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Message
Best Home Mortgage
Posted on 3/29/09 at 6:21 pm
Posted on 3/29/09 at 6:21 pm
Suggestions for first time home buyer??????
3
Posted on 3/29/09 at 7:03 pm to whitelightin18
FHA 1st time buyer. Only need 3% down.
Posted on 3/29/09 at 7:27 pm to MJRuffalo
The wife and I will be looking hard after September when she finishes grad school. Hoping we can sell our house in a reasonable time table, we are hoping to have 20% down. I'm guessing conventional loan would be the way to go, correct?
Posted on 3/29/09 at 9:04 pm to MJRuffalo
quote:
FHA 1st time buyer. Only need 3% down.
3.5%
Posted on 3/29/09 at 9:07 pm to whitelightin18
quote:
Suggestions for first time home buyer
20% down
15 year fixed rate
payment no more than 25% of take home pay, preferably less
Posted on 3/30/09 at 9:27 am to whitelightin18
I recommend Bank of America no fee mortgage plus deal if you can put down at least 5%, no PMI, and zero closing costs
Posted on 3/30/09 at 11:02 am to josh336
I have heard about the 'no fee' mortgage, but B of A has to make money. They do that by jacking
up the interest rate at least a 1/2% percent higher than someone could get somewhere and pay
the closing costs. Over the long run, you would be much better off paying some closing fees and
getting the lower interest rate.
up the interest rate at least a 1/2% percent higher than someone could get somewhere and pay
the closing costs. Over the long run, you would be much better off paying some closing fees and
getting the lower interest rate.
Posted on 3/30/09 at 11:16 am to rosstheboss
True, but at the time I was getting quoted anywhere from 5.15%-5.50% rates for 30 year fixed. I talked to B of A, and they offered 6%. But I bought 1 point, which cost $1900, and that got my rate down to 5.00% flat.
Posted on 3/30/09 at 4:04 pm to josh336
those no closing cost deals are wierd some are good some arent. but he rules have changed as of april 1st . you must now put down 10% if you are not going FHA. yea swallow that one
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