Mortgage Lenders

I am a first time home buyer. I am seeing lot of adv of mortgage lenders in bakerate.com. How do I know those companys are good in terms of rate, fee and service? Is there any review sites? Is there any advantage in getting mortgage loan through reputed banks like wells fargo, chase or bank of america? It seems their rates are higher than Credit Unions. Appreciate, experts answers.

check online…easiest way to go…

What is the best company out there that will finance a married couple but only one person having bad credit? First-time homeowners as well as no money down if at all possible.

Use the theory of relativity (borrow from a relative) failing that, with no or poor credit you will get hosed anywhere. Try rent to own or owner financing.

I know this depends on each person’s situation, however when my family goes to buy our second home, we will probably only have enough profit from the sale to put 15% down. I want to avoid 100% financing if I can. What would be the best way to borrow that other 5% on say like a 5-7 yr loan?

We are selling out condo in CA and trying to move up to a single family detached home. If we opted for a townhome we could definitely make 20% or more down, but we really want to have a house since we have young children.

Get a few referrals or just find some good loan officers (both brokers and bankers) and get some quotes.

It’s possible it will be better to do an 80% first, and 5% second, but it’s likely that doing one loan at 85% and taking the mortgage insurance for a year or two is the better deal.

But you have to find someone to run the numbers for you, for your particular situation.

I’m thinking of looking at a Cal HFA loan/down payment assitance program as I am a single mother not making a lot of money but enough to pay the rent, etc. Does anyone know which lenders are the best to work with?

Call a real estate agent, they always know several lenders and will be able to point you to one that can better service your needs.

I have more than enough money to afford to pay for a house in full. However, I think I can get better returns on my money than the cost of a mortgage. What is the most aggressive mortgage I can get, knowing that I can always pay it down in the event that I need to?

Get an interest only loan or consider an ARM, or a 40-year fixed, a 30-year fixed or lesser year fixed.

If you can put your lump sum of money in a (safe) investment that can consistently get higher returns than the interest rate you’re having to pay on the loan… good idea. If you’re considering putting the lump sum in an investment that would spit out the mortgage payment each month, you’re credit rating will go up too. If you’re considering putting the lump sum in a tax-deferred retirement account, like a variable annuity, just consider what monthly mortgage payment you can afford until you’re 59.5 years old.

Any detailed comprehensive training manuals for mortgage underwriters.

Hi,
I read your question. there is no such book which i know that help you in this regard. whereas, you can refer our Fanniemae ‘guide to underwriting – 2007′ for your first step. moreover, there is one paid site which will help you a lot ‘allregs.com’.
From your question i can guess that you are very new to mortgage industry and want to grow yourself in underwriting. you can ask me all of your query regarding your mortgage underwriting. my email address is ‘thelastwarrior01@yahoo.com’. but before that i need all of your detail at my email id.

thanks
the last warrior.

More specifically:

1. What kind of mortgage should i get?

2. I will probably be using my parents as a co-signor in order to get a better rate, will I still be eligible for the 8k tax credit?

3. If the tax credit is eligible to be used for a down payment, does that eliminate my 2009 tax return altogether?

Your parents co-signing will not get you a better rate, you only need them if your own credit is bad. but you still get the bad credit rate,

If they co-sign and own property, no you will not qualify for the credit.

SOME states are allowing you to use the credit for part of your down payment. But you have to use FHA and you have to still pay at least 3.5% down yourself.

my parents are looking for a loan mortgage company.
also, is it possible for different loan companies to give the same person different pre approvals? like for different amounts of money?

Different loan companies will be better then others for different people
Normally though a house will go to closing easier if you use a local mortgage company. Using a online/remote company may be harder because it’s more difficult to get a hold of the loan officer or underwriter and when problems arise it could take longer to get them worked out.

My husband has limited credit (590 credit score) But nothing bad on his credit. Does anyone know which mortgage company is most likely to approve us for a loan as first time homebuyers and 100% financing?

You may be approved for FHA loan with 97% financing. Assuming that it is buyers market, you may get lucky and seller’s contribution will cover needed 3%. Keep in mind, it is important: you better look for honest and reliable mortgage specialist than the company. Conditions of your loan depend mostly on him. His job is to find a company and arrange the loan to suit your needs

My bid was just accepted on a townhouse. I would now like to know who offers the best interest rate for me. My credit score is in the mid 700- range and I’m looking for a 30 year fixed rate for an FHA loan on a 150,000 home.
Thanks!

Lets see for Northern Virginia you’re looking at 4.375% today no points. Any of your local companies should be able to help you.