What is the best place to go for advice and mortgage information?

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I just want to find basic information on getting a mortgage, refinance, home loans, Fannie Mae, etc.? Is there a place like a mortgageguidance.info? Site or what? FHA? South Bay?
If this is an opportunity or not? The facts are there: my AVG. FICA is 715, making about 85K p / year @ the same job for 12 years (teaching) and have invested over 30K, taken as a deposit and 20K in property is a duplex in the bar area of ​​Los Angeles ( South Bay), I have already put $ 3000 as security conditions are set at 5% down; The loan option is a 85/15. Tthe interest on the loan is 7% in the spotlight (85% interest only for first 5 years) specified, and 10.75% for small loans (15% of its jumbo loans). I just heard today about more than stats what was suspected: maket people over late mortgage payments and a global stock frightened by them. Countrywide. WaMu and other troubled financial institutions. I know it will be difficult to obtain better loan terms, but I do not want to miss the opportunity to gehen.Ist it better to wait a few mos. untiI the storm has passed, or do I have with what I have to play the hand? (First home buyer time) Thank you for your advice. = 0)

8 Comments
  1. Reply
    kemperk
    April 29, 2011 at 9:34 pm

    call 3 local mortgage brokers and visit 1 of them

  2. Reply
    godged
    April 29, 2011 at 10:26 pm

    Your best option is to contact local lenders. Ask friends and family for suggestions.

    The problem with internet lenders is they may not have information about local programs that you might qualify for.

  3. Reply
    Kate M
    April 29, 2011 at 10:36 pm

    Well if you really want this house then you had better move on it cause it will not stay on the market long if it is a good price and a good house . I think you have a good deal here . good luck .

  4. Reply
    sapphireskies72
    April 29, 2011 at 11:36 pm

    Your income and credit score are WAY too good to be paying over 10% interest on a piggy back loan.

    Check around some more – you should be looking at no more than 6.5% on the first and 8.5% on the second.

    Good luck.

  5. Reply
    jakedog
    April 29, 2011 at 11:55 pm

    those are not very good rates for someone with your credit and loan info. I would start shopping. Use the Good faith your company gave you as leverage with other mortgage companies. They WILL beat that rate.I am in the mortgage business and I know I can beat it. contact me if you want and I will show you.

  6. Reply
    Yanswersmonitorsarenazis
    April 30, 2011 at 12:44 am

    First of all, your loan officer sucks. Find a new one.

    The jumbo loan market right now is getting killed, right along with the Alt-A stuff.

    However, Fannie Mae/Freddie Mac loans are going down in rate.

    You should be able to do a $ 417,000 conforming first mortgage at about 6.375%-6.5% today, even interest-only (I/O for 10 years instead of 5 as well).

    And to pay 2.5% over Prime for your second is too high as well. With your credit, you should be able to get a 2nd under 9% (fixed rates are lower than HELOC’s right now).

    But seriously. You’re working with someone who was too dumb to figure out that by dropping your first mortgage by $ 23K, he could save you over $ 2K/year in interest. What else has he missed?

  7. Reply
    Nena
    April 30, 2011 at 12:51 am

    First congratulations on your purchase.

    if you back off just because you changed your mind you will lose your 3k, and honestly 550k for a duplex is excellent, if you wait any longer there is no guaranty you will get anything better, and the loan I hope is already lock because as of today there is no way you will get a 7% fixed, unless you pay points to buy-down the rate.
    Also the sellers have a right to take to court for specific performance, for breach of contract.
    I’m sure your realtor will give you all the details.

  8. Reply
    nick k
    April 30, 2011 at 1:24 am

    I am with everyone else, your rates are too high. You should be getting a better deal on this loan, unless you are doing some stated program.

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