OT: first time home buyer

[majors42]

Any tips or suggestions on getting the best rates etc...
A little follow up info, my credit is good and I'll be putting something down.
Any tips on getting rates would be much appreciated

 

[MeridianDog]

thay should know the rates for everyone in your area.

Ask the realtor lots of questions. it is part of what you are paying them.

 

[Sutterkane]

Go to several banks to see about getting a home loan, don't just settle on one. When you go into each, they will run your credit. This is not too much of an issue as generally credit bureaus will simply mark this as you shopping for the best bank to get your loan with. At each bank, make sure you get a truth-in-lending document, or TIL. Have the banker go over the TIL with you and explain each of their costs, including closing costs and all of their fees they will have you pay for. The latest TIL that has to be given out that was developed 2-3 years ago simplifies fees on this document and you should be able to compare the fees that one bank will charge you to another bank. Most banks will have the same type of fees but will charge different amounts for each. So, find a bank that not only has the best rate, but the lowest closing cost, and lowest fees. Keep in mind that whatever your home value is, if you don't get your seller to pay for closing costs, it's basically around 3% of your total loan amount, and your realtor will also charge anywhere from 1-3% of your total loan amount.

As for actual rates, most good rates are in the 3s right now. 4 is ok.

Hope this helps.

 

[jtmjxn]

If you go to several banks, check the junk fees on the truth in lending statement - document prep fees, underwriting fees, etc. Be sure and check the underwriting fee also. most 30 year loans i've seen this month have been 3.65 to 3.75 percent. Usually, the realtor fee is paid for by the seller also. Get your realtor to ask the seller to pay 3% of your closing costs.

 

[Rabbitt]

Check you PM. I'm a mortgage lender.

 

[thedog]

multiple searchesof your credit bureau reports will adversely affect your credit score

 

[fishwater99]

<table class="c21" cellspacing="0"><tbody><tr><th class="c21Hdr" id="h1111">Product</th>
<th class="c21Hdr" id="h1121" style="text-align:center">Interest Rate</th>
<th class="c21Hdr" id="h1131" style="text-align:center">APR
</th></tr><tr>
<th colspan="3" class="c21Hdr" id="h1211" axis="product">Conforming 1<span>and</span> FHA<span> Loans
</span>
</th></tr>



<tr><th id="h1311">30-Year Fixed</th><td id="h1121 h1211 h1311">3.875%</td><td id="h1131 h1211 h1311">4.054%</td></tr>

<tr><th id="h1411">30-Year Fixed FHA</th><td id="h1121 h1211 h1411">3.750%</td><td id="h1131 h1211 h1411">4.705%</td></tr>

<tr><th id="h1511">15-Year Fixed</th><td id="h1121 h1211 h1511">3.125%</td><td id="h1131 h1211 h1511">3.438%</td></tr>

<tr><th id="h1611">5-Year ARM</th><td id="h1121 h1211 h1611">2.250%</td><td id="h1131 h1211 h1611">3.156%</td></tr>

<tr><th id="h1711">5-Year ARM FHA</th><td id="h1121 h1211 h1711">2.750%</td><td id="h1131 h1211 h1711">2.999%</td></tr></tbody></table>

https://www.wellsfargo.com/mortgage/rates/
<table style="width: 6px; height: 110px;" class="c21" cellspacing="0"><tbody><tr><th id="h1311">
</th><td id="h1121 h1211 h1311">
</td><td id="h1131 h1211 h1311">
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</td><td id="h1131 h1211 h1411">
</td></tr><tr><th id="h1511">
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</td><td id="h1131 h1211 h1511">
</td></tr><tr><th id="h1611">
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</td></tr></tbody></table>

 

[sleepy dawg]

If you can put 20% down, do it. Not only will this drastically lower your payments, but it will get you out of PMI.

 

[dawgbydesign]

Shopping around will cause your credit score to drop. Credit agencies don't like a lot of inquiries. Excessive inquiries (no matter the kind and excessive is defined by the agency) is a cause for concern and your credit score will pay for it. Experience

 

[BleedtheFreak]

If you can put 20% down, do it. Not only will this drastically lower your payments, but it will get you out of PMI.

Best advice I've seen yet. Save good money doing this and then buy a house that you can pay extra on each month. The more you pay each month extra, the more you save in interest in the long run.

 

[birdawg]

I highly recommend 20% down to avoid PMI but you can also get around this by 10% down and an 80/10 loan. But 20 down is always better

 

[majors42]

Thanks for the tips. Had no idea about the TIL. Realtors only help out so much so I wanted some objective opinions.