Confused 1st Time Buyer

[shoo]

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@StartingOver10 wrote:

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@kc0039 wrote:

These are the most important questions in my opnion

1. Do they sell all their loans to the secondary market?

2. Since I'm purchasing  a condo and the HOA answers the questions wrong per the guidelines of the secondary market, do you have other options such as keeping the loan portfolio at a fixed rate mortgage option? This question is program dependent. This question also lets you know if you can move forward with the house if it does not meet secondary guidelines (Fannie Mae and Freddie Mac). 

3. For every single lender you talk to, ask for an itemized fee worksheet from them so you have it in writing

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^^^Agree 100% with #3 above.  I have found some lenders lure you in with below market interest rates and then clobber you with high closing costs. It is a good idea to get this itemized fee worksheet before you decide to apply to any lender. They may say that it is subject to your mid-score being X, but that is okay. Make sure the property info you give is consistent so you can compare appropriately between lenders (even if you don't have a contract yet).

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Okay great, thank you both! I'll be sure to get this information before I apply for anything. I just received an email from the LO who sent me a link and said I can just apply now and we'll talk later. Do I have to apply before they can answer my questions about fees, rates, etc?

I don't want them to pull my credit if I don't even know what rates they offer, but I'm not sure if they can tell me without the credit check.

[StartingOver10]

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Okay great, thank you both! I'll be sure to get this information before I apply for anything. I just received an email from the LO who sent me a link and said I can just apply now and we'll talk later. Do I have to apply before they can answer my questions about fees, rates, etc?

I don't want them to pull my credit if I don't even know what rates they offer, but I'm not sure if they can tell me without the credit check.

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A good LO can answer any and all of the questions you have before applying.

Tell the LO the mortgage mid-score you have (you can pull it here without it being a hard inquiry - its a consumer pull).  Ask your questions and ask for the fee worksheet showing your itemized expenses for closing and pre-paids + your monthly payment.  Tell him you are comparing between lenders and you don't want to make anapplication until you make a decision on the lender that is right for you.  

A decent LO will answer all of your questions. A LO that doesn't know will insist on you making application first. Naturally the info you tell them has to be accurate in order to get an accurate quote. 

[IOBA]

+!00

[dragontears]

Totally agree, I interviewed LO about what they could offer me before I applied with any of them (I made a sheet with my mortgage scores, monthly payments and income to give to them to run numbers for me). Any LO who would not discuss rates and fees based on the info I provided I walked away from.

[VALoanMaster]

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@shoo wrote:

Hi Friends!

I'm currently searching for a condo in Saint Augustine, FL where my mom can move into when she retires in June 2017 (this timeframe is hardset as she wouldn't have a place to live after June). I would eventually be moving in with her as well, but I don't know when. I currently reside (renting ~950/month) and work in South Carolina (70k salary). I have 20k to put down and I'm looking for something between 90k and 120k max.

I'm 24 and my credit history is about 5.5 years old, with FICO08 scores hovering between 745 and 760 across the board for the last year or so. No baddies. No debt. I last checked my Mortgage scores several months ago and they were in the 700s, but I don't remember the exact scores.

By happenstance, I met a realtor when visiting FL and we started talking by phone yesterday. She referred me to a loan officer from Embrace Home Loans, but even after looking through the forums, I can't find much POSITIVE info about them and I'm worried. I wanted to go with a standard lender like Chase or Bank of America or some other bank I already have accounts with, but she said she didn't really work with those banks.

I would really like to get the ball rolling and me and my mom plan on visiting FL next weekend to hopefully see some properties, even if only from the outside, but I'm afraid to let this Embrace Home Loans lender pull my credit, especially if I could get something better. I'm sort of confused about how I would be able to buy the condo elsewhere, while still living in SC for a short time. The realtor made it sound like this mortgage lender would be best one to help me with my particular scenario since this is my first purchase, but will want to buy like it's a second-home since I won't be living there right away (my mom will).

TL;DR

1st time 24 year old buyer with fairly good credit and 20% down attempting to buy a condo out-of-state and looking for good lender suggestions. All responses are appreciated!

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Hi Shoo,

One very important question:

Is your mother going to be on the loan with you?

If so, you may be able to buy the condo with owner occupied terms under a special Fannie Mae program & as long as the condo is warrantable, you won't need to put 20% down.

When it comes to picking a lender you need to consider the lender's ability to not only get your loan closed but also closed on time. In addition you need to look for an experienced loan officer that knows all of the available programs & is willing to take the time to explore all of those options with you. This way you can make an informed choice on which program is the best fit for you.