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Leslie Said:

Other than Bank of America, because they don't service my area, who offers no PMI, Closing costs, or fees loan

We Answered:

Oh brother.

No one. B of A would not even think about it either.

Erik Said:

What are the current rates for PMI on a conventional mortgage?

We Answered:

Put down 20% and avoid PMI.

Holly Said:

PMI would cost ??? on a $280,000 loan with 3.5% down FHA loan 5.25% interest?

We Answered:

$123.84 per month.

Purchase price $280,000
Down payment $9800
Base loan amount 270,200

$270,000 x .55% = $1486 / 12 = 123.84

Clifford Said:

I need advice I want to buy my first home but I want to know my possibilities first?

We Answered:

uYour credit rating is good no problems there. The best bet is to be able to put 10-15% down. If you can manage that I don't forsee you having any problem getting a mortgage on up to about 100k.

I would not go over that and I wold even try to stay under 100K to insure you can still have some fun and not have to spend every dime you make on the house... There are lots of nice houses out there be patient for the right one with the right price tag.. Then pounce.....

Oh Yeah, avoid California. Housing prices out there are ridiculous..a 600K home in California sells for about 100K in Texas. Those folks are nuts.

Kathryn Said:

How can I calculate how much a house will actually cost?

We Answered:

First it would help you greatly if you know what houses you are interested in buying. Calling up the seller and asking questions also helps. I actually found a great article on calculating PMI insurance here http://www.cheapinsurancehq.com/How-to-C…

Billie Said:

Morgage Loan with no closing costs and no PMI?

We Answered:

I'm aware of this loan program as I have recently lost some of my business to BofA for the no cost/noPMI mortgage loan. I'm a Texas loan officer for a broker and thought at first it must be a "bait and switch" offer to existing BofA clients, but it's actually not entirely half bad.

You need 10% down and must be a BofA customer; your rate is only slightly higher than I could offer a borrower in Texas.

The caveats are you can actually save money by negotiating a lower rate with competitive closing costs versus "financing" the costs into your rate, such as with a broker who has access to hundreds of lenders, banks and investors.

Also - BofA is very conservative on qualifying borrowers, if you don't fit their template or mold, then you've wasted precious time when you learn you don't qualify (which by the way doesn't mean you don't qualify for a home loan, just not for that one) and could result in losing your purchase home contract terms or cost you more to start over elsewhere.

On a personal note, BofA is a rough company to work with, they deal in strictly profit margins and to give them a huge financial part of your life (i.e. your mortgage) is a big commitment - so if you've ever had issues on small items like checking accounts fees, NSF charges or loan denials, think carefully.

If you are in Texas and would like to consider using a mortgage broker, check out my site if you want? www.CFMortgageCompany.com - you can bop around without any hassles.

GOOD LUCK!!

Sue