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@Anonymous wrote:You didn't offend me. Thank you for all the feedback. I am still waiting on a reply for my app with Navy Federal. It's been five days. Apparently they are bombarded with apps. I read an article somewhere that last year they closed something like 50 billion dollars(somewhere around there can't recall exactly) worth of mortgages due to their Homebuyer's Choice product. Either way I know I am approved for FHA. I called StateFarm today just to get an idea of typical home owner's insurance rates in Florida and I was flabbergasted when they told me $3k a year. The home we want to offer on is 3 bed 2 bath, built in 1977, block, and with a pool. That seems outrageous to me. I wonder how much extra the pool is adding. Another thing to consider is that we live in central Florida....hurricanes are not a huge issue.
Ha! They are to the insurance co's here. Couple of pointers for you:
My brother and his friend are both insurance professionals. We are going to look at the property a second time tomorrow to see if it is still everything we ever dreamed of and more before getting our hearts set. I invited my brother along. He said he will take some pics of the roof, exterior, and foundation and then work up a rough quote. I think Statefarm has been out of their minds ever since about 2004. 3k a year on a house that is only valued at 99k. They even pulled out of Florida for a bit due to the hurricanes.
@Anonymous wrote:My brother and his friend are both insurance professionals. We are going to look at the property a second time tomorrow to see if it is still everything we ever dreamed of and more before getting our hearts set. I invited my brother along. He said he will take some pics of the roof, exterior, and foundation and then work up a rough quote. I think Statefarm has been out of their minds ever since about 2004. 3k a year on a house that is only valued at 99k. They even pulled out of Florida for a bit due to the hurricanes.
^^^Even better
@Anonymous wrote:I was quoted at 6.125% APR for my credit score. Still pending approval from the underwriter. It actually works out to be cheaper than FHA(monthly payment) because there is no PMI. Since I'm only 26 and just starting in life I'd definitely like to refinance into a conventional loan with a lower APR once my LTV % is more appropriate. Maybe I'm jumping in too soon, but I just hate throwing away money on rent each month when I could be building equity into something I actually own. A high APR is better than the black hole in which my rent payments are currently going. In my honest opinion.
I would run the numbers for yourself. FHA rates are in the low 4's, so even with the PMI FHA will be lower.
@on a $225k mortgage, FHA @ 4.25% (with MI) will be $100 less than a 6.125% loan with no PMI.
Just a follow up did you ever move forward with NFCU?