Misc Mortgage - Pre Approval etc

Dayze · 05-09-2018, 09:58 AM

We're in the beginning stages of moving in the next few months, and are probably ready to start the whole pre-approval process etc.

it's been many moons since I've done it. Is there any rhyme or reason as to who someone should apply with? Is it just a total crapshoot?
I'm looking for options that don't require 20% down if that's even possible these days?

Anyone have any suggestions or recommendations for a mortgage person?

**ptlyon** · 05-09-2018, 09:59 AM

Mortgage on a trailer?

**Renegade** · 05-09-2018, 10:00 AM

Quote:

Originally Posted by Dayze

We're in the beginning stages of moving in the next few months, and are probably ready to start the whole pre-approval process etc.

it's been many moons since I've done it. Is there any rhyme or reason as to who someone should apply with? Is it just a total crapshoot?
I'm looking for options that don't require 20% down if that's even possible these days?

Anyone have any suggestions or recommendations for a mortgage person?

Good luck on that. I am trying to build and it is amazing how many hoops I have to jump through. 20% down on land and another 20% down on estimated building cost.

**loochy** · 05-09-2018, 10:01 AM

Quote:

Originally Posted by Dayze

I'm looking for options that don't require 20% down if that's even possible these days?

Sure, you just have to pay PMI (ie waste more money on nothing)
Posted via Mobile Device

MIAdragon · 05-09-2018, 10:03 AM

Going to go with a VA loan?

BlackHelicopters · 05-09-2018, 10:08 AM

Good luck finding a good rate by paying 3.5% down. Just bought a new house. Last dealt with a mortgage in 2000. The game is much different. My 800+ credit rating impressed no bank.

BigBeauford · 05-09-2018, 10:22 AM

There is a lender in KC doing 1% down and no PMI, but I can't recall who. If you are a vet, there is the VA loan. Basically do everything in your power to avoid PMI, because there is no worse waste of money than PMI.

**mikeyis4dcats.** · 05-09-2018, 10:22 AM

Just got preapproved as we prepare to look for a new house. The simple quick process from 8 years ago is gone, we basically had to do a full application. You can get less than 20% down with PMI, but you might have trouble doing as low as you're talking about unless you qualify for FHA.

Contact your local bank and rate shop others. We use Cap Fed in Topeka as they have the lowest I've found.

Bewbies · 05-09-2018, 10:25 AM

If you don't want to pay mortgage insurance ask for LPMI. You get a little bit higher interest rate but your payment is less each month.

I do a lot of these for folks with 10% down, that tends to be the magic number if you have a credit score above 740. If you don't, don't bother with LPMI.

FHA mortgage insurance never goes away so if you hate mortgage insurance stay away from that if possible.

Also, don't talk to a bank. Find a broker. Many options is better than one option, and most folks know wholesale is cheaper than retail. Today it should be that the broker is paid by the lender they send your loan to and not you. You don't have to pay 1% origination fees or anything like that. If they charge that they're offering you a lower than market rate you're buying down. Which means paying that sum in interest up front to the bank, which is dumb. Takes 8-10 years typically before you've recovered that up front payment via your reduced monthly payment.

Rates are the highest they've been in 5 years, so they don't look as good as they did last year, but they're not bad. Still in the mid 4's here in Atlanta for most folks.

If you have any other questions ask away. I'm only licensed in Georgia so I'm free help and can't sell you anything if you're in any other state.

Bewbies · 05-09-2018, 10:28 AM

Quote:

Originally Posted by BlackHelicopters

Good luck finding a good rare by paying 3.5% down. Just bought a new house. Last dealt with a mortgage in 2000. The game is much different. My 800+ credit rating impressed no bank.

FHA rates (3.5% down) are lower than conventional. If you were told otherwise you went to the wrong place for money.

Also, if you have an 800 score you should have been advised away from FHA cause the mortgage insurance is almost free on a credit score that high with a 5% or 10% down payment.

Dayze · 05-09-2018, 10:28 AM

thanks gentlemen.

BlackHelicopters · 05-09-2018, 10:31 AM

Quote:

Originally Posted by Bewbies

FHA rates (3.5% down) are lower than conventional. If you were told otherwise you went to the wrong place for money.

Also, if you have an 800 score you should have been advised away from FHA cause the mortgage insurance is almost free on a credit score that high with a 5% or 10% down payment.

I paid 20% down. Got rate at 3.85%. Good?

KCCHIEFS27 · 05-09-2018, 10:32 AM

In the process of purchasing our first home and man, has it been a wild ride. The negotiations have been absurd for us due to it being a seller's dream. We offered (actually, my wife REALLY wanted a house) 12K over and still didn't get the home (thank god). Now, we had an offer accepted, but the damn inspection and appraisal make my wife want to vomit if things turn sour. Here's to living it up in 2018 when the economy is boomin'!!

**mikeyis4dcats.** · 05-09-2018, 10:32 AM

Quote:

Originally Posted by Bewbies

If you don't want to pay mortgage insurance ask for LPMI. You get a little bit higher interest rate but your payment is less each month.

I do a lot of these for folks with 10% down, that tends to be the magic number if you have a credit score above 740. If you don't, don't bother with LPMI.

FHA mortgage insurance never goes away so if you hate mortgage insurance stay away from that if possible.

Also, don't talk to a bank. Find a broker. Many options is better than one option, and most folks know wholesale is cheaper than retail. Today it should be that the broker is paid by the lender they send your loan to and not you. You don't have to pay 1% origination fees or anything like that. If they charge that they're offering you a lower than market rate you're buying down. Which means paying that sum in interest up front to the bank, which is dumb. Takes 8-10 years typically before you've recovered that up front payment via your reduced monthly payment.

