Home Mortage

[chat_24]

all experienced ,

 

current market prakaram home loans kosam evaru ayithe better ?

1)bofa

2)wells fargo

3)dcu

4)penfed

5)cnn mortage

6)summit funding

7)big valley mortgage

8) None of the above

if 8  who is better in the current market?

salaha ichi konchem help cheyyandi ..thanks a lot

[Lukewalker]

try quicken loans and your local credit unions. Also, try local lenders. Let them fight against each other and give you a good interest rate. 

check for interest rate with no points (google about points on loan), also check for lenders fee, loan origination fee etc. 

It also depends on your down payment, if you have 20% down payment, you will get a good rate and also you can avoid Mortgage interest premium (MIP). 

shop around, get as many quotes as you can in less than 2 weeks. If the credit inquiries are all in a period of 30 days, anni credit inquires nee credit score ni affect cheyyavu, as they are for single purpose like mortgage 

[MedhavinianukuneVedhava]

Go for any credit union if possible local to your area..Valley best. Rockbottom mortgage ani vundi try that one too

[bussuboy]

12 minutes ago, chat_24 said:

all experienced ,

 

current market prakaram home loans kosam evaru ayithe better ?

1)bofa

2)wells fargo

3)dcu

4)penfed

5)cnn mortage

6)summit funding

7)big valley mortgage

8) None of the above

if 8  who is better in the current market?

salaha ichi konchem help cheyyandi ..thanks a lot

Hello Chat 24, don't deal with banks, work with a mortgage agent, they will get you the best deal or easily beat the offer from big 4 banks chase, bofa, Wells Fargo and cities. You can use the below agent:

Mortgage Masters 

[sattipandu]

15% Downpay chesi  PMI avasaram leni loan evarayina theeskunnara??

[MysorePak]

[bussuboy]

4 minutes ago, sattipandu said:

15% Downpay chesi  PMI avasaram leni loan evarayina theeskunnara??

Might be tight with 15%, but after 6 . month's,  refinance can get rid of PMI,  work with a mortgage agent and he will provide tips. The key is to get property appraised to 80%  of Loan value and the PMI can be taken off.

[k2s]

14 minutes ago, Lukewalker said:

try quicken loans and your local credit unions. Also, try local lenders. Let them fight against each other and give you a good interest rate. 

check for interest rate with no points (google about points on loan), also check for lenders fee, loan origination fee etc. 

It also depends on your down payment, if you have 20% down payment, you will get a good rate and also you can avoid Mortgage interest premium (MIP). 

shop around, get as many quotes as you can in less than 2 weeks. If the credit inquiries are all in a period of 30 days, anni credit inquires nee credit score ni affect cheyyavu, as they are for single purpose like mortgage 

+789

[Lukewalker]

23 minutes ago, sattipandu said:

15% Downpay chesi  PMI avasaram leni loan evarayina theeskunnara??

SOFI lo even 5% kuda without PMI istadu, but significant ga interest perigipothundhi. 

if you want take loan now with PMI and refinance later, you will still have to pay closing costs for refinance too which would be approx $5k depends on your loan value. 

try for lowest possible interest rate conventional loan with no points and then pay off the loan till you reach 20% in the first year. ila ayite conventional loan lo automatic ga PMI teesesthadu. 

dont go for FHA loan, ippudu FHA rules change ayyayi, you might have to carry PMI for 5 years even though you pay off 20% of loan in the first few years. 

[sattipandu]

14 minutes ago, bussuboy said:

Might be tight with 15%, but after 6 . month's,  refinance can get rid of PMI,  work with a mortgage agent and he will provide tips. The key is to get property appraised to 80%  of Loan value and the PMI can be taken off.

ee idea edo baagane undhi

maa anna gadu 500k illu ki 50k down chesadu, loan amount close to 455k

now the last units in his layout are getting sold for 560  aythey ilaanti case lo oka 2-3 months aagi refinance ki choodamantaava?

appatiki property might be 580 something loan amount left will be 448 k , i think by then loan amount left will be definitely less than or equal to 80% of the home value

very good suggestion bhayya, chebtha maa anna ki

oka doubt? will refinance cost anything? 

 

[bussuboy]

1 minute ago, sattipandu said:

ee idea edo baagane undhi

maa anna gadu 500k illu ki 50k down chesadu, loan amount close to 455k

now the last units in his layout are getting sold for 560  aythey ilaanti case lo oka 2-3 months aagi refinance ki choodamantaava?

appatiki property might be 580 something loan amount left will be 448 k , i think by then loan amount left will be definitely less than or equal to 80% of the home value

very good suggestion bhayya, chebtha maa anna ki

oka doubt? will refinance cost anything? 

 

Yes, property appraisal value is a good way to rid of pmi, specially when the builder is Toll brothers or Pulti homes, as their projects are hit, and values nirmally increase. 

Refinancing with 0  closing costs are very common, work with any mortgage agent, they will get you these easily.

Cheers

[sattipandu]

16 minutes ago, bussuboy said:

Yes, property appraisal value is a good way to rid of pmi, specially when the builder is Toll brothers or Pulti homes, as their projects are hit, and values nirmally increase. 

Refinancing with 0  closing costs are very common, work with any mortgage agent, they will get you these easily.

Cheers

Thanks Man