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Best approach to shop mortgages
Posted on 4/2/12 at 6:37 pm
Posted on 4/2/12 at 6:37 pm
I just went under contract to purchase my first property - a condo. I have great credit, and I want to be sure I get the lowest interest rate. Is there a good way to ensure you get the best deal?
2
Posted on 4/3/12 at 11:37 am to 2pumpchump
CONDO please tell me you bought it for 25% below market value..if you didnt i pray for you..CONDO's are a pain for a mortgage lender. they requrie between 20-25% down for a conventional loan and the condo assoc. must be approved. If you are lucky enough to find one approved by FHA you can put 3.5% down but there is only a few that are approved. I would start with a local bank or lender. if you go on a website you will get massive amounts of calls from guys like me
Posted on 4/3/12 at 11:42 am to 2pumpchump
Good luck selling that condo. Haven't heard a successful story yet
Posted on 4/3/12 at 1:29 pm to HeadyMurphey
quote:
Good luck selling that condo. Haven't heard a successful story yet
Recency bias. We made > 60% on the only condo we ever owned with a holding period of 2.5 years. The guy we bought it from sold it to us for $2k less than he bought it for new and he held it > 12-years. YMMV, it was 1996-1998.
I helped someone sell a condo out of state in 2009 and they lost about $5k all-in in 2009, that one was dicey, and they came out great compared to what could have happened.
People are buying very nice condo's in good areas here in ATL at 40-50% below 2007 values, they will make money at some point, and will likely do quite well.
Posted on 4/3/12 at 1:38 pm to hawkeye007
quote:
CONDO please tell me you bought it for 25% below market value..if you didnt i pray for you..CONDO's are a pain for a mortgage lender. they requrie between 20-25% down for a conventional loan and the condo assoc. must be approved. If you are lucky enough to find one approved by FHA you can put 3.5% down but there is only a few that are approved. I would start with a local bank or lender. if you go on a website you will get massive amounts of calls from guys like me
I've salivated over some condo's on the Amite River Diversion Canal for almost 7 years now. I can remember seeing them selling for $125K for about 1200SFLA w/storage & a boat slip with a 2nd story balcony overlooking the water.
Now my fiancee doesn't want to live out there, even though I've found one for 15K less than what I would've paid for it 7 years ago
Posted on 4/3/12 at 2:24 pm to GFunk
Just call 3-5 lenders and pick the lowest one - most will give you a quote over the phone. I know it sounds obvious but this approach has worked for me several times. I found it was not worth trying to negotiate with the lenders because some just are not as motivated as others to make the loan.
Posted on 4/3/12 at 5:01 pm to tdg
quote:
Just call 3-5 lenders and pick the lowest one
This is the approach I'm taking. I just wanted to make sure there wasn't something I was missing.
Posted on 4/4/12 at 1:56 pm to hawkeye007
quote:
please tell me you bought it for 25% below market value..if you didnt i pray for you..CONDO's are a pain for a mortgage lender. they requrie between 20-25% down for a conventional loan and the condo assoc. must be approved. If you are lucky enough to find one approved by FHA you can put 3.5% down but there is only a few that are approved. I would start with a local bank or lender. if you go on a website you will get massive amounts of calls from guys like me
This is the thing I don't understand about condo mortgages. Say you're approved for a loan on a condo that's $75,000 (no higher than this).
Is FHA going to be taking the HOA fees into consideration? 'Cause if you can only afford $350 per month (according to FHA), wouldn't condo fees of $150 per month completely defeat the purpose of staying within the buyer's budget??
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