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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Where is the best to apply for a loan
Hi there,
DH & I are interested in buying a home and we're going to start looking soon. I was thinking that the first step would be to get pre-approved first? and then shop for homes that are within our range based on the pre-aprroval. So here's my question.. Where should we go to apply for a mortgage? I was thinking of going to our bank and seeing what they have to offer?
I'm a bit nervous about going to a mortgage company that an R.E.A. would recommend. I used to work in a R.E. office and I saw all the scams that were pulled btwn the r.e.a & the mortgage company. They ripped off the buyers big time!
TIA for all of your advice and input!
chrissy
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Posted 5/8/07 8:37 PM  |
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Prudential Douglas Elliman Real Estate
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MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: Where is the best to apply for a loan
I would start off with your bank because they know you.
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| Posted 5/8/07 8:43 PM |
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Bellaocchi
Hope Faith Love
Member since 2/07 5694 total posts
Name:
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Re: Where is the best to apply for a loan
Did you read the ad in newsday today? Bank of America!! They are offering no closing costs.. check it out.. I sure am!
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| Posted 5/8/07 8:46 PM |
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Bellaocchi
Hope Faith Love
Member since 2/07 5694 total posts
Name:
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Re: Where is the best to apply for a loan
I also forgot to add... contact LIHP first!!!
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| Posted 5/8/07 8:46 PM |
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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: Where is the best to apply for a loan
Posted by MrsPowers
I would start off with your bank because they know you.
thanks! I was thinking that is the best thing for us to do. I don't think that a reputable bank would want to give a sketchy loan to their own bankers??
do you remember about 2-3 weeks ago they ran an article in the newspapers about these mortgage companies giving buyers sub-prime loans. People who had these loans were losing their homes within the first 2 years of owning it. and that's what I'm afraid of.. getting duped.
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| Posted 5/8/07 8:49 PM |
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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: Where is the best to apply for a loan
Posted by VRF1125
Did you read the ad in newsday today? Bank of America!! They are offering no closing costs.. check it out.. I sure am!
really???!!!! wow that's great! I'm going to checkk them out
thanks for the lihp info.. that's a great site will definitely check them out as well!
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| Posted 5/8/07 8:52 PM |
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MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: Where is the best to apply for a loan
Posted by christina-and-mike07
Posted by MrsPowers
I would start off with your bank because they know you.
thanks! I was thinking that is the best thing for us to do. I don't think that a reputable bank would want to give a sketchy loan to their own bankers??
do you remember about 2-3 weeks ago they ran an article in the newspapers about these mortgage companies giving buyers sub-prime loans. People who had these loans were losing their homes within the first 2 years of owning it. and that's what I'm afraid of.. getting duped.
I can understand your concern.
I would talk to your bank about the entire situation. If you have a financial planner maybe talk to them about what you find out as well.
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| Posted 5/8/07 8:53 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: Where is the best to apply for a loan
Posted by christina-and-mike07
Posted by MrsPowers
I would start off with your bank because they know you.
thanks! I was thinking that is the best thing for us to do. I don't think that a reputable bank would want to give a sketchy loan to their own bankers??
do you remember about 2-3 weeks ago they ran an article in the newspapers about these mortgage companies giving buyers sub-prime loans. People who had these loans were losing their homes within the first 2 years of owning it. and that's what I'm afraid of.. getting duped.
subprime loans are just about gone. the days of 100% financing are no more, too many foreclosures!
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| Posted 5/8/07 8:56 PM |
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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: Where is the best to apply for a loan
Posted by alnem
Posted by christina-and-mike07
Posted by MrsPowers
I would start off with your bank because they know you.
thanks! I was thinking that is the best thing for us to do. I don't think that a reputable bank would want to give a sketchy loan to their own bankers??
do you remember about 2-3 weeks ago they ran an article in the newspapers about these mortgage companies giving buyers sub-prime loans. People who had these loans were losing their homes within the first 2 years of owning it. and that's what I'm afraid of.. getting duped.
subprime loans are just about gone. the days of 100% financing are no more, too many foreclosures!
oh good I'm glad to hear that!
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| Posted 5/8/07 9:25 PM |
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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: Where is the best to apply for a loan
Posted by MrsPowers
Posted by christina-and-mike07
Posted by MrsPowers
I would start off with your bank because they know you.
thanks! I was thinking that is the best thing for us to do. I don't think that a reputable bank would want to give a sketchy loan to their own bankers??
do you remember about 2-3 weeks ago they ran an article in the newspapers about these mortgage companies giving buyers sub-prime loans. People who had these loans were losing their homes within the first 2 years of owning it. and that's what I'm afraid of.. getting duped.
I can understand your concern.
I would talk to your bank about the entire situation. If you have a financial planner maybe talk to them about what you find out as well.
I will definitely go to our bank first then try another reputable bank to see the comparison.
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| Posted 5/8/07 9:27 PM |
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MrsNaunie
Kai helps my father dump out.
Member since 9/06 1181 total posts
Name:
Lauren
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Re: Where is the best to apply for a loan
Posted by alnem
the days of 100% financing are no more, too many foreclosures!
We actually financed over 100%
I definitely recommend LIHP. Even if you don't go with the BoA loan that they tend to push (which a few of us did- I think it's great), they still give you a course in home buyer counseling. Lynn Law was great- explained all the ins and outs.
Plus, if you have a few houses in mind already, then she can run some $$s for you.
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| Posted 5/9/07 9:04 AM |
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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: Where is the best to apply for a loan
thanks for all the advice!
what about opening up an acct. with a credit union? what credit unions do you gals recommend?? thanks!
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| Posted 5/9/07 10:00 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Where is the best to apply for a loan
[.
subprime loans are just about gone. the days of 100% financing are no more, too many foreclosures!
QUOTE]
that's really not true
you can still get a subprime loan- and you can still do 100% financing if you have good credit
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| Posted 5/9/07 10:17 AM |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: Where is the best to apply for a loan
go to a bank/credit union first before trying a mortgage broker.....
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| Posted 5/9/07 10:21 AM |
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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: Where is the best to apply for a loan
Posted by Lisa
go to a bank/credit union first before trying a mortgage broker.....
I refuse to go to a mortgage broker.. I will go through my bank and a credit union first. But what credit union should I go to?
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| Posted 5/9/07 10:24 AM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Re: Where is the best to apply for a loan
Posted by VRF1125
Did you read the ad in newsday today? Bank of America!! They are offering no closing costs.. check it out.. I sure am!
Washington Mutual has this loan as well but they have very high interest rates but I don't knwo about Washington Mutual.
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| Posted 5/9/07 10:34 AM |
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