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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Is anyone buying right now with 10% down?
Posted by Kristin616
Even though they advertise no PMI, you are paying it elsewhere.
We have no PMI and are not paying it elsewhere... IMO we couldn't have gotten a better deal.
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Posted 7/15/08 7:39 PM  |
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mosh913
baby boy coming spring '11
Member since 5/05 3133 total posts
Name:
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Re: Is anyone buying right now with 10% down?
Posted by ave1024
Posted by mosh913
We're putting 10% down and not leaving ourselves with much cushion. We have to pay PMI and we had 6.25% with IndyMac but we all know how that went and we HAVE TO secure another mortgage so we can close by the end of the month. The only bank that can get us closed by the end of the month is offering 6.375%  so we are paying $800 to get the 6.25 Can you tell that I'm a little stressed and frustrated?
Is there any reason why you didn't continue with IndyMac?
The Government has taken them over, and right now IndyMac being run by the Feds is probably more secure now than any other bank out there.
Did they tell you that they were closing your application or did you just decide to drop them?
They told our broker that we HAD to close by Monday which just wasn't possible-both attorneys are on vacation and the sellers mother passed away.
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| Posted 7/15/08 8:13 PM |
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HLT407
So lucky
Member since 11/07 1910 total posts
Name:
Heather
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Re: Is anyone buying right now with 10% down?
Posted by carlowlou
We're closing in 2 weeks on a house, put 5% down and it's an FHA loan, 30 yr fixed at 6.25%.
We could have put down 10% but wanted to have a cushion in the bank as well. This made the most sense for us at this time.
we did this as well.. We got the FHA loan & closed on 7/1.. It made the most sense for us at the time. We were really happy with the loan as compared to the others we were looking at
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| Posted 7/15/08 9:34 PM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: Is anyone buying right now with 10% down?
Posted by CaMacho
We put 10% down... closed in May of this year.
We went with the BOA no fee mortgage plus loan. We have no PMI and no 2nd mortgage.
We knew we had a lot of renovations with our place so to have that extra money in the bank was great.
BOA wants 15% IF the house is in a decling area.. which i was told all of suffolk is..
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| Posted 7/15/08 11:04 PM |
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TreAnt427
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Member since 8/06 8652 total posts
Name:
Tracy
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Re: Is anyone buying right now with 10% down?
We are doing 10% down and paying 1 pt of PMI upfront. That way we don't have to pay it for the life of the loan.
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| Posted 7/16/08 7:51 AM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Is anyone buying right now with 10% down?
Posted by DUCKS2001
BOA wants 15% IF the house is in a decling area.. which i was told all of suffolk is..
Oh man! When we first went to do our pre-approval they said we'd only need 5% for the no fee loan... then when we went into contract on our house when we went back to get approved it went up to 10%. I bet in my area it's also up to 15% now b/c I know we are in a declining area too.
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| Posted 7/16/08 9:05 AM |
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carlowlou
loving my babies!
Member since 4/08 4594 total posts
Name:
Jen
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Re: Is anyone buying right now with 10% down?
Posted by Beth1210
Posted by carlowlou
We're closing in 2 weeks on a house, put 5% down and it's an FHA loan, 30 yr fixed at 6.25%.
We could have put down 10% but wanted to have a cushion in the bank as well. This made the most sense for us at this time.
that's a great deal!- we are most likely going to do an FHA also
you do have to pay FHA Mortgage Insurance - which is like PMI - but it ends 5 years after the loan is opened or when the LTV reaches 78%
Yes you are right..we are paying the mortgage insurance but even with that we still feel like we are coming out of it with a manageable monthly payment and money in the bank...and I have to say the process has been pretty painless so far!
..although waiting for a closing date to be set is going to make my hair turn gray I swear!
Message edited 7/16/2008 11:11:35 AM.
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| Posted 7/16/08 11:10 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: Is anyone buying right now with 10% down?
Posted by DUCKS2001
Posted by CaMacho
We put 10% down... closed in May of this year.
We went with the BOA no fee mortgage plus loan. We have no PMI and no 2nd mortgage.
We knew we had a lot of renovations with our place so to have that extra money in the bank was great.
BOA wants 15% IF the house is in a decling area.. which i was told all of suffolk is..
yep- Jake called yesterday to ask some questions about this loan
and about the only question the kid could answer was that he needed to put down 15% now
but there would be no PMI
the rate was also higher then Jake had on his rate sheets for the day
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| Posted 7/16/08 11:12 AM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: Is anyone buying right now with 10% down?
Posted by Beth1210
Posted by DUCKS2001
Posted by CaMacho
We put 10% down... closed in May of this year.
We went with the BOA no fee mortgage plus loan. We have no PMI and no 2nd mortgage.
We knew we had a lot of renovations with our place so to have that extra money in the bank was great.
BOA wants 15% IF the house is in a decling area.. which i was told all of suffolk is..
yep- Jake called yesterday to ask some questions about this loan
and about the only question the kid could answer was that he needed to put down 15% now
but there would be no PMI
the rate was also higher then Jake had on his rate sheets for the day
yup the rates are higher and this changed as of 7/1
So if you were not locked before 6/31 you would have to do the 15%
I was told ALL of Suffolk is a declining market at the moment.
