What is the right amount I should expect to pay for the interest and points and all that other stuff. I need to do a bunch of research but I thought people here could help get me in the right direction of whats good and whats a red flag. Thanks!
If it helps I’m putting 20% down
Buy it through the bank!
I’m purchasing a home and dont want the mortgage broker to rip me off. What should I look for and whats good?
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Buy it through the bank!
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Consider using a credit union or smaller bank direct rather than a mortgage broker. Frequently, brokers steer you to the best loan for them rather than the best for you.
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Answer from NewJersey is right on the money. Deal with Countrywide or other major lender (brokers often wind up getting the loans thru them anyway). What you will pay is going to be a factor of your credit score, employment verification/income and how much you are going to put down. Unless your last name is Trump, don’t even think of trying to get a 100% loan.
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Most people know the rates but the creation points are a variable expense. Also if the mortgage is a variable rate in five years then it is all different every five years. Twenty percent is awesome for down payment unless the real estate is over-priced then the down payment is in reality less than 20 %.
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use a credit union or a bank for the loan and make sure you get a low percentage on the mortgage, interest look around 6%
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we make money two ways (simplified):
1. Upfront charges and points.
2. Back end rebates. For example, if we can get you a 6% interest rate, and we give you 6.25%, then the lender gives us a rebate.
You want to shop around to see who give you the best interest rate with no fees and no points. Since you are putting 20% down, you should have no problems getting a loan.
Good luck.
Regards
References :
Satar Naghshineh
California Licensed Real Estate Broker
Amiri Property and Financial Services Corp.
Irvine, CA