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I Need Mortgage Loan Help! ASAP!

UNSTUCK

UNSTUCK

But stuck more often.
Are any of you mortgage guys on here? I could really use some unbiased information on FHA loans. I have a feeling my guy is ripping me off, but I don't really know for sure and I don't want to call him on it, yet. He talks a mile a minute over the phone rattling off a million laws and rules that somehow makes his origination fee to high. And then I am responsible for paying a few of the closing costs that I though the seller was paying for, but is now out of money because of the origination fee.

I don't know if anything will end up coming your way out of helping me, in terms of a loan or what not, but I'd be glad to turn a wrench for you down the road.

I don't have time for PM's or email. My loan closes next week. Please give me a call. Thanks a ton.

Josh.
8o19189784
 
Herzog

Herzog

somewhat damaged
Admin
Location
Wydaho
I can't help much other than if you think your guy isn't being upfront then you are probably right. Everything should be clear as day. Be very wary.
 
pELYgroso

pELYgroso

'Merica
Location
LEHI, UT
I am buying a house right now and my mortgage guy is amazing. Extremely thorough and took time to explain every fee and even paid for the first appraisal on a house that didn't go through himself and isn't charging us extra on this current one. I looked at his roof the other day, and was surprised at how humble his house is considering how busy he is. I really feel like he is in it for his clients and not to make the most $ on each loan. Pm me if you want more info. I'm sure he'd be more than happy to answer any questions you have over the phone!
 
UNSTUCK

UNSTUCK

But stuck more often.
Looks like his origination fee is 2.5%. I don't have a brake down of his fees, but it's either that or I'm buying down the rate. He and I already discussed buying down rates and we agreed that was not a good option for me. So if he is buying a lower rate, he's doing it behind my back. And if that's the case, it has to be that way because I'm maxed at my comfortable monthly payment.

Why can't buying a house be like buying a car? Get a loan, show up with cash, buy it, enjoy....all done in one day. :D
 
V

Vonski

nothing to see here...
Location
Payson, Utah
I just bought a house in September and learned something very interesting about Mortgage Insurance. Earlier this summer (June, I believe), there has been a change to certain types of FHA loans that require paying MI for the ENTIRE DURATION of the loan! Be sure to ask about this, since MI could end up being around 1/6 (or so) of your monthly payment! I've been hearing ads about lenders getting around MI without coming up with the 22% (used to be 20%) down. Not sure how they're doing this, but ask about that as well.
 
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pELYgroso

pELYgroso

'Merica
Location
LEHI, UT
Vonski said:
I just bought a house in September and learned something very interesting about Mortgage Insurance. Earlier this summer (June, I believe), there has been a change to certain types of FHA loans that require paying MI for the ENTIRE DURATION of the loan! Be sure to ask about this, since MI could end up being around 1/6 (or so) of your monthly payment! I've been hearing ads about lenders getting around MI without coming up with the 22% (used to be 20%) down. Not sure how they're doing this, but ask about that as well.
Click to expand...

This is true. With FHA loans, you have to pay mortgage insurance for the life of the loan. With a conventional you have to pay it until you've paid 20% of the loan. If you're able, a conventional w/ 3% down is a better option for long term.
 
UNSTUCK

UNSTUCK

But stuck more often.
Cascadia said:
It was like that 5 years ago. :eek:
Click to expand...

Funny thing about that.....
I had a great job in AZ that I left to move up here so that I could help my brother and his wife run their mortgage company. Well she did the mortgages, and he did real estate. So I moved up here to help him in July of 2007. The next day the market crashed. The day after that I found out that they both were major scammers. The day after that they were both under investigation by the board of realtors. Then came the fines, then they had their licenses revoked. Her mortgage company shut down.
Then there was me. A brand new realtor with no knowledge and no contacts. I tried for a while, then went back to turning wrenches.
I look much better in coveralls, then a tie anyways.
 
frieed

frieed

Jeepless in Draper
Supporting Member
Location
Draper, UT
pELYgroso said:
With a conventional you have to pay it until you've paid 20% of the loan.
Click to expand...
Not quite. You have to pay insurance until you have 20% equity. If the appraised value rises or you pay principle to the point where you have 20% you can drop the insurance.
 
UNSTUCK

UNSTUCK

But stuck more often.
Vonski said:
I just bought a house in September and learned something very interesting about Mortgage Insurance. Earlier this summer (June, I believe), there has been a change to certain types of FHA loans that require paying MI for the ENTIRE DURATION of the loan! Be sure to ask about this, since MI could end up being around 1/6 (or so) of your monthly payment! I've been hearing ads about lenders getting around MI without coming up with the 22% (used to be 20%) down. Not sure how they're doing this, but ask about that as well.
Click to expand...

To add to my sob story, we tried for a while to get caught up, but couldn't. We BK'd in April of 2010. We don't qualify for a conventional loan till April of 2014 because of the BK. I asked my loan guy today about renting the house till april then buying it. He told me that on January 10 2014 the law will change that will make all conventional loans require a 30% down payment or equity. (True or not I don't know) Because of this, FHA is jacking up their rates because everyone will be forced to use them because no one will have 30%. My mortgage insurance premium is $4500 up front, then like $200 and something a month forever.
American dream is more like a nightmare.
 
rondo

rondo

rondo
Location
Boise Idaho
You should always shop for a mortgage loan. he should provide you a good faith estimate and with this you can shop around. he should have come with references, etc.
you can also shop for title services. the title company I used was shady...I think. if your intuition is buzzing, then listen to it.
I would have an attorney look over your paperwork. your attorney must be a specialist or extremely knowledgeable about this process. He should be able to tell you if you are contractually obligated to proceed. it sounds like you are going to closing on your new house. you may be stuck contractually, but i'd still have a lawyer look at it.
 
Marsh99

Marsh99

Lover of all things Toyota
Location
Mantua UT
pELYgroso said:
This is true. With FHA loans, you have to pay mortgage insurance for the life of the loan. With a conventional you have to pay it until you've paid 20% of the loan. If you're able, a conventional w/ 3% down is a better option for long term.
Click to expand...

So why not refinance after you have the 22% equity?
 
TurboMinivan

TurboMinivan

Still plays with cars
Location
Lehi, UT
frieed said:
That was the case in 1995, but they may have changed the rules since without consulting me. :D
Click to expand...

They apparently did. I bought my home in December 2003 and my initial 30-year loan was an FHA mortgage. It included PMI, which I was told "would drop off automatically once you have 20% equity." I paid extra to principal each month, and my home slowly increased in value. Seven years later, I realized my balance was considerably less than 80% of the home's current market value, so I contacted my lender to remove the PMI. I was told, "too bad--you current loan balance is still higher than 80% of the original loan amount, so the PMI stays."

Eff that, I thought. I drove to a local credit union and applied for a re-finance. I put absolutely no cash down and I rolled $15k of other debt into it... and I was still under 80% of the home's appraised value, so the CU set me up with no PMI, just as I wanted. Even better, interest rates were now lower so I dropped to a 20-year loan term... and my payment still came out lower than it had originally been.

And people say car salesmen are greedy crooks.
 
UNSTUCK

UNSTUCK

But stuck more often.
My PMI is set at $290 a month. FHA's are higher then conventional. I'm at the point where I wonder if I could rent the house till April and then buy it on a conventional loan. I bet it would cost to much to try and do a refinance so soon. That and if they do start forcing 30% down payments, I'm screwed again. That's my shop building money! :D
 
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