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anyone a mortgage expert?

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anyone a mortgage expert?

Old 11-07-04, 11:02 PM
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anyone a mortgage expert?

i need a mortgage but have never gone through the process before. how do you decide where to get one? is there a website that lists several of the competing lenders current rates? basically i'm looking for traditional 30 year mortgage with no prepayment penalty and no points. so far i've only spoken with my bank (citibank) and they quoted me 5.75%. where should i be looking?
Old 11-07-04, 11:17 PM
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Let me know what you hope to get out of your house/apartment/coop. Length of time you want to be there, approximate price and money down, are you disciplined enough for an interest only mortgage?

Try mlcc.com for competing rates.
Old 11-07-04, 11:24 PM
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the property is a condo that i will be using as a rental. i will only need about 50k. i would like a fullly amortizing mortgage. the interest and payments for this size loan should only be about $300/month. i'll check out mlcc.com.

also, i'll probably have the mortgage paid off in much less than 30 years. that's why there can't be a prepayment penalty. how quickly i pay it off would also depend on how much of a benefit i would have keeping it for tax purposes.

Last edited by broadwayblue; 11-07-04 at 11:29 PM.
Old 11-08-04, 01:59 AM
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I would try lending tree and eloan. You put in your information and then you will get offers from all kinds of lenders. I had a really good experience doing a refi and purchase with the lender I chose. Plus you can play one lender against the other meaning that you can make them work for your business. Stay away from interest only, arms, and 3/1 or 5/1 arms. 3/1 and 5/1 arms are basically fixed for a certain term and then adjustable thereafter. Rates are going up and an ARM is not the way to go.
Old 11-08-04, 02:03 AM
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how much info do i have to give LT and eloan before they give me offers? i don't want too many places running my credit and such. basically i know i will be approved...i just want the best rate and terms and i'll pull the trigger.
Old 11-08-04, 02:09 AM
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If you get your credit checked within a span of 14 days or I think 30 not sure which it won't affect it. Because they know that you are getting a loan of some kind and it will not affect it negatively. You will have to give them your social security number, your income, and the other basic stuff like date of birth etc.
Old 11-08-04, 11:57 AM
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thanks, i'll check them out.

anything else i should be asking about during the process?
Old 11-08-04, 01:06 PM
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Make sure that they give you a good faith estimate from each lender that you are working with. This will give you the breakdown of the fees and rates so if they give you something that looks different when you get the final docs then you know that something's up.
Old 11-08-04, 01:15 PM
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Talk to your sales agent for a referral to a loan broker. The broker works with several different banks and should be able to give you the best deal based on what you're looking for.
Be sure to compare lender fees, and don't be afraid to challenge "junk fees".
If you plan on paying it off early, you might also consider a 15 year loan at a lower interest rate.

Tip: If you have several different lenders check your credit report within a short span (such as 2-3 days), it only counts as one inquiry.
Old 11-08-04, 01:29 PM
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email Three Day Delay.

also
www.compareinterestrates.com
Old 11-08-04, 01:31 PM
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http://www.bankrate.com
Old 11-08-04, 02:00 PM
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what does 3DD do? is he a banker? also, i should be checking interest rates for the state/county in which i am buying in, right? as opposed to where i currently live.
Old 11-08-04, 02:11 PM
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Re: anyone a mortgage expert?

Originally posted by broadwayblue
i need a mortgage but have never gone through the process before. how do you decide where to get one? is there a website that lists several of the competing lenders current rates? basically i'm looking for traditional 30 year mortgage with no prepayment penalty and no points. so far i've only spoken with my bank (citibank) and they quoted me 5.75%. where should i be looking?
I'd suggest checking out your local Credit Unions. I just picked up a 15 year house note with no prepayment penalties or points at 5.00%.
Old 11-08-04, 02:18 PM
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important note: if you are only looking for 50K, it's not going to be easy to get someone to return your call and give you a really good rate.. most rate quotes you see are for 150k or more...

that said, check www.banxquote.com for your area. also, you can check www.bofi.com , www.mortgage.com and you can check ingdirect..
Old 11-08-04, 02:20 PM
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Originally posted by broadwayblue
also, i should be checking interest rates for the state/county in which i am buying in, right? as opposed to where i currently live.
absolutely... it's where the property is located that is the key..

watch out for lenders that say 'no points' but charge origination fees that are basically points (but not deductible)...
Old 11-08-04, 02:22 PM
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Originally posted by broadwayblue
what does 3DD do?
He's a mortgage dude. I am positive he would give you a fair shake, and at a minimum answer any questions you have.

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