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hotelcalie
LIF Adult
Member since 12/05 1392 total posts
Name:
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Mortgage?
So we are starting house shopping since we sold our place. What is best option for mortgage? Do you go to several banks? Of course, we want the best rate possible. We both have over 800 credit scores and we should have 20% down if that matters.
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Posted 12/28/15 3:35 PM  |
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Epicflyer
LIF Zygote
Member since 10/14 25 total posts
Name:
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Re: Mortgage?
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Message edited 1/26/2016 12:44:48 AM.
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| Posted 12/28/15 4:31 PM |
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cets1290
LIF Adult
Member since 6/14 1051 total posts
Name:
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Mortgage?
we looked into banks that have a first time home buyer program. We found an HSBC program a year before we were going to buy a home and started the process. We had to deposit $3750 into an account over 1 year and then they double it and give you $7500 towards your down payment for free! So, we ended up with around 10/11k in addition to the rest of our savings to get the 20% down. We also got a lower rate with our program (3.125% when the lowest rate around was about 3.25%). In order to benefit from this program, you need to have combined salaries under 250k/year i think, need to buy in CT, NJ, or NY, and need to keep the house for 5 years before moving
Message edited 12/28/2015 8:44:40 PM.
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| Posted 12/28/15 6:58 PM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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Mortgage?
I did the same as above just through M&T. Although we had to have under 80k salaries when starting the act. We did that in 2013, we both made about 25k more thank our 2013 salaries in 2014 when we started looking, didn't matter, we still had the money, however we had to do $1875 over 10 months. They give $4 for every dollar so we had $7500 from them plus the $1875 we put in the act. We have to own the house for 5 years. My employer gives all employees over 5 years $3k towards a house so I had that. I also did a SONYMA loan so they gave 3% of the purchase price up to 15k. Again you must own the house 5 years I think? Anyway, with all that we got $7600 from SONYMA, $7500 from M&T and the 3k from my employer. Helped us out 20% down and we paid our closing. I suggest M&T they were amazing.
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| Posted 12/28/15 7:21 PM |
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cets1290
LIF Adult
Member since 6/14 1051 total posts
Name:
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Re: Mortgage?
Posted by MrsB12614
I did the same as above just through M&T. Although we had to have under 80k salaries when starting the act. We did that in 2013, we both made about 25k more thank our 2013 salaries in 2014 when we started looking, didn't matter, we still had the money, however we had to do $1875 over 10 months. They give $4 for every dollar so we had $7500 from them plus the $1875 we put in the act. We have to own the house for 5 years. My employer gives all employees over 5 years $3k towards a house so I had that. I also did a SONYMA loan so they gave 3% of the purchase price up to 15k. Again you must own the house 5 years I think? Anyway, with all that we got $7600 from SONYMA, $7500 from M&T and the 3k from my employer. Helped us out 20% down and we paid our closing. I suggest M&T they were amazing.
as I'm reading this, I think that was the exact thing we did through HSBC... I think it was $1875 we put in. I just remember we got $7500 but it was definitely a SONYMA loan... I hated HSBC though, they were very difficult to work with. So M&T is probably a better option
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| Posted 12/28/15 8:43 PM |
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hotelcalie
LIF Adult
Member since 12/05 1392 total posts
Name:
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Mortgage?
Not our first home. We have a co-op now, so we don't qualify.
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| Posted 12/29/15 11:13 AM |
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