Mortgage Review

[my25reasons]

As long as the pull is for the same type of financing (car, home, cc, etc.) they will count as one within in a certain period of time. I believe it is 30 days.

PMI insurance is not considerably high, but you don't really get a say in what you pay for that. It is a set rate.

The broker is probably charging you an upcharge on the rate, since that is how they make their money. Check with your credit union/bank and see if they recommend or have a mortgage company that you can shop with. It's always good to check with 3 or 4 lenders, since you want to find the best deal that you can.

I have not heard very good things about brokers, but I don't have any experience in that arena.

Best of luck to you!

[namvet]

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@my25reasons wrote:

As long as the pull is for the same type of financing (car, home, cc, etc.) they will count as one within in a certain period of time. I believe it is 30 days.

PMI insurance is not considerably high, but you don't really get a say in what you pay for that. It is a set rate.

The broker is probably charging you an upcharge on the rate, since that is how they make their money. Check with your credit union/bank and see if they recommend or have a mortgage company that you can shop with. It's always good to check with 3 or 4 lenders, since you want to find the best deal that you can.

I have not heard very good things about brokers, but I don't have any experience in that arena.

Best of luck to you!

 Mortgage brokers come in all shapes and sizes just  like bankers, mortgage bankers etc.  A broker will always be your best option in finding a loan that fits.  A good broker gets most of his/her business via word of mouth.  Check with your realtor to find a good one.   

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[Anonymous]

I will check a few others but i checked the Freddie Mac 30 yr fixed today and it is showing 3.95% - Maybe the market has gone up?

http://www.citizensbank.com/mortgages/market-report.aspx

[Anonymous]

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@Anonymous wrote:

I doubt that its a jumbo. I live in MA. He hasnt told me what loan it is - conventional or FHA. is the PMI on FHA loans high?

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You're right if your at 400 k then it would still be in the conforming limit.  However 417k is the limit in 6 out of 14 counties with 426 in one and 465 in five others.  Only two top your 400k by a considerable margin.  This is according to the most updated list for Massachusetts.

[boomhower]

Jumbo is the first thing that popped in my mind as well.  Certainly find out what kind of loan program it is.

[ripper998]

we locked in our rate yesterday and they were showing 4% with 3.5% down on a FHA.  Through a broker.