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I Need Mortgage Loan Help! ASAP!

N-Smooth

N-Smooth

Smooth Gang Founding Member
Location
UT
$290 PMI is crazy. I was just approved for a $300k house and PMI was like $90 on my conventional loan. That was only with putting 5% down as well. Regardless you should be able to re-appraise your house at any point and drop the PMI when you get to 80% loan-to-value.

When I bought my current house in '07 it was like drive-thru lending lol and it was the age of 80/20's.
 
sawtooth4x4

sawtooth4x4

Totally Awesome
Location
Land of East Laytonshire
My plan is to finish the basement in my house, add a bathroom, put tile in the other two bathrooms and have it reappraised and go into a conventional loan without PMI. My PMI is $230 a month. Its stupid. I paid $220K for my house and put 3.5% down.

The market is going up.
 
UNSTUCK

UNSTUCK

But stuck more often.
xj_nate said:
$290 PMI is crazy. I was just approved for a $300k house and PMI was like $90 on my conventional loan. That was only with putting 5% down as well. Regardless you should be able to re-appraise your house at any point and drop the PMI when you get to 80% loan-to-value.

When I bought my current house in '07 it was like drive-thru lending lol and it was the age of 80/20's.
Click to expand...

FHA and conventional loans are way different. I was all set to get a conventional loan with PMI in your same range, then they found out that I have not hit my 4 year mark after my BK. Ideally, I wold love to be able to rent this house till April and then do a conventional loan, but if they do change the rule and require 30% down, I will be screwed again and end up getting an FHA loan at that time, along with the rest of the world. And it sounds like their fees will be even higher then so I'm best off sticking with what I have.

I just need to find out if this guy is not being honest with me. I have 0 tolerance for that.
 
UNSTUCK

UNSTUCK

But stuck more often.
To the top.

Looking to refinance and drop at least a bunch of my PMI. I have started the process with one lady, but would like one or two more to make sure I'm headed down the right path. Tyler and Jay both mentioned last time that they have good people. Still like them? Can I get their info?

Thanks.
 
Gravy

Gravy

Ant Anstead of Dirtbikes
Supporting Member
Location
The Land Northward (Bountiful), Utah
I just refi'd and dropped my PMI and maybe a tenth of a percent rate drop. I'll look up my contact info for who we went through and PM you. Shopped around a bunch. Brokers seem better than CU's even because they will shop the rate for you.

It's extremely important to be knowledgeable about the subject before you talk to anyone though or sometimes Mortgage people try to "baffle you with BS."
Our guys were upfront and easy to contact.

Consider that you loan will not get fast tracked as new loans take priority to refi's. Expect a couple months at worst and get your credit in order before you go shopping.

It helped that we've paid down the house a lot and that my house reappraised for $100k more than I paid though, and my two neighbors both sold their houses for $50k and $90k more than me with 1000sq ft smaller homes.

But you really do need to have 20% or better loan to value to drop your PMI. Rates are climbing again.
 
UNSTUCK

UNSTUCK

But stuck more often.
Looking back on this thread I never did update the whole mess. To start off with my "guy" was Carlo from Utah Lending Pros. He's on the radio all the time and sounded like he Knew his stuff. I called him and everything he said sounded great. I was a total rookie and I think he figured that out and started taking advantage of that. He promised me rates a least 25% lower than anyone else could. That got me hooked. After that nothing made scene. I was promised that I would need to bring in about $8000 to close, which I was fine with. A few days before closing I was told the number was more like $15k, if I remember right. I kept telling him that my realtor says this is all wrong. He would get very frustrated that I would talk finances with my realtor. Then when the title lady got involved and her friend, who just happens to work at the same place, things got real bad. Turns I was buying the rate WAY down and paying much higher fees than what they normally charge. It's interesting that right after these two ladies got involved, I got a phone call from Carlo saying he got everything figured out and the mix up was taken care of. I ended up getting everything I was promised and still only came in with $8000. So while he tried to screw me over, he ended up buying down my rate. How nice of him.:rolleyes:
So I've been in the house for a year and a half. We like it and the area. We just want to try to get rid of at least some of the PMI and start paying that towards the house.
 
mbryson

mbryson

.......a few dollars more
Supporting Member
Location
Bountiful, land of rocks
I was pretty happy with America First. We went with someone else for the new house and I'm not exactly thrilled with them. They're fine, but AmFirst was nice to work with.
 
jeeper

jeeper

I live my life 1 dumpster at a time
Location
So Jo, Ut
UT410 said:
Sadly, lots of loans will NOT allow this. Because the value of homes has risen in my area, substantially, and also because we remodeled our home, I attempted to get our PMI removed since our loan amount is far lower than the value. But, we refinanced to get 3.25% (it cost us nothing, that's a different story on how that happened) and in the fine print you have to be at 78% of the loan NOT the home's value.
Click to expand...

this :(
 
UNSTUCK

UNSTUCK

But stuck more often.
Thanks for the leads guys! I have a few emails going now. Looks like I might have missed the boat though. Rates were lower in May when I started with the new lady, but now are back to where I am already at ( 3.75% ) I guess I can still do it and save on cheaper PMI, by about $150 a month. At least that is another house payment per year. Those add up.
 
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