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[Home Buying] First Time Buyer Looking for Advice

Discussion in 'BBS Hangout' started by El Toro, Mar 26, 2009.

  1. Yonkers

    Yonkers Member

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    This is common. However, I was able to find a lender that didn't even charge this. The only fees charged were legitimate appraisal/title/etc fees. Smart Financial Credit Union was the name.
    This is BS. They get their money from the origination fee. Don't let them charge you twice.
    Always as far as I know.
    Never heard of this before. Sounds BS. I don't think loans have been assumable for many years now or very rare at the least.

    And it doesn't matter that the sellers are desperate. It's the lenders who will be giving you the money. And they won't give out any no down payment loans nowadays. I'll be surprised if you get anything without 15% or more.
     
  2. El Toro

    El Toro Member

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    Did you work with a diversified mortgage broker who checked against several lenders to give you a range of rates? If so what was your experience with them?
     
  3. JunkyardDwg

    JunkyardDwg Member

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    Actually no, I'm a USAA member and decided to go with the company that I felt comfortable with...they have great customer service, and despite the headaches and all the red tape, have been with me every step of the way through the process, answering any and all questions.

    And when I looked at their rates online I was happy with what I saw.
     
  4. Ron from the G

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    That chart is adjusted for inflation. The chart doesn't represent a home that actually cost 100k in 1890 that is in terms of today's dollar amount. The housing prices rose because of the artificially low percentages on loans and they went threw the roof like no other time in the history of our country. I bought a home myself a few years back and have lost significant amount of value in my home as have millions of others. This is a good video. Start it at 1.10. I don't generally agree with a lot of the things this guy says, but this video is very informative.

    <object width="480" height="295"><param name="movie" value="http://www.youtube.com/v/lrW6UO5Zkok&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/lrW6UO5Zkok&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="480" height="295"></embed></object>
     

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