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scottv

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Posts 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, 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 working on the loan and closing is on the 15th. I haven't signed any forms-talked to him today and he's sending over some paperwork tomorrow but he didn't mention the rate was going down...am I paying too much for this loan and what are my options? Thanks!

  3. 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%....

  4. 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?

  5. 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 ...... $453 interest 15 days@30.21

    903 ..... 594 hazard insurance prem

    1001 ..... 99 hazard ins. reserves 2 payments @$50

    1004 ....... 730 county prop tax reserves 4 pymts @ 183

    total prepaid items:.... $1,876

     

     

    transaction summary:

    purchase price: $225,000

    total closing: 2,339

    total prepaid 1,876

    total costs: 229,215

    less adj loan amt 180,000

    less other financing 33,750

    less amt pd by seller 0

    total credits 213,750

    cash required 15,465

     

     

    1st mortgage pmt: 1093.7

    taxes 182

    hazard and flood ins. 49

    2nd mortgage pmt: 241.79

    total pmt: $1,567.49

     

     

    I have zero debt, credit score 800...does all of the above look good, anything I should inquire about? THANKS!

  6. 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!

  7. 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

  8. 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.

  9. 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! :clapping:

     

    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 title insurance

    1201 ...... 105 recording fee

    1203..... 878 state tax/stamps

    1304..... 9 flood zone determination

    1305...... 3 f.z.d. life of loan fee

    total closing: ......$2,177

     

    estimated prepaid items

    901 ...... $359 interest 15 days@23.95

    903 ..... 501 hazard insurance prem

    1001 ..... 84 hazard ins. reserves 2 payments @$42

    1004 ....... 443 county prop tax reserves 4 pymts @ 111

    total prepaid items:.... $1,388

     

     

    transaction summary:

    purchase price: $190,000

    total closing: 2,117

    total prepaid 1,388

    total costs: 193,565

    less adj loan amt 152,000

    less other financing 28,500

    less amt pd by seller 3,500 (what is this?)

    total credits 184,000

    cash required 9,565

     

     

    1st mortgage pmt: 887

    taxes 111

    hazard and flood ins. 42

    2nd mortgage pmt: 199

    total pmt: $1,238

     

     

    I have zero debt, credit score 800...does all of the above look good, anything I should inquire about? THANKS!

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