Who to call for a first time mortgage

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czygvtwkr

Guest
Was wondering if anyone had any advise on who to start checking with for a home loan. I have heard rumors of people with good credit but low down payment avoiding PMI. I have a FICO score over 800 and a good job. Anyone have any suggestions?
 
Pete

Pete

Repete
Originally posted by czygvtwkr
Was wondering if anyone had any advise on who to start checking with for a home loan. I have heard rumors of people with good credit but low down payment avoiding PMI. I have a FICO score over 800 and a good job. Anyone have any suggestions?
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I did not know that FICO went over 800? :confused:
 
vraiblonde

vraiblonde

Board Mommy
PREMO Member
Patron
First, you should check out our new mortgage section:
http://somd.com/re/metromortgage/index.php
It's got all kinds of information for first-time mortgages and refinancing.

Metropolitan Mortgage Bankers is the co-branded sponsor of this section and they update their rates daily on the page. Give them a call and see what they have to offer you.
 
sleuth

sleuth

Livin' Like Thanksgivin'
Originally posted by czygvtwkr
Was wondering if anyone had any advise on who to start checking with for a home loan. I have heard rumors of people with good credit but low down payment avoiding PMI. I have a FICO score over 800 and a good job. Anyone have any suggestions?
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Try Steve Combs with Charter One Mortgage... young guy in his late twenties... very customer oriented and really looks out for YOUR best interest... not theirs...

I got 0 down... 100% financing... only had to pay closing... and no PMI...

He used to have an office in LP... but I think they've moved to waldorf... http://www.comclo.com/scombs/
 
huntr1

huntr1

.
The way the low down payment, no PMI works is this: put down 5%, get a 1st mort. for 80% & a 2nd for 15%. That way you have 20% in your house and only have 80% on your 1st mort. Even after paying a higher % on the 2nd mort. you are still paying less than paying PMI, plus, you can write off the intrest, but not the PMI.
That's what we did when we bought our house 2 years ago. Last summer we refinanced and rolled our 1st & 2nd into 1 mort. because the house had appreciated enough in the 1 year that even after doing that, we still had less than 80% mort., so no PMI.
 
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sleuth

sleuth

Livin' Like Thanksgivin'
Originally posted by huntr1
The way the low down payment, no PMI works is this: put down 5%, get a 1st mort. for 80% & a 2nd for 15%. That way you have 20% in your house and only have 80% on your 1st mort. Even after paying a higher % on the 2nd mort. you are still paying less than paying PMI, plus, you can write off the intrest, but not the PMI.
That's what we did when we bought our house 2 years ago. Last summer we refinanced and rolled our 1st & 2nd into 1 mort. because the house had appreciated enough in the 1 year that even after doing that, we still had less than 80% mort., so no PMI.
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I got no PMI, but I did 1 mortgage... 100%... no 80-20
 
C

calamity jane

New Member
You all sound really savvy on this stuff. I'm not. I want to ask your opinions on my situation. I have an FHA loan. Our house was re-assessed by the county for about $40,000 more than when we bought it just 3 years ago. I have been waiting for my loan to value ratio to meet the 80% - 20% mark so that my PMI could be dropped. So, when the county re-assessed me, I am there. I asked my mortgage co. to drop the PMI, based on the above info. Their response was to tell me that the 80-20 ratio is based on purchase price and not on value of my house. That's not what I read on various web-sites about how PMI works.
My question is what would you do, if it were you? I want this PMI dropped, but don't want to come off as an idiot to the mortgage holder, since I don't know that much about it. Any comments?
Thanks.
 
CMC122

CMC122

Go Braves!
Originally posted by sleuth14
I got no PMI, but I did 1 mortgage... 100%... no 80-20
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Don't you live in Calvert?

Depending on what county you live in you can get loans like that. Has to do with FHA average value's for each county. I think.
 
sleuth

sleuth

Livin' Like Thanksgivin'
Originally posted by huntr1
Military?
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Nope... lucky.
I just happened to be closing at the same time that Charter One was holding that special promotion.
 
sleuth

sleuth

Livin' Like Thanksgivin'
Originally posted by CMC122
Don't you live in Calvert?

Depending on what county you live in you can get loans like that. Has to do with FHA average value's for each county. I think.
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I dunno about that... but I don't think what county I lived in was an issue except for some kind of county tax or fee that I had to pay.
 
CowGirlUp

CowGirlUp

Yeee hawww
Originally posted by czygvtwkr
Was wondering if anyone had any advise on who to start checking with for a home loan. I have heard rumors of people with good credit but low down payment avoiding PMI. I have a FICO score over 800 and a good job. Anyone have any suggestions?
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If you are a member of Cedar Point Federal Credit Union....they have really good rates.
 
CMC122

CMC122

Go Braves!
Originally posted by sleuth14
I dunno about that... but I don't think what county I lived in was an issue except for some kind of county tax or fee that I had to pay.
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It doe's matter for FHA qualification. We couldn't go FHA in St. Mary's because the estimated average home value was $150k which had just gone up from $125K. (Where they found these homes I would like to know!) We could've gone to Calvert and done FHA and just payed closing cost's and been approved for a lot more because the average at that time was like $190k.
 
huntr1

huntr1

.
Bob Caldwell @ Financial Resources. He did our financing when we bought and again when we refi'd.

Check your PM's
 
C

czygvtwkr

Guest
How's this for irony, the week I start looking at a mortgage I get a job offer for $15 more an hour in Texas
 
Angel

Angel

~*~*~
Originally posted by czygvtwkr
How's this for irony, the week I start looking at a mortgage I get a job offer for $15 more an hour in Texas
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Isn't that the way it goes?... That's awesome though. Do you have family in TX, or just interested in the place? Are you gonna go?
 
M

mattf

New Member
Calamity,

If you don't want to refinance, you can just get a new appraisal. The county asessment won't count - you will have to pay $300 or so for a market value, which should be significantly higher than the county asessment anyway.

Lots of companies make it pretty difficult for you to get out of PMI, cause they want the cash. As soon as you tell them you're going to refinance, they should straighten right up.

All, I shopped around for an internet lender, and it worked out GREAT. I got a half percent lower than any local lender, including the Credit Union, with far less fees, and I shopped around A LOT. I'm one of those that over-research every major purchase, so you can imagine how much time I put into my mortgage. Everything was taken care of over the phone and via express mail. It was a little extra work on my end but easily worth it. The company I used was Windsor Financial. http://www.loanzones.com/ A friend of mine used them as well with equal success. I would absolutely use them again.

Shop around. It's a lot of money.
 
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