A "Can I Get a Mortgage With" Question

[Anonymous]

No, it stays at 4.125% (fixed rate) for the 30-year length of the loan.

[Anonymous]

that sucks... so why not go FHA with a rate around 3.25%? yes you will have MIP which will add about $140 to your monthly payment but you would save so much in interest.

[Anonymous]

Due to a satisfied judgment from 2007 on my credit report, we've been getting quotes of $200-$230 for MI, even on FHA loans with low interest rates.  It's just too much on a monthly basis.

[Anonymous]

We applied today!  Nothing happened during the application process that stopped us, so it's a good start!

Should find out in 2 weeks or so.  Will update then!

[Anonymous]

I applied for a conventional mortgage with Trustco  Bank as well and wanted to know if you were ever approved for the mortgage? you never updated and very curious 

Thank you 

[MovingForward_2012]

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@Anonymous wrote:

Due to a satisfied judgment from 2007 on my credit report, we've been getting quotes of $200-$230 for MI, even on FHA loans with low interest rates.  It's just too much on a monthly basis.

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PMI on FHA loans isn't based on credit, instead, it is a percentage of the loan amount.

[Anonymous]

I ended up not getting approved.  However, Trustco increases their rate to account for no PMI.  I was approved when I applied for a Mortgage through Coldwell Banker home loans, and the PMI made the monthly payments almost identical to what we would have paid Trustco.  I wouldn't go through Coldwell, however.  They were rude, disorganized, and took too long to approve.  Good luck!

[MovingForward_2012]

That sucks! I hope you are able to find a lender to approve you. What was the reason for denial? With scores above 700, I'm confused and perplexed about why you were denied.

[Anonymous]

I was able to get approved and we've been living in our new home since October, so all is well!  I just can't recommend Coldwell Banker because the process was unnecessarily burdensome, even for a mortgage-approval process.  Regarding Trustco, they didn't even look at the scores.  They denied based on some missed payments that were still on the report from 6 years ago.  It seems that Trustco scrutinizes every little thing on the report, so I wouldn't recommend using that bank if you have any history of credit problems, no matter the score.  Unless, of course, the report is free of all issues.

[MovingForward_2012]

Awesome!!!! Super Congrats! I'm so happy it all worked out!