We Got A Loan!!!!!!!!!!!!!!!!

[JeepMom]

YAY!!!!!!!!!!!!!!!!!!!!


I LOVE LOVE LOVE this site!

I've lurked a lot, followed everything about rebuilding.

Today we got pre-approved/ ready to be under written for a loan. I only asked for $130K but he said we'd qualify for more. I don't want to get into trouble again so we're sticking with that dollar amount.

I did the lending tree and was contacted by Nation Point which is National City.

Whooooo Freaking HOOOO!!!

I'm so excited I can't stand it!!!!

[13inOR]

Awesome!!! Did you get a good rate????

[JeepMom]

We're doing an 80/20
80 is 6.9%
20 is 10.35%

No great buy decent. We're going to check with a local bank also to see if we can get a little bit better rate.

[fsugirl]

Jeepmom-Those rates aren't bad at all for just being d/c from BK..Our rates with Countrywide for our 80/20 is 8.75 and 10.75..That's not a bad deal at all ! Isn't it the best feeling knowing that home ownership is really a possibility ! We just closed on our house 2 weeks ago and could not be happier !!

Congrats ! Keep us posted on the great news !

[JeepMom]

I called my realtor and emailed me a list of houses to look up.

[MTG_BANKER_OH]

Congratulations, That rate is pretty good I do not think you will need to look around much more, you are really not gong to do much better then that. What were they quoting you on closing costs?

[JeepMom]

$7K but my realtor says that's way to high.

[tinroofrusted]

$7K but my realtor says that's way to high.

It is way too high.

Tell them no more than $2500... trust me on this. They'll make points on the "back end" that will more than take care of the closing costs.

[tinroofrusted]

Oh yes... VERY IMPORTANT:



Make sure to ask the broker/lender how much he/she is making off of your loan. They are required by law to disclose this, even though many don't. If you feel that they are making too much, go elsewhere, or tell them you want a lower interest rate.

[JeepMom]

Well I called back, they were having me buy down points, not cool in my book.

So we're up to 8.05% on the first and second stays the same but closing goes down to $4K

We're going to a local bank tomorrow.

[MTG_BANKER_OH]

Well I called back, they were having me buy down points, not cool in my book.

So we're up to 8.05% on the first and second stays the same but closing goes down to $4K

We're going to a local bank tomorrow.

Yes those costs are very high, you may want to also check with a broker and then negotiate the deals against each other. You should be able to do better. They are definitley overcharging you for a loan amount of $130k. You are going to have to pay higher closing costs on a loan just out of BK because the sub-prime lenders alone charge $1k for processing just to do the loan and that is not even getting in to what the title costs are or costs for a certain rate. Your score is in good shape and you deserve a better deal. I would say 4k is not completely out of line but your rate should be a little better. The second mortgage rate is pretty good though. Are you getting a 2 year fixed loan as well? I work with First Franklin which is the brokers option for using National City Subprime and most of the time their rates are not very good. You should have a rate in the 7's and 10-11% range. I do not think a local bank is going to be able to help you it is out of their risk guidelines, but let us know what they say.

[JeepMom]

The local bank sends the info onto a larger bank in a bigger city but we deal directly with the local bank.

Both are 3 yr ARMs.

[FloridaGirl]

Congratulations JeepMom!

[JeepMom]

There is NOTHING in our price range!

We went to some open houses in the spring, much better choices but we weren't sure of getting a mortgage so we didn't try. Blame hubby for this.


Maybe in a couple of weeks something will pop up. Worse case is we're stuck renting longer.

[MTG_BANKER_OH]

WHat terms was the other bank offering you?