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SLAG
07-13-2006, 11:01 PM
Getting a Lower Monthly Payment?

Best Lenders?

Solid Advice?


Anyone


:)

Guru
07-13-2006, 11:02 PM
Getting a Lower Monthly Payment?

Best Lenders?

Solid Advice?


Anyone


:)


Get the lowest rate you possibly can without having to pay points. :)

I know, helped ya alot there right. :)

Iowanian
07-13-2006, 11:06 PM
my methods might not work for everyone.

Find the best interest rate you can, with the lowest closing costs/fees.

What I like to do, is figure out what payment I can make...lets say I think I can make the 15 year payment.....I'll get the 20 year note, and make the 15 year payment...and will pay off the loan months or even years ahead of time.

If you get a tax refund...put it to your taxes if you struggle, or put an extra 5spot on your house principle....unless you've bad debt like CCs.

SLAG
07-13-2006, 11:07 PM
Get the lowest rate you possibly can without having to pay points. :)

I know, helped ya alot there right. :)


whats wrong with paying a point to get a lower rate?

Garcia Bronco
07-13-2006, 11:11 PM
my methods might not work for everyone.

Find the best interest rate you can, with the lowest closing costs/fees.

What I like to do, is figure out what payment I can make...lets say I think I can make the 15 year payment.....I'll get the 20 year note, and make the 15 year payment...and will pay off the loan months or even years ahead of time.

If you get a tax refund...put it to your taxes if you struggle, or put an extra 5spot on your house principle....unless you've bad debt like CCs.

why not ge the loan to cover your CC debt as well

ChiTown
07-13-2006, 11:12 PM
why not ge the loan to cover your CC debt as well

Why?

Why finance cc debt for 30 yrs? That's a horrible mistake.

Iowanian
07-13-2006, 11:13 PM
....because I don't have any.

SLAG
07-13-2006, 11:24 PM
....because I don't have any.


Me Either

Iowanian
07-13-2006, 11:26 PM
Does the reasoning behind what I do(extra 5 year) make sense?

Guru
07-13-2006, 11:26 PM
whats wrong with paying a point to get a lower rate?


You shop for the lowest rate you can, THEN start considering points.

Garcia Bronco
07-13-2006, 11:28 PM
Does the reasoning behind what I do(extra 5 year) make sense?
yes

Garcia Bronco
07-13-2006, 11:29 PM
Why?

Why finance cc debt for 30 yrs? That's a horrible mistake.
you still maje the payment...but into a house....not a losing effort...plus the equity

SLAG
07-13-2006, 11:30 PM
You shop for the lowest rate you can, THEN start considering points.


I think i'm at that point... I have been calling and calling and calling...

i think im down to between two lenders we are comparing and contrasting very closely..

im just not sure if there is one thing to look for more than the other

Iowanian
07-13-2006, 11:31 PM
The interest on that bad debt would also become tax deductible.....

But I'd still not do it if I could get by without it. Its an easy way to get upside down on your house...in a hurry


The loan officers won't probably tell you....but I found the best deals at community credit unions.

Guru
07-13-2006, 11:36 PM
I think i'm at that point... I have been calling and calling and calling...

i think im down to between two lenders we are comparing and contrasting very closely..

im just not sure if there is one thing to look for more than the other
Look at their closing costs with a microscope. That could be your turning point for a decision between the two.

SLAG
07-13-2006, 11:37 PM
Look at their closing costs with a microscope. That could be your turning point for a decision between the two.


I think i will call a few more places tomorrow.

SLAG
07-14-2006, 09:41 AM
bump for day crew

Iowanian
07-14-2006, 09:55 AM
Call the local credit unions....I'll bet you'll find the interest rates .25-.5% lower with lower closing costs.

SLAG
07-14-2006, 09:58 AM
Call the local credit unions....I'll bet you'll find the interest rates .25-.5% lower with lower closing costs.


I just got off the phone with one of the Local NCUA CU'S

They are faxing me over a GFE to compare with all the other ones

ck_IN
07-14-2006, 10:13 AM
Most things have already been covered so I've not much to add.

