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Skippy

I know we have some mortgage people here.

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I am thinking about a new home loan. If you are a mortgage person that knows mortgages in and out and would like to talk to me on the telephone, (I will call you), let me know. (What I really mean is help me.)

 

I know we have a few of you, I just can't recall who. :D

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alexgaddis sells mortgages in Minny (I think it's Minny); I am licensed in Wisconsin.

 

I wouldn't say I know mortgages "inside and out" but I can certainly give you a few pointers if you need someone to.

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I didn't even think of the state thing. I guess to actually buy a mortgage from someone they would have to be able to sell them in PA. :D

 

I will see if anyone pops up that can do PA. If there is no one and if you don't mind a call then maybe my questions are generic enough that you could point me in the right directions.

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I will see if anyone pops up that can do PA. If there is no one and if you don't mind a call then maybe my questions are generic enough that you could point me in the right directions.

 

I think mortgages as whole are pretty generic, I just wouldn't want to be considered, uh, legally culpable for any answers I give that may not be correct answers for PA. :D

 

Maybe we'll have to do a 3-way with one of our lawyer friends here. :D

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www.bankrate.com

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Maybe we'll have to do a 3-way

 

Yes, just dont let him give you the "arm" with that big balloon on the end... :D

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You can call me...it will be better to talk to someone first who CAN'T do your loan as you know you will get honest answers and not sales pitch...I will PM you my work #, feel free to call me anytime...

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Yes, just dont let him give you the "arm" with that big balloon on the end... :D

:D

 

 

 

Check with the folks here and there is a ton of info available on the net, if you don't mind sifting through it all.

 

Oh and proninja seems to know his chit too.

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What's the best rate right now???

I just finished the paperwork to refinance my original and my home equity together. Were supposed to close thursday. He told me we were at 6% with a 1/2 point but told me if things went down i'd get the better rate.

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What's the best rate right now???

I just finished the paperwork to refinance my original and my home equity together. Were supposed to close thursday. He told me we were at 6% with a 1/2 point but told me if things went down i'd get the better rate.

 

6% is very good right now...rates are slowly creeping upward the past few weeks...

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What's the best rate right now???

 

Here's a question - how do you compute "total interest dollars paid"?

 

Rate is 1/3 of the formula - (Principle x Rate x Time) - and important, but be careful you don't get suckered into a "teaser" rate on an ARM.

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be careful you don't get suckered into a "teaser" rate on an ARM.

 

Had an nice call last night - guy offered me a 1.5% mortgage.

 

It pretty obviously wasn't the broker, because the rest of the conversation went:

 

Me -"Is that fixed?"

"No, it's an ARM"

Me - "What's the rate cap?"

"Huh?"

Me - "How high can the rate go, and how often does it adjust?"

"Um, up to 3%"

Me - "Reallllllllllllllly...sorry, but I think you're full of sh*t on that. What's the index?"

".....can I have the broker call you tomorrow?"

Me - "Sure!"

 

Still haven't gotten the call back. :D

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Had an nice call last night - guy offered me a 1.5% mortgage.

 

It pretty obviously wasn't the broker, because the rest of the conversation went:

 

Me -"Is that fixed?"

"No, it's an ARM"

Me - "What's the rate cap?"

"Huh?"

Me - "How high can the rate go, and how often does it adjust?"

"Um, up to 3%"

Me - "Reallllllllllllllly...sorry, but I think you're full of sh*t on that. What's the index?"

".....can I have the broker call you tomorrow?"

Me - "Sure!"

 

Still haven't gotten the call back. :D

 

I usually mess with the telemarketers as well...I told my wife to tell them we have a 30 year fixed rate at 2.00%...they still try to get us to speak to a loan officer... :D

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I usually mess with the telemarketers as well...I told my wife to tell them we have a 30 year fixed rate at 2.00%...they still try to get us to speak to a loan officer... :D

 

i tell them i dont have one... they dont ever seem to believe me :D

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Here's a question - how do you compute "total interest dollars paid"?

 

Rate is 1/3 of the formula - (Principle x Rate x Time) - and important, but be careful you don't get suckered into a "teaser" rate on an ARM.

 

 

 

Is this the proper calculation for your formula? 100,000 principal X 6%= $6,000 X 30 years= $180,000/3 = $60,000....

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I am closing in on my first home in 1-2 weeks. My rate is locked at 6.375, 20% down, and I have excellent credit - NYC

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I am closing in on my first home in 1-2 weeks. My rate is locked at 6.375, 20% down, and I have excellent credit - NYC

 

Check the YSP on the settlement statement...that will tell you if you got a good deal...

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Check the YSP on the settlement statement...that will tell you if you got a good deal...

 

 

Assuming that he understands YSP... It depends on a lot of things: Employment type, employment history, what type of documentation was the loan, debt ratio, loan amount, length of your lock term, etc...

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I have no idea what YSP is.

 

I do know it was a no-income check mortgage so that might have raised it a little.

 

Edit to add: Mortgage guy claims it raised it from 6.25 to 6.375 since it was a no income check mortgage.

 

But they did verify my employment, credit history, some ratios and what not. It was locked in for 30 days also.

Edited by MrTed46

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I have no idea what YSP is.

 

I do know it was a no-income check mortgage so that might have raised it a little.

 

Edit to add: Mortgage guy claims it raised it from 6.25 to 6.375 since it was a no income check mortgage.

 

But they did verify my employment, credit history, some ratios and what not. It was locked in for 30 days also.

 

Sounds like a decent rate...but when you put 20% down there are MANY lenders who have stated programs at the same rate as full doc...Bank Of America and National City to name a few...

 

YSP is what the lender pays your broker to send the loan to them...it will be listed on the settlement statement...

Edited by alexgaddis

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Sounds like a decent rate...but when you put 20% down there are MANY lenders who have stated programs at the same rate as full doc...Bank Of America and National City to name a few...

 

YSP is what the lender pays your broker to send the loan to them...it will be listed on the settlement statement...

 

 

If his mortgage is through a broker YSP is a very general way to tell what kind of deal you got on a mortgage... if your loan is through a mortgage banker YSP will not be listed on the settlement statement!

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Sounds like a decent rate...but when you put 20% down there are MANY lenders who have stated programs at the same rate as full doc...Bank Of America and National City to name a few...

 

YSP is what the lender pays your broker to send the loan to them...it will be listed on the settlement statement...

 

 

 

10% cash +

 

10% home equity line of credit on my 10% cash = 20%

 

 

 

not sure if that matters.

 

 

 

on the 10% home equity line I current am getting 8.50% which seems like the national avg for that.

 

 

 

I can't wait till I finally get the keys though. Anxiety is sinking is and is getting worst by the day.

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