,997
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If you're a newb hire a broker and let someone else do the shopping. They can usually get a better rate than you would walking into a bank anyways.
http://www.mtgfoundation.com/2007/07...e-broker.html/ To find one ask friends for referals. You can also try this: http://www.namb.org/namb/Default.asp Start tracking the daily rates so you know when you want to lock. http://www.bankrate.com/brm/graphs/g...t=1&prodtype=M Ooh, I just checked. Rates are pretty good today. Almost refi good. That would be a great gift for anyone on a variable apr that is in a tight spot right now. Could be the start of the end of the current crisis /side note
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As for our common defense, we reject as false the choice between our safety and our ideals. Last edited by InfiniteNothing : 12-04-2008 at 10:24 PM. |
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12-05-2008, 01:29 AM
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Picture of the Day Guru
Join Date: Oct 2002
Location: Sunny San Diego
Posts: 8,708
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New purchase? Refi? The Fed is rumoured to be favoring a program of guaranteing rates of 4.5% on new loans done through Fanny and Freddy. Not official yet. I would say go with a fixed rate (locks in payments- they can't go up on you in the future) and usually anything below six percent is considered good. I thought I heard they were nearer five right now. Be sure to include property taxes in your budget along with any homeowners fees (if any).
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12-05-2008, 02:16 PM
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#4 |
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Vice Admiral
Join Date: Jan 2003
Location: by a lake in michigan
Posts: 4,271
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include taxs and a percent for home repairs in your home budget.
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be careful of what you wish for . you may get a ton of junk e-mail ! smile or f-off |
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12-05-2008, 04:42 PM
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#5 |
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Rear Admiral Lower Half
Join Date: May 2000
Location: in front of my computer
Posts: 2,503
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This if for a first-time home purchase. I live in the LA area. How much would property tax be? 1-2%?
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12-05-2008, 06:59 PM
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#6 |
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Vice Admiral
Join Date: Jan 2003
Location: by a lake in michigan
Posts: 4,271
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your broker should know this for the home your looking at .here were i live it can very by city and also by area .if on a lake is more then off and if you have use of a lake.
also figure in any subdivision asst.fee's /dues into your loan. also my trash pick up is added into my taxs . |
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12-05-2008, 08:16 PM
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#7 |
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Picture of the Day Guru
Join Date: Oct 2002
Location: Sunny San Diego
Posts: 8,708
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In San Diego, my property taxes are roughly $100 a month on a bit over $100k on my condo (bought before the bubble began). In CA they can only raise them by about 2% a year too. That will give you a rough figure. So about $350k could mean $350 a month on taxes.
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12-05-2008, 08:46 PM
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#8 |
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Fleet Admiral
Join Date: Aug 2002
Location: San Diego
Posts: 9,997
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 sounds about right. |
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12-17-2008, 03:02 PM
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#9 |
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Chief of Naval Operations
 
Join Date: Jun 2000
Location: the ghetto's of bawlmo'
Posts: 11,481
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yeah, i've been using bankrate.
I actualyl worked on a refi today: www.ForTheBestRate.com that was through a friend who's used the guy there a lot. and i'm getting 5% on a refi. But then, i just checked my bank, wachovia, and they have 4.75 on their website, but i don't know how much of a hoax that is becuase they make absolutely no mention on fees. calling just to make sure.
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12-17-2008, 05:50 PM
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#10 |
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Chief of Naval Operations
Join Date: Jun 2000
Location: woah... why is welfareloser here with me so early in the morning and more importantly why am I wearing her clothes?!?
Posts: 13,721
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sent you a PM Cornmonkey
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********************************** DCM #1 (Founder)  "Nobody beats Vitus Gerulaitis 18 times in a row." - Vitus Gerulaitis on beating Jimmy Connors after 17 failed attempts. |
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12-17-2008, 05:52 PM
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Chief of Naval Operations
Join Date: Jun 2000
Location: woah... why is welfareloser here with me so early in the morning and more importantly why am I wearing her clothes?!?
Posts: 13,721
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Quote:
That's about right though I pay a bit more due to my area. I pay about $18,000 a year in prop taxes for my primary residence. Don't even ask about my other homes  |
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12-18-2008, 01:28 PM
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#12 | |
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Admiral
Join Date: Nov 2001
Location: East coast
Posts: 6,949
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Quote:
Were you able to confirm this? Were the fees crazy high? |
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12-23-2008, 08:00 AM
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#13 | |
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Rear Admiral Lower Half
Join Date: Jun 2002
Location: Charlotte, NC
Posts: 2,346
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Quote:
Wachovia is offering 5.375% right now with the standard closing costs (~$5k). However, I know someone who was able to secure a sub 5% rate last week without paying points.
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It only ends once... Anything that happens before that is just progress. Courage is not the absence of fear but rather the judgment that something else is more important than fear. |
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12-23-2008, 01:54 PM
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#14 |
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Lieutenant Commander
 Join Date: Dec 2002
Posts: 757
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I read that too. 4.7%, no points. Indymac has been giving great deals, but only for brief periods before the rates go up again. They have been absolutely flooded with calls. Some people are waiting hours on hold to get through to the loan reps.
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