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 Do you pay rent for the month before you live in the apartment or after? |
| I'm finally moving out and I was wondering if I moved in on Oct 1st do I pay for the month of Oct on the 1st of Oct or the 1st of Nov.?... |
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| search for clothes, rooms, cupards ect... to see if another person might be living there.... |
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| We are trying to buy a home and just wanted to know if it was possible to get financed with out having to put a down payment or a huge down payment. Our credit isn't the best, but think it is ... |
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| Our lease was up the sixth of April. We received no notice to vacate, but our landlord did call us and mention that his son was wanting to move in in May. We are looking to buy and don't have ... |
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| What happens if a co-signor wants to remove their name from a mortgage loan and not be responsible any longer? |
| The mortgage was co-signed by my mother-in-law and she says if my spouse and I continue to live together she will remove her name from the mortgage and we will lose our house? Is this possible for ... |
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 Home Buying for the first time..? |
I take home $45,000 a year and have a student loan of $30,000 to pay off. My monthly payment for it is $340. What is my debt to income ratio? Will it be held against me?
Additional Details
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| Why does it seem like more people (in US at least) are renting apartments these days? The apartment buildings are getting fancier and higher priced to appeal to more people, but my hubby and I are ... |
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 Who is at fault for the Subprime Mortgage Crisis? |
| I've heard opinions that the subprime mortgage crisis is the result of predatory lending, uneducated borrowers, over-valued homes, and a lack of government regulation. What do you think is the ... |
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 Getting my own house? |
| im getting my first house and cant really afford much furniture etc, what do you think would be the best place to look? i need to buy everything and only have £1k ...... |
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 Denied for apartment? |
| I was denied for an apartment on the grounds that my prospective landlord called my current residence and asked the landlord there if he was aware of the fact that my boyfriend was living with me. H... |
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| Is it a good idea to buy a house before you get married? |
| A friend of mine is thinking about buying a house with her partner. They are in no rush to get married, but thinks this is a good idea to save money. Her boyfriend is using his trust fund to put down ... |
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| has anyone ever used it? i'm a first time homebuyer...and am looking for the lowest interest rate I can find. I heard that LendingTree.com will have different banks offer me different rates....... |
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 As a single first time buyer...? |
| How hard was it to get onto the property ladder? How did you do it? I feel I should be looking into this now but realistically can only afford a 50k mortgage and there aren't any properties ... |
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 What is the housing market like in your neck of the woods....? |
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 2 bed 2 bath apartment for 2 couples? |
We are 2 newlywed couples, that go to college. We want to move in together. Would we have to pay more because we are 4 people? How would we divide the rent if one gets the master bedroom?
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Sr | Who are mortgage brokers,What do they do? |
Are Wells Fargo & Bank of America good at mortgage lending,We got pre approved in wells Fargo where we got the interest rate at 6.25%,Is that a fair one or do we need to shop around before finalising,Plzzzzzzz Helpppp. |
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homeloanchic
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Mortgage brokers place mortgage loans with lenders on the wholesale side. Meaning they do not directly loan you the money..they find an investor to loan you the money. Typically Wells & BofA are mortgage bankers...meaning they are the lender direct - do not confuse this with thinking they will offer a better rate because you have cut out the middle man - often Mortgage Brokers have access to slightly lower rates.
Is 6.25% a good rate depends on several factors: what type of loan, how much you are paying in fees...etc. No matter whom you choose to go thru make sure that your loan officer is willing to explain the process and answer questions in your language... sometimes loan officers use industry jargon which only confuses a first time home buyer more. Look for some one with experience and quality customer service: calls you back, answers questions... attends closing with you.
Good Luck. |
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meka64_2003
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These mortgage rates didn't just get there for no reason. So it makes you think how they go there and who made up these numbers. A higher mortgage rate power is something that we all answer to, namely the primary market. The 2nd degree market is where companies like Fannie Mae, Freddie Mac, and other mortgage lenders do their trading. These agencies that were discovered by the United States government bought the loans that lenders create, then either keep them in their portfolios, or mix them with other loans into mortgage backed- securities. The mutual funds buy those securities, wall stree firms, and other financial investors who trade them the same way stocks, bonds and other securities are traded. |
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whatevit
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You ask a good question, there is a lot of fine print on the loan, it the fine print that has to be considered to answer your question. Take the papers to a competent person with experience in these matters. (THEY NEED TO READ IT) |
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corel
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A good article explaining who a mortgage broker is and what they do can be found at the link below. As for your rate of 6.25% that's great if it is for a 30 year fixed rate mortgage. It may be hard to find a better rate, but it is always a good idea to shop around a little. Be sure to compare closing costs as well. |
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myself
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6.25% is an average rate in this time.... Is this a fixed rate or it is an adjustable?
