Advice on getting best mortgage?
mtpo
4 years ago
last modified: 4 years ago
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Shola Akins
4 years agomtpo
4 years agoRelated Discussions
Quick advice needed on financing mortgage
Comments (9)Well, heard from the bank. It's not a clerical error. They said sometimes people will borrow the appraised value instead of the sale price if they want extra money to buy furniture/appliances, etc. or pay off higher interest loans or credit cards. We don't need extra money for any of this, so they are re-doing the loan documents based on the sale price. I do think it was quite presumptuous of the bank to assume we need extra money! Not everyone carries heavy credit card debt...we have none...and besides our interest rate on the cc is lower than the mortgage rates we are being offered! The 20% is a higher interest loan, but not by much than the 80% loan, and keeps us from paying PMI, which is NOT tax-deductible in our state. Thanks for the quick responses!...See MoreAdvice needed regarding mortgage, home improvements, etc.
Comments (9)You're in good financial shape. Don't worry about "overpaying" - it happened to us in 1989, and we survived just fine over the long haul. Painful for a while, but it worked out. And besides, we had to have a place to live, anyway. Might as well be twice the room of our old apartment and a free parking space in front as well, LOL. Your best bet to maintain top value is to not over-improve your home, but keep it in absolutely top condition. This includes doing anything structural or system-related that is needed as time goes on. We overimproved our house, but consider it worth it because we have enjoyed the benefits for the last 20 years. What actually makes the house saleable, however, are the structural improvements - a more modern open floor plan, upgraded kitchen and baths, the top-to-bottom electrical/plumbing/sewer upgrades (most homes here have a patchwork of old and new stuff done, not a complete system upgrade). You do not have to do this - in fact, I'd recommend you don't! Home improvement on a full-scale is a seriously slippery slope. You'll love the end result, but you won't necessarily get back that much more money on resale than someone who just kept their home in good condition with modest upgrades. Only you can decide how much a big remodeling project is worth to you. Just don't count on more than 20-30% of the cost adding $$ to your home's value when you go to resell it 10 years from now....See More1st time buyer Mortgage advice needed
Comments (7)Hi Fritz, My builders lender did'nt offer a very good mortgage so I went online to get some quotes to use as leverage, an online lender offered a very good mortgage especially when compared to the builders offer. Now here's my problem. 1st problem #1; Believing that online 'quotes' have any valid shoppability in the first place. (They don't... they are merely 'hook-bait' to get leads coming in.) The house is'nt going to be finished for another 6 months but the online lender wants me to start the loan process immediately, That's because they know that nibbles on their hookbait go away quickly once it is discovered that it's all just hookbait. I contacted the builders lender to see if they would match the online lenders offer and they tell me that they would match the offer but it is still too early to start the loan process and not to worry. Who is right? Well... the builder's lender is truthful in saying it's too early to begin the loan process. As to whether they honestly match the real best lockable rate/fee structure at the point of truth... I have yet to see a builder's affiliate actually keep that claim... but who knows, maybe your situation will be the first! You've got plenty of time... I recommend using it to shop for the best professional advisory support on a qualitative basis first. Here's my tag about all this; Choose your provider according to preliminary "quotes," And you've simply chosen the most successful Liar. Choose according to character quality, competitiveness, honesty, and your personal assessment, And you will set yourself up for the better Experience AND the better bottom line pricing!© Luck! Dave Donhoff Strategic Equity & Mortgage Planner...See MoreLooking for mortgage advice
Comments (9)mariend: Our previous mortgage product was *excellent*, and very beneficial to us. It was a variable capped rate mortgage - our payments were calculated at the fixed cap rate, but the interest was charged at the variable rate, and any difference was applied directly to the principal. During the three year term, we actually cut nearly two years off the amortization with that difference in interest. We're down to just over 11 years left to pay off our mortgage (which, with the differing tax systems is considered a good goal by many Canadians). We had signed up to renew into a similar mortgage product, but these products are apparently being withdrawn by most major lenders - they are not moneymakers for the bank! Our current payments are about as high as we are comfortable with. However, even a closed mortgage offers penalty free payment of up to 15% of the original mortgage value, which is more money than we will be coming up with, LOL. justnigel- dh wants to talk to a mortgage broker as well. He is extremely disappointed in the options being presented to us. The terms we had signed for, using the variable capped rate product I mentioned above, had a cap rate of 7.04% and a payment rate of prime minus 0.25%. The options they have given us have significantly higher rates than that. Carrie...See MoreStax
4 years agolast modified: 4 years agoMrs. S
4 years agolast modified: 4 years agoStax
4 years agoStax
3 years agosushipup1
3 years agoElmer J Fudd
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