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airehead
Oompa Loofah
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Joined: 12 Nov 2002
Posts: 18788
Location: Between here and eternity...
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 Posted: 05/28/06 - 14:56 Post subject: Help a clueless wonder out, please...
Where is the best place to shop for a home loan? We haven't needed one for nine years. Then it was WAMU and they were really, really nice.
I am affiliated with several banks--and my military affiliated insurance company/bank offers home loans.
Is lendingtree a good idea?
Help!
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TriBob
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Joined: 29 Aug 2002
Posts: 5771
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Posted: 05/28/06 - 15:14 Post subject:
USAA
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brie k
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Location: where the wild things are
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Posted: 05/28/06 - 15:56 Post subject:
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airehead
Oompa Loofah
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Posted: 05/28/06 - 18:57 Post subject:
Should I preapprove? Or should I wait until I have a house in mind? We've found abou 5 we really like, so we know our price range.
What do you think?
USAA is what we we have.
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MechEngDropout
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Posted: 05/28/06 - 19:05 Post subject:
I think it's best to get the ball rolling as soon as possible, because there will be the inevitable delays.
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Ms. Jenn
Fresh, Hot & Wild
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Joined: 14 Feb 2004
Posts: 7935
Location: Suite 550
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Posted: 05/28/06 - 19:11 Post subject:
 USAA is your friend for everything! We financed through GMAC on our current house because DH was a GM employee and got a 0.5% discount and some closing costs paid.
Most of your online companies will get you sucked in for a loan with the promise of a low rate. They can't offer you any lower than the other banks.
Be aware of real estate agents/loan officers trying to sell you on a loan you really can't afford. Be wary of too good to be true stories.
Do NOT buy an interest only loan, do NOT buy an adjustable rate mortgage (ARM). Do not buy a loan with a balloon payment at the end.
ALWAYS PREQUALIFY!
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tdassow
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Joined: 18 Jun 2004
Posts: 198
Location: Way up North...
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Posted: 05/29/06 - 01:21 Post subject:
I've used GMAC and Lendingtree.com, both were great.
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rolling rock
The Pinball
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Joined: 15 May 2002
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Location: unknown zone
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Posted: 05/29/06 - 07:32 Post subject:
i agree with jenn. watch their fees too, i think fees will vary by lender. fees can really add up -- points and lending stuff can be waived by one bank but full on in another even though the rate is the same...or lower rate, higher fees. no balloon payments and no ARMS. i'd try my best to go 15 year fixed, no fees if i were you but lenders hate short term so the rate on those is usually higher. the interest savings over the term is mind-boggling though but the write-off isn't as good (assuming there is still such a thing as mortgage interest write off  )
prequalify if you can, yes.
good luck 
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purple hayes
Frightened Inmate #2
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Posts: 14462
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Posted: 05/29/06 - 07:57 Post subject:
50 year mortgage FTW!
/because it's cool to have a house note when you're 85. 
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Ms. Jenn
Fresh, Hot & Wild
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Joined: 14 Feb 2004
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Posted: 05/29/06 - 08:25 Post subject:
| purple hayes wrote: | 50 year mortgage FTW!
/because it's cool to have a house note when you're 85. |
NO MORE THAN 30 EVER! If you can't afford the house on a 30 year note, you can't afford it at all!
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purple hayes
Frightened Inmate #2
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Posted: 05/29/06 - 08:28 Post subject:
| Ms. Jenn wrote: | | purple hayes wrote: | 50 year mortgage FTW!
/because it's cool to have a house note when you're 85. |
NO MORE THAN 30 EVER! If you can't afford the house on a 30 year note, you can't afford it at all! |
I'm sure the same thing was said when a 30 year mortgage was introduced.
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andydp
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Joined: 23 Sep 2003
Posts: 8122
Location: Upstate NY near Albany
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Posted: 05/29/06 - 09:08 Post subject:
| airehead wrote: | Should I preapprove? Or should I wait until I have a house in mind? We've found abou 5 we really like, so we know our price range.
What do you think?
USAA is what we we have. |
Get pre approved from USAA and then you have some bargaining power.
I've been with USAA since 1972 never had a reason to regret my membership.
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airehead
Oompa Loofah
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Joined: 12 Nov 2002
Posts: 18788
Location: Between here and eternity...
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Posted: 05/29/06 - 09:25 Post subject:
| purple hayes wrote: | 50 year mortgage FTW!
/because it's cool to have a house note when you're 85. |
The house we're buying we'd buy on a 15 year note, but since we're going to be there only 24+/- a few months, a longer mortgage makes sense.
But not so long that I don't get some equity.
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