As for my first mortage it was a relocation so I took all the points I could and passed them off to the new employer. Otherwise I'd want as few as possible. I also came to closing with as much cash as I could muster. I took a 30 year loan but dedicated every 5th paycheck to paying principal. I got it paid off in 5 years.

Really it comes down to how debt adverse you are. I detest debt and carry none. If it doesn't bother you so much then covering CC debt makes sense since it would be deductable. But don't let that be an excuse to add more CC debt.

KingPriest2
07-14-2006, 10:25 AM
my methods might not work for everyone.

Find the best interest rate you can, with the lowest closing costs/fees.

What I like to do, is figure out what payment I can make...lets say I think I can make the 15 year payment.....I'll get the 20 year note, and make the 15 year payment...and will pay off the loan months or even years ahead of time.

If you get a tax refund...put it to your taxes if you struggle, or put an extra 5spot on your house principle....unless you've bad debt like CCs.


Or just do a biweekly payment and it would pay off as well.

KingPriest2
07-14-2006, 10:26 AM
I think i'm at that point... I have been calling and calling and calling...

i think im down to between two lenders we are comparing and contrasting very closely..

im just not sure if there is one thing to look for more than the other


What kind of rates are they offering you?

DaFace
07-14-2006, 10:28 AM
I'm amused by the "NFT" label on this thread, considering that there are only a couple "FT" on the entire first page!

SLAG
07-14-2006, 11:30 AM
What kind of rates are they offering you?
Im getting rates from anywhere from 6.67 to 7.75 with a Point

KingPriest2
07-14-2006, 11:40 AM
Im getting rates from anywhere from 6.67 to 7.75 with a Point
How much are the closing costs?

I have been a loan officer over 6 years now

Iowanian
07-14-2006, 11:42 AM
Did you not have your financing taken care of or at least located before you bought your home?

recxjake
07-14-2006, 12:03 PM
http://www.gmacmortgage.com/

You can still get a mortage in the 5% range

recxjake
07-14-2006, 12:04 PM
http://www.gmacmortgage.com/

You can still get a mortage in the 5% range

oops, thats just for employees, but it looks like u can still get one for 6.5%

SLAG
07-14-2006, 12:13 PM
we did we get approved we just want to see if we can get the Monthly payment down a bit more
just comparing and contrasting.

SLAG
07-17-2006, 10:25 PM
Looks like we might be going with a FHA 2/1 Buy Down Program..

Buying Down to 4.75 % for the 1st year 5.75% 2nd year and then locked from year 3 at 6.75%

I am going to call back this one banc tomorrow to ask him for his version of the same program then decide to go with one or the other

wutamess
07-17-2006, 10:27 PM
You're buying down to have a cheaper payment for the first 2 years saving approximately $3000 over 3 years?

Hope you're not paying $3000 to do this.

SLAG
07-17-2006, 10:31 PM
You're buying down to have a cheaper payment for the first 2 years saving approximately $3000 over 3 years?

Hope you're not paying $3000 to do this.


Yes a cheeper payment would be something that i was looking for in a loan-

we are not QUITE paying 3k

Just under.....



why is this a bad idea?

wutamess
07-17-2006, 11:00 PM
Well seems like a waste of time to buy down into something if you're not really saving anything.

Instead... look into an 80/20 loan so you won't have to pay the $50-$100/month in PMI (protective mortgage insurance).

I'd Rather you save your money during the course of the loan than to buy down and not save much at all.

wutamess
07-17-2006, 11:05 PM
Also, try to walk out of closing with some $ stashed. put as little down as you have to. You'd be surprised of all the costs and added expenses you'll encounter your first year in your first house.

First thing I did when we moved almost 5 yrs ago was got the $3K 57 inch Sony widescreen HDTV. Just had to have it and convince the wifey it was a necessity. Then I got a $3K Surround Sound system from Best Buy (hookup through my cousin that worked there/ got the surround sound system for cost).

Then we went and bought furniture etc.... see my point? Everything we have in our home is paid for (except for the 2 cars). Rule of thumb... If you have to create a bill, it's probably not worth having and can wait.

