Anyone tried to get a mortgage lately?

How easy or hard was it?

Did you actually get it?

If so where and how much and how were your rates?

For someone my age I have good credit and I have and make enough money to do what I am wanting I just gotta get the loan. Looking anywhere from 100,000 - 150,000.

Ive never done anything like this and looking for any info especially if any people here work in this field.



Thanks

- Pete

Damn man --- Dont see ya round for months -- then ya come back and dont talk about MMs LOL


Its been 2-1/2 years since I did it but shop around -- call banks/ mortgage companies and see what the lowest rate you can find --- no matter who ya go thru -- its probably gonna be sold to a bigger company

just remember FIXED RATE ONLY

I bought my house about three years ago. Wasn't too bad. My credit wasn't great but I had enough money in the bank to show I was good for like 12 months of payments or something.

Whatever you do, get a fixed rate. Rates are at all time lows, its a good time to buy. I just refinanced and went from a 30 year to a 15 yr for 4 bucks a month. Basically knocked off 12 years and didn't really cost anything.

I went through bank of america with my original purchase and refi. New rate is right around 4%.

Depends on your debt to income. They look 4 about 30 percent. Do you also have joint income. 100 k shouldn't be a problem. Also are you looking at new or previously lived in. Pm me and I can answer any question u got.

Damn those GTR are that high now? No wonder only the self employed Ambulance chasers and the HIGH paid deckhands can afford them

I got my loan and house a little over a year ago. My rate is 5% but you might be able to get it lower than that. Def get a fixed rate so they cant screw you over in the long run. I have Wells Fargo and have no complains yet. If you can just pay as much as possible towards your principle. Helps out more than you think thats for sure. Also find a good agent it will make the process that much eaiser. I just did finish renovating my house. Took a long time but well worth it now.

My wife and I have been dabbling at it too, just haven't found anything we really want. Ask a lot of questions from your lenders and realtors, there is/was a lot of assistance for first time buyers. Do a lot of shopping around and talk to a lot of lenders, and don't rush into anything, you'll find out a lot if you give it some time. You can get no down payment and closing cost assistance and things like that for first timers at no extra cost. Rates are down in the 4 percent range, and sellers are growingly desperate.


Got pre approved for 150k about a year ago, the amount you get is based more off of your AGI, not your score. Our scores are both in the mid/upper 700's. I could probably get approved for more now, since rates are down and payments are cheaper.

I bought 5 this year. You will never get a better interest rate than right now, most of mine have been between 4-5%. With the housing market in decline and the various banking failures in Europe, the refinance/home buying situation won't get better than this.

Here is my suggestion, save up enough to make a 10% down payment on your current mortgage or the home you want to buy then get a 15 year mortgage on it. This will allow you to accrue the most equity in the shortest amount of time. Also, it will allow you to have competitive rental rates if you ever decide to go that route.

I would also suggest trying to use a local bank that wants to have your loan on their books and not sell it off. This will make future refinances or transactions much, MUCH easier.

As far as fixed/variable rates go, as long as your buying your home to live in and it isn't investment property, you should be able to pull a fixed rate pretty easily as the banks are looking to fortify their long term positions right now.

Most of all, SHOP AROUND!!! Financial institutions are not equal at all. There are really good ones, and there are really bad ones. Do your homework and make a good decision.

Like Sando said...shop around with an emphasis on your local banks. Beware of Bank of America. They are great on the front end. But for some reason, they can't decide what paperwork they need until 24 hours before the FIRST scheduled closing, then some more before the second, and the third, and maybe finally close on the fourth date if you can fax or fed ex a little more crap to them!

My wife is a mortgage loan officer here in Lafayette, but is also licensed in Texas. Right now is a great time to finance or re-finance a house as has been previously stated. We just refinanced from a 30 year note to a 15 and our note is almost identical!

You can check with your local banks, but one problem you may run into is that their employees don't have a whole lot at stake if the loan closes or not. Many of the mortgage companies, such as where my wife works, the loan officers are on commission only. So basically, if the loan doesn't close, they don't make squat. Therefore they bust their asses to make sure all the paperwork is correct. And make no mistake about it, with the feds stepping in the way they have, there is a ton of red tape to cut through.

PM me if you want her to give you a call or she can be reached at Assurance Financial Group 337-456-8750. Ask for Stacey Britton.

We went thru Assurance when we bought. I dont remember the girls name.

They beat everybodies rates by a LONG shot

The closing was a breeze -- she made our life so easy -- gave us a list of everything we might need -- we got it all together -- gave it to her -- 12 days later we were closing.

Well I'm new at mortgages and shoulda said exactly what I'm doing.

What I've found out is because I'm building a shophouse I can't get a traditional mortgage with fixed rates. I can get a 5 year ARM at 4.75% rate for 5 years. From one bank then another offered a 7 year arm at 6% rate.

My builder said he thought it would have to be an ARM or some kind of commercial or construction loan.

But I'm still checking around

We moved into our house a month or so ago. We will be closing on a 20 year lone at 3.85 next week. This was the best we have been able to find. They have since gone up a little. If you have good credit you should have no problem finding a 20 year for around 4%
First American Bank.
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we did a compaction test got 98% after 2 months of letting the pad sit.
Still did post tension just in case. We also have stained floors so I did not want the cracks.
I had never done a floating form before was a little challenging to understand the concept but it came out pretty good.

Why cant you call the shop a garage. Just because its a metal building dosent mean its not a house

Dang good question because it will be declared my homestead for atleast 10 years

My brother had a 60'x100' metal building put up and made 3700SF framed out of wood in the inside for living area.The rest is a shop on the end.He had no problems getting a loan on it for 15 years.He has 24" eaves and porches sunken in front and back with rock 4' up the front. I will be building one the same way in 4 years...Just not as big.He has 5 bedrooms 3 bath and one huge living room.

very nice...he must have way more then me to spend lol

did he get a traditional mortgage? or like a commercial loan?

Just refinanced my house with Statefarm bank to get rid of an ARM. The house appraised at $143,000 and I borrowed $123,000. Got a 30 yr fixed at 4.5%.