NLIC.org

Julie Said:

How do I know if I am getting a good home loan offer ?

We Answered:

If the seller or someone else is paying your "closing" costs, that's a good deal! You can negotiate that and you should be working with a mortgage broker or wholesale person. Banks tend to charge you "retail" and you might not get the best deal. In this market, your 30 year fixed rate should be in the 5.25% range. Your APR will be higher than this amount, as the government requires that any finance costs over the term, be reflected in that APR rate over the term period of your loan. If you get a 5.25% fixed, your APR should still be well under 6%. Your best offer is always going to be your fixed interest rate, and least cash out of your pocket, my opinion.

Chris Said:

What should we do if bank messed up our mortgage loan?

We Answered:

Who told the bank this was a house? That is the person "at fault". The bank originated the loan based on what they were told. It is obvious it is a condo, there is no land, and is in a complex, but if they were told it was a house they would offer you a loan for a SFH until they looked up the title or tax information.

Alvin Said:

Mr. Carter is planning to buy a home?

We Answered:

$1,581.59 per month.
$149,113.97 outstanding loan amount after 5 years.

Marsha Said:

How close to good faith estimate will my home loan be?

We Answered:

I can't think of any situation where it would good for a person to borrow 105% of the value of a house on their personal home, however I don't think anyone should tell you what loan program that would be best for you without first setting down and talking with you about your situation.

The gfe has to guess at your cost for homeowners insurance and never includes any costs for a home inspection (you may not be getting a home inspection on a new home but a lot of people do).

Once you talk to your insurance agent and decide what your deductable will be and the other features you want, then you can plug that in and get a better guess.

The loan agent suggested by the builder should be able to estimate everything else very closely since they probably work with the same title company and builder a lot.

Audrey Said:

Which mortgage loan is better: FHA or Rural Development's Guaranteed Home loan?

We Answered:

According to your objective it would be the Rural Housing USDA. This program is a 100% LTV (loan to value), no MI with rates usually comparable to FHA.

Now with that being said your the loan fee is charged to you at the beginning of the loan. Your loan amount will have an add on of 2% giving you an actual LTV of 102%. The seller can pay closing fees up to 6%.

This program carries some strict guidelines. You have an income max, also back end debt ratio max of 42%. Other than the current turn time for approval (which is now two weeks) it is a great program for those who don't have the down payment or which to hold on to their down payment.

Good luck to you both

Tara Said:

Need advise on a mortgage quote, is 4% good?

We Answered:

Well yes, but you have to consider points and fees. They can make the rate sound good but charge high points or origination fees or other things. Look at the total package. Yes that is a good rate.