Post by karinothing on Jun 25, 2012 8:06:11 GMT -5
I don't really know what to ask BUT i did just find out this weekend that it is possible to get a no PMI loan by putting down 5% or 10% (depending on what the mortgage is). I was kind of amazed becuase I always thought you needed 20% for a non PMI convention mortgage. (the rate I was offered was 4%, so not crazy high or anything).
We always have to triple-make-sure they do co-ops. Probably doesn't apply to you, but if the piece of property you're considering isn't standard, keep this in mind.
We also learned that we got part of the closing costs refunded/reduced if the property appraised above a certain value when we refinanced. I have no idea if this is the case for a new mortgage, though.
Post by karinothing on Jun 25, 2012 8:21:20 GMT -5
So, I don't know if they do things outside of this area. But it was First Savings Mortgage Corporation. For a no PMI loan it required 5% for mortgages that were for 417K and under and 10% down for 417K and above.
Post by dr.girlfriend on Jun 25, 2012 10:55:42 GMT -5
I had heard good things about Wells Fargo (e.g., they service their own loans so you never have to change where you send the payment, they have biweekly payments with no fee through direct withdrawal, good customer service, good website, etc.) I made contact with a Wells Fargo rep, and then when I was ready to lock got GFEs from WF as well as several other places (mortgage brokers, etc.). WF was able to match the best rate, and their fees were less, so it was win-win. Unfortunately they weren't able to do this again with our recent re-fi, so we're going with someone else. Apparently the new place sells 80% of their mortgages to WF anyway, so I'm hoping that's the case with us.
I think they now have to give you a mini-spreadsheet (on paper) where you can put all of the information about each of the loans your considering and compare them. At least that's what our lender did. But we didn't really shop since W gets an employee discount with a bank that is by the book -- only fixed mortgages, modest closing costs, no 3rd party servicer, etc.