I want to give you all of my money please.
by So, I'm shopping for a mortgage, and a coworker who was until recently a Real Estate Agent recommended a rep from Bank of America. I gave her a call, and her pitch was this:
A "Community Commitment" mortgage, 30 year fixed, 5.875%, no PMI, no points. They also offer 100% financing, which I don't plan on using.
I would have to attend a local non-profit seminar for first time home buyers. 2 classes. $20 registration fee. Website of the local one here: http://www.housingpartnershipmorris.org/ Also have to make under $115,000/year, which I unfortunately qualify for.
There's a $200 application fee for the mortgage, and no commitment fee or origination fee. She's working up a good faith estimate for me, but she did mention that bank fees are $1000.
Anyone have any experience with this type of mortgage? It sounds great, especially the rate and the lack of PMI. Also, I'm sure I would benefit from the classes.
Any opinions?
P.S. if you're thinking about buying a house, you should look around for something like this:
http://www.housingpartnershipmorris.org/firsthomeclub.htm You open up a savings account with a lender, save $140 a month towards a home, and after a year they'll match 3:1 up to $5,000 towards towards the purchase of a home at closing.
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well at least your smart enough not to a do a variable rate mortgage :) I cant wait to buy someones variable rate foreclosed house haha
You might want to look into any discounts you might get for being a first-time buyer, like:
FHA stuff: http://www.hud.gov/offices/hsg/comp/refunds/
Yeah! I haven't look into an FHA loan yet, but that's a good option.
And it seems like an attorney is going to be $800-$900. I have a few names and plan on calling them today or tomorrow.
Good Faith Estimates on closing costs have been between $3500 and $5500 so far, which is actually kind of a large range. So we'll see. I'm still waiting for the closing estimate from this Bank of America person.
I know Katie's law firm does real estate closings and one I used to work at in Hopatcong does them too. (But Katie's firm is cheaper.)
yeh, my company..
380 mortgage programs
they help you pick the best for your situation
free to talk to
I'm not looking forward to buying our first home.....especially here. I have no advice to offer, since I know nothing about buying a home, mortgages, etc. Thankfully, Adam's dad is a real estate agent, so we'll have the inside scoop. But it's a big deal, fo sho. I hope it goes well for you guys. :)
does your state offer "piggy back silent loans"? there are a lot of programs CA offers (besides FHA) depending on city, that fund you on your first time home loan. you might want to check it out cause these are loans are not out for public display, ya know what i mean?
how would i check that out??
look into a financial planning class thats usually offered by like Century 21 etc. they'll give you the ins and outs and what loans the state/cities offer.
Weichert's better ;-)
heehee well i dont know big realtor outfits there...century is the only thing that came to mind. lol
Oh actually we're not local to NJ, we're international. About 450 offices across the country and 3 relocation offices outside the country. At the moment there's only 3 California offices tho I think, so I guess that's why you might not recognise the name. But, bottom line, I would like the business referrals (buying and/or selling) from anyone here (or someone you know) wherever on earth they live, wherever on earth they're gonna move. Please. I live on commission. I usually find out after a friend has bought a house, then get mad at myself, wishing I could've sold to them.
help out IWZ, find him those cool "hidden" loans that your city/state offer.
Yeh, no probs.
Aww! We'll think of you when we start looking. :)
Thanks, I'd love to help out.
I'm considering something I can put 5% down on if the monthly payments won't be too high for me with only that much down. But, I haven't talked to my mortgage people yet. I'm gonna get advice from them and see what can be done, etc. Picked out the house. Actually a couple. But, that's the easy part of course, isn't it