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kns10-20
LIF Adult
Member since 8/07 996 total posts
Name:
Kath
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Shopping 4 a mortgage
This might be a silly request, but does anyone have a list of questions one should ask banks, mortgage brokers, and/or credit unions when shopping around for a mortage? What are some the benefits in using a bank/credit union rather than a mortgage broker and vice versa? Aside from the processing fee what other fees can be negotiated or waived? ITA
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Posted 8/12/08 2:31 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: Shopping 4 a mortgage
You want to go with who ever gives you the best rates. The rates are high right now, but you can buy down a little bit or do a float and lock.
Also you want to get a good faith estate in regards to closing costs. FM me with questions.
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| Posted 8/12/08 2:41 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Shopping 4 a mortgage
Make sure there is no penalty for paying extra each month, and paying off the mortgage early. If you pay a little extra each month, you can shave a few years off the mortgage, but you don't want to pay a penalty for doing that....
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| Posted 8/12/08 3:26 PM |
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qtdimps231
LIF Toddler
Member since 11/07 477 total posts
Name:
Diana
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Re: Shopping 4 a mortgage
Posted by GoldenRod
Make sure there is no penalty for paying extra each month, and paying off the mortgage early. If you pay a little extra each month, you can shave a few years off the mortgage, but you don't want to pay a penalty for doing that....
ditto this. my mortgage broker told me it's actually against the law in new york to charge a penalty for paying early.
find out about PMI if you are putting down 20%. see if the rate includes points. IMO i dont recommend buying points for a rate.
let me know if you want my broker's number. he's a friend of mine and works for chase.
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| Posted 8/12/08 5:17 PM |
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kns10-20
LIF Adult
Member since 8/07 996 total posts
Name:
Kath
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Re: Shopping 4 a mortgage
Posted by qtdimps23
Posted by GoldenRod
Make sure there is no penalty for paying extra each month, and paying off the mortgage early. If you pay a little extra each month, you can shave a few years off the mortgage, but you don't want to pay a penalty for doing that....
ditto this. my mortgage broker told me it's actually against the law in new york to charge a penalty for paying early.
find out about PMI if you are putting down 20%. see if the rate includes points. IMO i dont recommend buying points for a rate.
let me know if you want my broker's number. he's a friend of mine and works for chase.
A PENALTY for paying EXTRA??!! W T F DH is going to love hearing that . We already have plans to try & double up on a couple of months. Irene I'm definately going to take you up on your offer .
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| Posted 8/13/08 8:59 PM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: Shopping 4 a mortgage
Posted by qtdimps23
Posted by GoldenRod
Make sure there is no penalty for paying extra each month, and paying off the mortgage early. If you pay a little extra each month, you can shave a few years off the mortgage, but you don't want to pay a penalty for doing that....
ditto this. my mortgage broker told me it's actually against the law in new york to charge a penalty for paying early.
find out about PMI if you are putting down 20%. see if the rate includes points. IMO i dont recommend buying points for a rate.
let me know if you want my broker's number. he's a friend of mine and works for chase.
I'll take your friend's number please! I use Chase bank. 
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| Posted 8/13/08 9:52 PM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: Shopping 4 a mortgage
is it safer to use a bank rather than a broker?
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| Posted 8/13/08 10:23 PM |
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