The answer really depends on what kind of mortgage plan did you apply for... If it is a fixed for 30 year the deal is good.....
if is an adjustable rate then you should shop around a little bit more....
Just make sure before you signed those papers..... |
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yourstruly_76
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Mortgage brokers use several banks/lenders/investors to find the loan that is right for you all without having to pull your credit more than once. Brokers can also help people with credit issues, no money for closing or any number of other requirements you may need. Are you approved for a FHA loan or conventional. If FHA 6.25 is a normal rate. Not high, not low. If you're doing a conventional loan 6.25 is a good rate. |
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curtiswalker
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It's always good to shop around, and it doesn't cost you anything but time. 6.25% is good, but it's not the best. It really depends on your income and credit scores. Be sure to also check with Countrywide. They're really nice to deal with. |
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larsgirl
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a mortgage broker is like a real estate broker.. they look at everything that is available then point you toward the best one.. just make sure of a couple of things..... the interest rate might look good.. you can google the going mortg. rate for the day.. yes they change daily.
Even if the rate is good, check out the M. broker.. what is his %?, what is the loan app fee?, those are the charges that grab you by the short hairs when you sit down to sign the closing docs.
Your real estate agent usually has a broker that they work with.. usually trustworthy.. or the RE agent wouldn't get a lot of referrals.. check there first. compare them to your local bank.. if you are long time customers with your local bank.. they might perform a miracle, but local banks are usually the worst. |
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walkinandrockin
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Both Wells Fargo and Bank of America are good direct lenders - congrats on your approval. 6.25% is a fair rate in today's market.
I am a mortgage broker and what we do is find mortgages for people through a number of different sources, looking for a better situation than one might normally find by going to a direct lender. Some direct lenders only do prime lending - the two you mentioned do those as well as Alt-A and non-prime lending as well, which gives them greater flexibility than many. However, this does not mean that they can meet everyone's needs, or can offer the best deal.
When you, as a consumer, go to a lender, they place you in a mortgage that fits their programs they have available. They can not and do not offer mortgages from any other sources, in most cases. So, your application will not be considered for the hundreds of alternate programs that you may qualify for. This is especially importnat for non-prime and Alt-A borrowers. For prime borrowers, it is more about rate (though there still is some variances that can make a big difference).
As a mortgage broker, I eliminate the costs that a lender has in originating and processing a loan application, plus I can offer volume for less contact time, so I get a wholesale price offered to me to turn around and retail to my customers. Much like a clothing manufacturer sells his jeans to a retail store at a wholesale price.
I then charge enough to my customer to cover my costs and make a reasonable profit. The end result is usually better or near the retail price that a lender can offer to the public. Nearly 70% of all originated mortgages come from brokers. On top of the potentially better deal, I have access to a nearly unlimited number of sources for your mortgage loan, so I can compare Bank of America against Wells against Countrywide to get you the best deal available. We work with over 95 lenders on a regular basis.
A good mortgage broker can usually offer a more experienced person that is more attuned to service and obtaining a better deal for the client than is a direct lender, who is selling you out of their limited bank offerings.
My price today on a standard 30 year fixed mortgage is at 6% and zero points;however, I do not know without interviewing a client whether that is the best opportunity for them or not, it very well may be a different product.
Any way you look at it, your 6.25% is a competitive bid, but not necessarily the lowest available.
I lend in all 50 states so can answer additional questions if you would like, or go to my web site at www.fnmshome.com |
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Yanswersmonitorsarenazis
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Walkin's answer was very good, and very thorough. 6.25% is a good rate. Especially if you're financing 100%, which I'm guessing you might be, as it seems like you are inexperienced, and therefore likely to be a first-time buyer. Most first-time buyers nowadays have no money to put as a downpayment.
He is right in that you might not be in the best product that could be available with other banks, but if you're getting 6.25% for a 30 year fixed rate loan, you should stick with it and be happy. |
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