The rate the last time I heard was around 7% YIKES
Also, be cautious because many banks are pulling their stings tight and it makes it harder for people to get a home....
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| Posted 7/16/08 12:02 PM |
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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: Is anyone buying right now with 10% down?
The rate the last time I heard was around 7% YIKES
QUOTE]
that's VERY high compared to rates that Jake was quoting people (6.25%)
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| Posted 7/16/08 12:05 PM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: Is anyone buying right now with 10% down?
Posted by Beth1210
The rate the last time I heard was around 7% YIKES
QUOTE]
that's VERY high compared to rates that Jake was quoting people (6.25%)
that was at the end of June. I dont know it now... to lock in a 60 day rate it was 7% it could have dropped now. Lets hope so.
6.25 is great! Does Jake work for a bank or is he a broker?
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| Posted 7/16/08 12:08 PM |
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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: Is anyone buying right now with 10% down?
Posted by DUCKS2001
6.25 is great! Does Jake work for a bank or is he a broker?
Jake works for a direct lender
they are a bank
but they also work with 86 other banks if they can't get you the best rate- they have the option of using one of them
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| Posted 7/16/08 12:12 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Is anyone buying right now with 10% down?
There are plenty of banks on bankrate.com that are advertising rates of 6.25%. A couple are posting rates even lower.
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| Posted 7/16/08 12:12 PM |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
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Re: Is anyone buying right now with 10% down?
Posted by Beth1210
Posted by DUCKS2001
Posted by CaMacho
We put 10% down... closed in May of this year.
We went with the BOA no fee mortgage plus loan. We have no PMI and no 2nd mortgage.
We knew we had a lot of renovations with our place so to have that extra money in the bank was great.
BOA wants 15% IF the house is in a decling area.. which i was told all of suffolk is..
yep- Jake called yesterday to ask some questions about this loan
and about the only question the kid could answer was that he needed to put down 15% now
but there would be no PMI
the rate was also higher then Jake had on his rate sheets for the day
Thanks for this info. I guess BOA is out for us, then.
Beth are you aware of any other lenders that are requiring 15% in Suffolk?
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| Posted 7/17/08 10:12 PM |
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SUNSHINE
My LuLu <3<3
Member since 5/05 1372 total posts
Name:
T
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Re: Is anyone buying right now with 10% down?
We are putting 10% down and paying PMI interest rate 6% NO POINTS!!! I plan on getting rid of the PMI after we redo the bath & kitchen
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| Posted 7/17/08 10:39 PM |
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Sandrion
LIF Zygote
Member since 7/08 21 total posts
Name:
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Re: Is anyone buying right now with 10% down?
Posted by Beth1210
Posted by CaMacho
We put 10% down... closed in May of this year.
We went with the BOA no fee mortgage plus loan. We have no PMI and no 2nd mortgage.
from consumer reports
just b/c you aren't paying PMI- doesn't mean you aren't paying for it somewhere - banks are in the business of makig money
the BOA loan sounds good- but I would still shop rates and compare
At the risk of sounding ignorant, how do you shop around without paying the application fee?
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| Posted 7/18/08 12:46 AM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: Is anyone buying right now with 10% down?
Posted by MrsD06
Posted by Beth1210
Posted by DUCKS2001
Posted by CaMacho
We put 10% down... closed in May of this year.
We went with the BOA no fee mortgage plus loan. We have no PMI and no 2nd mortgage.
We knew we had a lot of renovations with our place so to have that extra money in the bank was great.
BOA wants 15% IF the house is in a decling area.. which i was told all of suffolk is..
yep- Jake called yesterday to ask some questions about this loan
and about the only question the kid could answer was that he needed to put down 15% now
but there would be no PMI
the rate was also higher then Jake had on his rate sheets for the day
Thanks for this info. I guess BOA is out for us, then.
Beth are you aware of any other lenders that are requiring 15% in Suffolk?
your welcome good luck
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| Posted 7/18/08 9:33 PM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: Is anyone buying right now with 10% down?
Posted by Beth1210
Posted by DUCKS2001
6.25 is great! Does Jake work for a bank or is he a broker?
Jake works for a direct lender
they are a bank
but they also work with 86 other banks if they can't get you the best rate- they have the option of using one of them
thats good to know for down the road.. right now we got so burned house shopping Im so upset over it.. we went from getting outbid, to a short sale to a foreclosure to now a shortsale which is HORRIBLE.. anyway i cant get into detail...just very upset..
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| Posted 7/18/08 9:35 PM |
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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: Is anyone buying right now with 10% down?
Jake would be happy to do your loan
he is awesome at what he does- he is very honest and goes above and beyond for his customers!
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| Posted 7/18/08 9:55 PM |
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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: Is anyone buying right now with 10% down?
Posted by Sandrion
.
At the risk of sounding ignorant, how do you shop around without paying the application fee?
you should not be charged for anything until you go thru with the loan
anyone charging you to pre-approve you is a not legit
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| Posted 7/18/08 9:57 PM |
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