SLAG
07-17-2006, 11:14 PM
Also, try to walk out of closing with some $ stashed. put as little down as you have to. You'd be surprised of all the costs and added expenses you'll encounter your first year in your first house.

First thing I did when we moved almost 5 yrs ago was got the 57 inch Sony T.V. $3K I just had to have it and it was a necessity. Then I got a $3K Surround Sound system from Best Buy (hookup through my cousin that worked there/ got it for cost).

Then we went and bought furniture etc.... see my point? Everything we have in our home is paid for (except for the 2 cars). If you have to create a bill... It's probably not worth having and can wait.

I bought the 48" JVC HD 2 years ago... heh but im sure we will "JUST HAVE TO HAVE" something... but we may or may not really "need it"

Iowanian
07-18-2006, 10:55 AM
I don't agree with lumping debt for things like TVs into a home loan. Its stretching out that debt for 20-30 years...probably 15-20 years longer than you'll have the items anyway. I think its bad debt personally. If you can afford to do so, great...if not...living beyond your means can be a back breaker down the road.

My advice is that even if you get the lower payments the first 2-3 years.....make every extra payment you can afford, because it'll save you big time in the long run.

Normally...if your payment is 500....around 100 is coming off of principle early in the loan....for every extra hundo you can throw at it early, will take PAYMENTS off the end.

wutamess
07-18-2006, 01:03 PM
I don't agree with lumping debt for things like TVs into a home loan. Its stretching out that debt for 20-30 years...probably 15-20 years longer than you'll have the items anyway. I think its bad debt personally. If you can afford to do so, great...if not...living beyond your means can be a back breaker down the road.

My advice is that even if you get the lower payments the first 2-3 years.....make every extra payment you can afford, because it'll save you big time in the long run.

Normally...if your payment is 500....around 100 is coming off of principle early in the loan....for every extra hundo you can throw at it early, will take PAYMENTS off the end.

Nothing is in the home loan (Didn't mean to imply that if I did).
I'm with you on this one... don't throw anything that isn't atleast a 20yr commitment into a home loan.

Throwing a car in is asking for trouble.

SLAG
07-18-2006, 04:12 PM
in my home loan is nothing more than The house we need a lower payment to start with we hope to refinance in 5 years and get a better rate maybe a 15yr loan or something

wutamess
07-18-2006, 04:15 PM
in my home loan is nothing more than The house we need a lower payment to start with we hope to refinance in 5 years and get a better rate maybe a 15yr loan or something

Try the 80/20 loan. Trust me... it'll save you $50-$100/month (for life of loan) if you do it.

SLAG
08-25-2006, 10:38 PM
I closed on my house today..

Damn was it a Process..

I think next time I buy a house i will pay cash.

Saulbadguy
08-25-2006, 10:52 PM
If you don't have a down payment, you should not buy a house.

Whatever you do, don't do an ARM.

Hoover
08-26-2006, 12:13 AM
Like Iowanian said, make sure you check out the credit unions! The operate just like a bank, most of the time anyone can join.

I also like his advise of taking a 20 year note but pay on it like its a 15.

Also don't be afraid to tell the bank or CU what you want. And never pay PMI or whatever they call it, there are ways around it.

Hoover
08-26-2006, 12:19 AM
Saul,

I think that is solid advise except if you are a first time home buyer. If you have good credit banks and CU's will work with you. You can do an 80/15/5, or even an 80/20 and still get great rates.

I encourage my employees to buy vs rent when they work for me, why throw away money every month when you can build equity.

But them, maybe I like my employees to be house poor so they have to come to work....

KingPriest2
08-26-2006, 10:55 AM
If you don't have a down payment, you should not buy a house.

Whatever you do, don't do an ARM.

Wrong.

ChiefsLV
08-26-2006, 12:41 PM
FWIW now, I got mine through this outfit here. Fixed closing costs, decent service, and a rate lower than what I could find anywhere else:

http://www.mtgcapital.com/ratesheet-fixed.html?state=ca&rs=fixed&rate=1