NLIC.org

Kent Said:

Who has the best mortgages for first time home buyer in St. Louis Missouri?

We Answered:

if you have a 620 you can look at mycommunity....it's zero down....otherwise you can use the FHA with 2.25% down payment.

make sure to get the seller to pay for the closing costs!!!


*710 is good but it will not change your rate on the government programs

Ricardo Said:

Does Lending Tree really have the best mortgages available?

We Answered:

If you're interested you could look into hard money lending. There is a great website out there, http://www.pitbullmortgageschool.com . You should check them out.

Jacob Said:

If you have bad credit who does the best mortgages?

We Answered:

How bad?

If it's under 580-600, no one. You can get one, but your interest is going to be HIGH! Two years ago, with a 549, I got 12% (when the market was 6-8%, I think.)

If you have a 600 or so, or higher, you can look into FHA - there are numerous FHA brokers, if you'd like me to refer you to the one I'm working with, who is providing pretty good service, click on my profile and e-mail me.

FHA will get you under 7%, even if you're in the low 600's.

Carmen Said:

whos doing the best mortgages at the moment?

We Answered:

try www.thisismoney.co.uk and www.motleyfool.co.uk both are independent websites which show the best rates and mortgages available at the moment.

Brian Said:

Who is offering the best mortgages right now?

We Answered:

I would suggest looking at
http://www.bankrate.com/

Your situation will be unique. Since you aren't at the 80% Loan to value mark, you may want to look at Lender MI. That way you don't have to pay PMI, which on a house that size it will take a while to get to 80% LTV. So I woul go with lender MI because you will only have to pay probably .5% more in interest rate and not have PMI. That means right now you probably could get a mortgage at 6.25%. which is pretty good. considering your loan to value.

Or you could go with a two loans an 80% loan and 2nd mortgage loan, but generally the 2nd is much higher rates. So you need to look at the whole picture.

My first house I bought with lender MI, I had 6.625% which was O.K. but now that I have been there for 2 years I now refinanced the whole thing to a 15yr fixed rate @ 4.625%
So I got that working for me, which is nice.

As far as the Fees are concerned they are pretty standard in the retail business, if you go wholesale different brokers charge different broker fees.

Retail generally has lower fees but higher rates
Wholesale generally has higher fees but lower rates

based of the size of your mortgage you may want to get a broker working on it for you. Just be wary of their fees. Brokers get more on bigger loan sales. Add to your question if you need better clarification.
Oh and keep tabs on the bond market 10yr Treasury notes in particular they drive when it is best to lock in a rate.
That is why I got 4.625% because I timed it perfectly. That is without buying the rate down too. And I just closed on the 8th of February so things have changed drastically.

Fred Said:

What is a good way to find the best Mortgages Loan ?

We Answered:

make sure you have good credit. only allow one credit report to be pulled until you find the best loan. Simply tell them what your FICO score is. they can tell you what is available for that score, and then pull credit if you decide to proceed.

try eloan.com. You can experiment there, without committing

check your local credit union.

Check a local mortgage broker.

Compare rates and fees to see the true cost of the loan.