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scottv

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Everything posted by scottv

  1. My closing is on Tuesday...I have not seen any loan documentation and would like a chance to scrutinize what I'll be signing that day without having to be under any pressure "at the table"...can I request all pertinent docs be sent to me ahead of time so that I can have time to review? Any suggestions on things to look for, possible pitfalls I should be aware of-this is my first home purchase/mortgage. Thanks!
  2. Ok, well I guess I'm just getting the jitters since this is my first house and most money I've ever spent...I'll take your guys advice and just stick with it-the service has been fine so far and I guess I can always refi later if rates really go down because I haven't spent much to get into this loan. Thanks!
  3. Ok, I locked in an 80/15 loan with a lender for a 30 year fixed. I'm putting 5% down...6% rate on the 80% and 7.62% on the 15%. No points. Fees, etc seem reasonable (and guys on this board had said they are good). I'm not paying any PMI-lender says there is no PMI and it's not built in? No prepayment penalty on the loans Anyway, now I'm seeing rates are dropping and also in the last few weeks I've seen others posting with better rates. I have 0 debt and an 800 credit score and I plan to be in the mortgage for a long time so I want to get the best deal! Well, the lender is already worki
  4. jeez, where do you live that monthly tax on a $150k house is $370? WOW!
  5. Ok, have a contract on the house now so down to the wire as to figuring out which lender to go with...one lender is offering 80% 1st mortgage with a 15% 2nd with my putting 5% down...another lender is offering 95% 1st with no pmi (BofA) but why would the other guy not offer me 95%? He acts like the only way I'll get out of paying pmi is to have a 2nd for 15%....
  6. So, I've been doing some reading on the forum and is this lender getting a rebate on the backend based on the rate? I plan on keeping this house for a long time...should I try to "buy down" the rate since I predict making payments over a longer period of time? or does it look like the rate is pretty low and there isn't much room to do that?
  7. 12/17/07 Proposed loan: 1st - 30 yr fixed (rate: 6.125%) 2nd - 30 year fixed (rate: 7.75%) estimated closing costs: 801......... $0 Loan Origination Fee 802......... 0 Loan Discount 803....... 350 Appraisal fee 804 ........ 15 Credit report 811........ 78 Tax service contract 812...... 455 Admin fee 1101...... 250 Settlement or Closing Fee 1108...... 35 title insurance 1201 ...... 105 recording fee 1203..... 1039.50 state tax/stamps 1304..... 9 flood zone determination 1305...... 3 f.z.d. life of loan fee total closing: ......$2,339 estimated prepaid items 901 ...... $4
  8. A lender affiliated with my realtor (initials are cw, ha) said I could go stated income (same int rate as full-doc) with 10% down because of my high credit rating, THEN get 5% of my money back with some kind of heloc loan that is tied to prime rate? I had planned to only put 5% down initially but he said I could have an issue with a full doc because I took a year of work, so that's when he recommended I go this route (I do have 10% to put down, just don't want to because I like having cash and can invest that money). any comments on this plan? thanks!
  9. Yes! You too can buy with NO MONEY DOWN! haha, jeez
  10. Well, I'm in the process of being a responsible buyer, so can't say I'm real crazy about the plan-I believe people should be responsible for their actions and that if you're signing something you should understand what you're signing. I think a lot of people in the US are too financially irresponsible. health issues, etc I'm sympathetic to, but a reckless purchase based on speculation? no...easy lending standards added fuel to the fire of rising home prices. uncle sam to the rescue, yay
  11. I don't have a property picked out yet...well I got this quote from a guy at suntrust...he just made the same type loan (80-15-5) to my coworker (I got the referral for this guy from him), so i would be surprised if he lowballed because he probably figures I asked my coworker his loan terms...also talked to BofA today (I bank with them) and they told me 5.6%, no pmi, with 5% down, so we'll see-they're sending me the GFE tomorrow.
  12. I don't think so...haven't provided any docs, just gave him all my info over the phone.
  13. oops, double posted, sorry, please see other post, thanks!
  14. Hi, first off I'm new to the board, but I'm so glad I've found it! Been reading in this place for the past few nights, great stuff! Proposed loan: 1st - 30 yr fixed (rate: 5.75%) 2nd - 30 year fixed (rate: 7.50%) estimated closing costs: 801......... $0 Loan Origination Fee 802......... 0 Loan Discount 803....... 350 Appraisal fee 804 ........ 15 Credit report 811........ 78 Tax service contract 812...... 455 Admin fee 1101...... 250 Settlement or Closing Fee 1108...... 35
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