Rates are the highest they've been in 5 years, so they don't look as good as they did last year, but they're not bad. Still in the mid 4's here in Atlanta for most folks.

If you have any other questions ask away. I'm only licensed in Georgia so I'm free help and can't sell you anything if you're in any other state.

just curious, whats your rate as a broker for a 850 score, 240k loan, 15yr, over 20% down

Red Beans · 05-09-2018, 10:32 AM

If your credit is good, you shouldn't have to pay PMI at all, regardless of money down. Quciken Loans cold called me to see about switching our mortgage and my credit was good enough they waived PMI. If your credit is in the low to mid 700s, don't settle for paying PMI.

05-09-2018, 09:58 AM
Dayze Resident Glue Sniffer Join Date: Nov 2003 Casino cash: $5189358	Mortgage - Pre Approval etc We're in the beginning stages of moving in the next few months, and are probably ready to start the whole pre-approval process etc. it's been many moons since I've done it. Is there any rhyme or reason as to who someone should apply with? Is it just a total crapshoot? I'm looking for options that don't require 20% down if that's even possible these days? Anyone have any suggestions or recommendations for a mortgage person?
Posts: 37,360

05-09-2018, 09:59 AM	#2
ptlyon Bono & Grbac wasn't enough Join Date: Oct 2000 Location: Sioux City, IA Casino cash: $13113829	Mortgage on a trailer? __________________ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Advertise here: $19.99 a month
Posts: 33,554

05-09-2018, 10:03 AM	#5
MIAdragon Someone pass the antifreeze Join Date: Oct 2005 Location: Miami (North Cuba) Casino cash: $1607819	Going to go with a VA loan?
Posts: 15,768

05-09-2018, 10:08 AM	#6
BlackHelicopters Spiraling down the Drain Join Date: Oct 2012 Location: Dante's Ninth Circle Casino cash: $2720588	Good luck finding a good rate by paying 3.5% down. Just bought a new house. Last dealt with a mortgage in 2000. The game is much different. My 800+ credit rating impressed no bank. __________________ "We're both part of the same hypocrisy, Senator, but never think it applies to my family." "Fredo. You are my brother, and I love you. But never take sides against the Family again. Ever." 2019 Adopt a Chief - Travis Kelce #87 Last edited by BlackHelicopters; 05-09-2018 at 10:29 AM..
Posts: 31,663

05-09-2018, 10:22 AM	#7
BigBeauford MVP Join Date: Oct 2012 Location: Lenexa, KS Casino cash: $2256717	There is a lender in KC doing 1% down and no PMI, but I can't recall who. If you are a vet, there is the VA loan. Basically do everything in your power to avoid PMI, because there is no worse waste of money than PMI.
Posts: 14,162

05-09-2018, 10:22 AM	#8
mikeyis4dcats. Scarlett Johansson's boytoy Join Date: Nov 2006 Casino cash: $9555998	Just got preapproved as we prepare to look for a new house. The simple quick process from 8 years ago is gone, we basically had to do a full application. You can get less than 20% down with PMI, but you might have trouble doing as low as you're talking about unless you qualify for FHA. Contact your local bank and rate shop others. We use Cap Fed in Topeka as they have the lowest I've found. __________________
Posts: 12,526

05-09-2018, 10:25 AM	#9
Bewbies Ith Fuhtbawl Time Join Date: Apr 2010 Casino cash: $9999900	If you don't want to pay mortgage insurance ask for LPMI. You get a little bit higher interest rate but your payment is less each month. I do a lot of these for folks with 10% down, that tends to be the magic number if you have a credit score above 740. If you don't, don't bother with LPMI. FHA mortgage insurance never goes away so if you hate mortgage insurance stay away from that if possible. Also, don't talk to a bank. Find a broker. Many options is better than one option, and most folks know wholesale is cheaper than retail. Today it should be that the broker is paid by the lender they send your loan to and not you. You don't have to pay 1% origination fees or anything like that. If they charge that they're offering you a lower than market rate you're buying down. Which means paying that sum in interest up front to the bank, which is dumb. Takes 8-10 years typically before you've recovered that up front payment via your reduced monthly payment. Rates are the highest they've been in 5 years, so they don't look as good as they did last year, but they're not bad. Still in the mid 4's here in Atlanta for most folks. If you have any other questions ask away. I'm only licensed in Georgia so I'm free help and can't sell you anything if you're in any other state.
Posts: 10,085

05-09-2018, 10:28 AM	#11
Dayze Resident Glue Sniffer Join Date: Nov 2003 Casino cash: $5189358	thanks gentlemen. __________________ Life is 99% inspiration, 1% Perspiration, and 1% Attention to Detial. RIP & Godspeed: Saccoppo Lonewolf Ed Fire Me Boy
Posts: 37,360

05-09-2018, 10:32 AM	#13
KCCHIEFS27 Veteran Join Date: Nov 2006 Location: KS Casino cash: $10019064	In the process of purchasing our first home and man, has it been a wild ride. The negotiations have been absurd for us due to it being a seller's dream. We offered (actually, my wife REALLY wanted a house) 12K over and still didn't get the home (thank god). Now, we had an offer accepted, but the damn inspection and appraisal make my wife want to vomit if things turn sour. Here's to living it up in 2018 when the economy is boomin'!! __________________
Posts: 3,088

05-09-2018, 10:32 AM	#15
Red Beans Not dead yet... Join Date: Nov 2008 Location: Indian Creek Casino cash: $3249903	If your credit is good, you shouldn't have to pay PMI at all, regardless of money down. Quciken Loans cold called me to see about switching our mortgage and my credit was good enough they waived PMI. If your credit is in the low to mid 700s, don't settle for paying PMI.
Posts: 2,794