Mortgage Loan.......

[Cappin Kirk]

I'm buying my first home, and I wanted to see how I should finance it. I was wondering if anyone has had any luck with internet lenders. Should I go that rout, or use a local mortgage company. I'm buying the house from a friend's dad and am currently living in it. I've done my research and he is selling it to me for less than he paid for it in 2002. He only wants what his loan payoff is, but he wants me to pay the closing costs. I'm not in position to buy a home, but I know this is a good deal. I just want to get it put into my name and sell it in around 3 years. I want to spend as little money up front as possible. I've been looking at 100% loans, although I will have to pay PMI and my payment will be higher. The house appraised for $15,000 more than the purchase price. Will this instant equity help me pay PMI for a shorter period of time? Any help will be greatly appreciated.

 

[MAXSHARP]

You can break it up into 2 loans to avoid the pmi....You can do an 80% 1st mtg and a 20% 2nd..If it appraised for that much higher you can also add in a seller's concession which will allow you to finance the closing costs also...Good luck with your first house...

 

[Cappin Kirk]

Thanks Max

 

[AR182]

ck,

this is only my personal preference....it doesn't mean that i'm right or wrong....

i don't do business with any company that doesn't have an office where i can walk into....in case there is a problem i want to know where i can locate the person that i'm doing business with.....

good luck.

 

[White Shadow]

Cap Kirk.......got my home loan at my bank. They sold it within 12 months to an online company. I was a little pissed at first because like AR said, if there was a problem I wanted someone local that I could deal with face to face. That being said, I've been very pleased with my experience so far with Countrywide......good customer service, convenience of paying online, statements at my diposal anytime I want to pull them up. Don't know much about what else is out there but Countrywide has been good for me.

 

[oldschoolcapper]

check with some local credit unions. they generally have lower closing costs than banks. also, they usually have a lower interest rate than local banks and many will allow you to finance up to 90% without having to pay PMI. if you can't do that, the 80/20 that max mentioned is the next best thing IMO.

good luck

 

[SixFive]

I wouldn't use an internet lender. Also, shop around your local area. I have used the same mortgage corporation for all of my mortgages and refinances. The last time I did a refi, I called the owner, said I wanted to refi, he asked if I wanted any cash out of the refi, and my wife and I went in to sign the papers less than 2 weeks later. All refis there are only 500 bucks in closing costs if you have your original mortgage there. Can't beat that service and cost.

 

[hurricanes6]

cappin kirk

cappin kirk

I own a mortgage bank and would be glad to assist in your loan. I will make sure your fees are minimal and we will take you through the loan process from start to finish (an education along the way). If you would like to talk get my email from madjack. Regards, Cane