Best Way to Get A Home Loan?

[novon]

I'm wondering if anyone here has experience with online places like ditech.com or lendingtree.com or is it better to go through a local loan officer? I even saw stuff from ING direct and Costco.

What should I watch out for?

I think I want a 30yr fixed with no pre-payment penalties. I'm also self-employed if that makes a difference.

thanks

 

[gigapet]

i would use an actual person like a mortage broker.

 

[LegendKiller]

I wouldn't buy a place right now...

 

[gigapet]

Originally posted by: LegendKiller
I wouldn't buy a place right now...

why not the market isnt horrible everywhere and he can always refi down the line.

 

[Queasy]

Hunt around for the best loan. The fact that you are looking for a home mortgage loan won't adversely affect your credit rating with all the inquiries.

 

[wedi42]

try an actual mortgage broker. the can find the best rates from hundreds of lenders.
don't be afraid to shop around, it took me 3 brokers before i was happy with one.

 

[Scarpozzi]

Check credit unions. I beat broker rates by .8% that way. They also are easy to work with and have very competitive rates without jacking them up as often if you get a variable rate loan.

 

[jhayx7]

I am in the same process myself right now. Go to a broker first. Have them consult with you and run your credit to make sure you qualify. Take their estimate of good faith and shop around a couple more brokers in town (Sunday paper has a list) and then shop around online. When you get a better rate from a company, be sure to get their estimate of good faith and compare it to the other companies to make sure they are not slipping any huge charges in your closing costs.

Also, if you know that you are going to be in your new home a short time, consider an ARM. In my case I am going to flip this condo in 3-4 years so I am getting a 7 year ARM. Putting 5% down, 80% Home Loan, 15% HELOC to beat PMI.

 

[Queasy]

Bankrate.com is a good place to start. It will show you some of the different offerings in your area.

 

[LegendKiller]

Originally posted by: gigapet

Originally posted by: LegendKiller
I wouldn't buy a place right now...

why not the market isnt horrible everywhere and he can always refi down the line.

We are teetering on a precipice, it will only take a slight nudge to push us over. Anybody looking for anything less than a 5-10year house is gonna be flipped.

 

[Queasy]

Originally posted by: LegendKiller

Originally posted by: gigapet

Originally posted by: LegendKiller
I wouldn't buy a place right now...

why not the market isnt horrible everywhere and he can always refi down the line.

We are teetering on a precipice, it will only take a slight nudge to push us over. Anybody looking for anything less than a 5-10year house is gonna be flipped.

Only in certain markets. Places like California are nuts. South Carolina, most of Georgia, Kentucky, and the like are ok.

 

[astrocase]

I've been listening to jackasses tell me that buying a house in CA is a bad idea for about 7 years now. In that time everyone I know, except me, has made hundreds of thousands of dollars. Most have made over a million. My parents made $700,000 in about 6 months when they bought their last house. The house doubled in value in about a year and a half or maybe 2 years.

This bubble. I'm still waiting. Even if it drops 50% people still made out like bandits since it's been going up 25% a year or more. Odds are the correction will be 10% and that's nothing at this point.

 

[QED]

Originally posted by: LegendKiller

Originally posted by: gigapet

Originally posted by: LegendKiller
I wouldn't buy a place right now...

why not the market isnt horrible everywhere and he can always refi down the line.

We are teetering on a precipice, it will only take a slight nudge to push us over. Anybody looking for anything less than a 5-10year house is gonna be flipped.

Please.... :roll:

More fear-mongering. SoCal is about the only place that is even close to bordering a bubble, and even that is overly exaggerated. So what did you do with your bunker and pallets of bottled water and crackers after Y2K?

 

[gigapet]

Originally posted by: LegendKiller

Originally posted by: gigapet

Originally posted by: LegendKiller
I wouldn't buy a place right now...

why not the market isnt horrible everywhere and he can always refi down the line.

We are teetering on a precipice, it will only take a slight nudge to push us over. Anybody looking for anything less than a 5-10year house is gonna be flipped.

ye3ah yeah yeah