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Best Current First Time Mortgage offers?

MakeitRainDolla 6,163 548 August 8, 2015 at 09:08 AM in Finance (4)
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Looking for deals on new mortgages. I know penfed has had attractive rates and covered closing costs, but seems they have gotten really inefficient over the past few years. Anything else available these days?

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#2
15 year fixed 3% http://www.bankrate.com/
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#3
what state do you live in?

Do you have 20% down to avoid PMI?

Does your state offer any first time buyers programs?

Ideally, I recommend using a mortgage broker for a year fixed rate and that you should have 20% down. I used Yelp to find my mortgage broker.

Stay away from the big banks... they use to and probably still do... Rip you off.
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#4
If you doing it without a broker my advice is to have all your paperwork ready beyond what you think you'll need and then shop around. It can be a headache, but online brokers can probably get you the best rate. So my advice if I had to list them

-Be prepared
-Stay very organized
-Shop around
-Have good communication
-Be proactive.
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#5
It is important to look beyond the rate and consider all charges and aspects of a mortgage.A first-time buyer can choose from any mortgage available as long as they have the deposit and income required. Many lenders often do not label deals as specifically for first-time buyers, but some do and the most attractive deals tend to have low deposits or little or no fees.
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#6
Quote from MakeitRainDolla View Post :
Looking for deals on new mortgages. I know penfed has had attractive rates and covered closing costs, but seems they have gotten really inefficient over the past few years. Anything else available these days?
There is one conventional loan that requires one person on the loan to be a FTHB. That is the 3% down loan from Fannie Mae. Any other loan is available to any one. Some lenders have their own programs tailored for FTHB. We have a couple 100% programs but you don't have to be a FTHB to qualify for them.
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#7
Quote from Boomancini View Post :
There is one conventional loan that requires one person on the loan to be a FTHB. That is the 3% down loan from Fannie Mae. Any other loan is available to any one. Some lenders have their own programs tailored for FTHB. We have a couple 100% programs but you don't have to be a FTHB to qualify for them.
I looked into a FHA loan, but wasn't interested in paying pmi for the life of the loan. Looks like i'm gonna jump into a 15/15 arm at 3.35%
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SmilieSmilie
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#8
Quote from MakeitRainDolla View Post :
I looked into a FHA loan, but wasn't interested in paying pmi for the life of the loan. Looks like i'm gonna jump into a 15/15 arm at 3.35%
If I recall correctly PMI isn't for the life of the loan in FHA. It's eliminated after reaching 20% as long as it's been 5 years since the start of the loan. FHA also gives you good options to streamline refinance if ever needed. Their PMI skyrocketed though in the past decade or so though..
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#9
Quote from DJPlayer View Post :
If I recall correctly PMI isn't for the life of the loan in FHA. It's eliminated after reaching 20% as long as it's been 5 years since the start of the loan. FHA also gives you good options to streamline refinance if ever needed. Their PMI skyrocketed though in the past decade or so though..

It actually has to stay on for at least 11 years. It was 5 and then went to "life" and now back to 11 years. The MI is at 85bps which has come down from the peak of 135bps. Still high, but better than what it was.
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Last edited by Boomancini August 17, 2015 at 10:18 AM
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#10
Quote from Boomancini View Post :
It actually has to stay on for at least 11 years. It was 5 and then went to "life" and now back to 11 years. The MI is at 85bps which has come down from the peak of 135bps. Still high, but Bette than what it was.
FHA is obviously a clustering mess at this point.. Honestly though if you're putting down very little you'd get stuck w/ MI for over a decade anyways.. A couple years ago FHA was typically 1/4 to 1/2 percent better interest wise than a 30yr.
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#11
Check with a local credit union (if you qualify for any), smaller local banks, and another local mortgage lender. Get truth in lending statements from each of them, then see if you can get them to outbid each other for your loan. I just did this and snagged a 3.8% for a 20 year fixed. We had to go with local lenders because houses in our area are selling too quickly and we couldn't deal with the possible delays that a big bank/online bank might cause. It was all very easy as long as you have all of your paperwork ready. No need to pay a mortgage broker a commission.
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#12
Nasa FCU has a 0% down, no PMI option. They are pretty competitive w the rate as well. Last I saw was 4.875% w a 0% down. On a $300K loan, that's a 12 yr breakeven. I would have gone with them, but I'm in jumbo territory where my breakeven would be 7 yrs.
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#13
I got a 3.3% 15/15 from penfed with no closing costs.
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#14
Mortgage broker that you trust or comes recommended from friends or family. Sometimes with big stuff like this it's just nice to have "a guy."
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#15
Quote from MakeitRainDolla View Post :
I got a 3.3% 15/15 from penfed with no closing costs.
How much money did you put down?
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