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Captain X · 02-12-2008, 05:42 PM

1) Where did you research mortgage companies and rates?
All the advertised on-line places like lending tree. The local paper. Preferred lender from builder and Realtor.

2) What company did you go with?
Bank of America. They have an awesome first-time home buyers mortgage. I can't remember the name but I think some people refer to it as an ACORN or CRP (Community Reinvestment Program) loan. It was basically either 1% or 0.5% (depending on the loan amount) off of the best rate you can get with your credit.

3) How do you like the company and their service?
Outstanding. Automatic semi-monthly for free. Closing on the lender's end was painless.

4) Is it a straight 30yr fixed or a "creative" loan?
30 year fixed. Only other thing I would do is a 15-year fixed.

5) What are the terms and the rate?
Back in 2001. 30-year. 6.5%. No pre-payment penalties. No points required.

6) Do you have online access to the account?
Yes. And automatic semi-monthly payments for free.

7) Any other info helps.
You will get pre-approved for a lot more house than you should probably buy. Don't get suckered in. If you wanna figure out how much home you can "afford" look at your GROSS monthly salary and take anywhere from 25-33% to calculate what your total payment should be (the full PITI).

Another excellent source is Homebuying For Dummies. They have a chapter to help determine what your monthly expense will be for a certain mortgage. Following that I was within $11 of the Good Faith Estimate we got from Bank of America.

02-12-2008, 05:42 PM	#2 (permalink)
Captain X Join Date: Apr 2003 Posts: 1,013	1) Where did you research mortgage companies and rates? All the advertised on-line places like lending tree. The local paper. Preferred lender from builder and Realtor. 2) What company did you go with? Bank of America. They have an awesome first-time home buyers mortgage. I can't remember the name but I think some people refer to it as an ACORN or CRP (Community Reinvestment Program) loan. It was basically either 1% or 0.5% (depending on the loan amount) off of the best rate you can get with your credit. 3) How do you like the company and their service? Outstanding. Automatic semi-monthly for free. Closing on the lender's end was painless. 4) Is it a straight 30yr fixed or a "creative" loan? 30 year fixed. Only other thing I would do is a 15-year fixed. 5) What are the terms and the rate? Back in 2001. 30-year. 6.5%. No pre-payment penalties. No points required. 6) Do you have online access to the account? Yes. And automatic semi-monthly payments for free. 7) Any other info helps. You will get pre-approved for a lot more house than you should probably buy. Don't get suckered in. If you wanna figure out how much home you can "afford" look at your GROSS monthly salary and take anywhere from 25-33% to calculate what your total payment should be (the full PITI). Another excellent source is Homebuying For Dummies. They have a chapter to help determine what your monthly expense will be for a certain mortgage. Following that I was within $11 of the Good Faith Estimate we got from Bank of America. __________________ A sense of humor is part of the art of leadership, of getting along with people, of getting things done.