To get the best home loan, should I shop around?

Posted on Sep 14, 2012 in FHA Information

HARP Reputation Remains Robust
HARP, rx visit web the House Affordable Refinance Plan, for sale was expanded to take away loan to worth caps so that the plan would be offered to a lot more borrowers. Homeowners who have mortgages that had been sold to Fannie Mae or Freddie Mac prior to June 1, price 2009 …
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HARP two. Dominates Conforming Mortgage Landscape In Some States
The Property Cost-effective Refinance Plan (HARP) is a government refinance program meant for homeowners whose houses have lost value. It was initially launched in … The Freddie Mac version is identified as &quotRelief Refinance&quot. Both applications do the precise …
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Question by Lisa P: If FHA mortgages are insured by the government why do some lenders still require / charge you for PMI?
From what I have read, pharm FHA mortgage loans are backed by / insured by the government, link so how are lenders also allowed to require / charge you for PMI (Private Mortgage Insurance) on FHA loans?

Best answer:

Answer by bailie28
because the pmi isnt on that loan its on the part of the loan that couldnt be financed under those terms right? at least i know thats how it was going to be for us until we realized we could still use the va loan even though we already owned another house….thank god because the pmi was all a rip off to me…

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Question by “D”: Where can I get an FHA mortgage for a manufactured home on 2 acres.?
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Answer by Paul C
DO NOT BUY A MANUFACTURED HOME…. I REPEAT DO NOT BUY A MANUFACTURED HOME!!!!!

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Question by Danacus: To get the best home loan, see should I shop around?
I am looking to buy my first home. Where should I look for the “best” home loan? Is it a good thing to “shop around” for the best rate?

BTW, remedy my credit is great, I have almost no debt, and $ 70,000 in the bank.

Best answer:

Answer by JW
Absolutely shop around & make sure that you compare more than just rates. Look at the fees & points associated with a particular rate at a particular lender.

Compare morgage bankers, portfolio lenders & mortgage brokers. Look at internet as well as brick & morter lenders.

Don’t be afraid to negotiate fees- especially with mortgage brokers. You are a slam dunk with great credit & cash in the bank. Lenders will beg for your business!

Good luck

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3 Comments

  1. Dont do it on the net meaning do put all your information in the lending tree and other type of 4 lenders in one minute. What happens when you put your information in those search engines is that they sell your information to random mortgage buisness throughout the US. The people pay for your information from $ 100 to $ 50 bux tops. this information is sold for the next year and even after you close the house people will still call. So they really want close your deal and probably dont care about how much they charge you.

    My suggestion: Local Bank or mortgage professional in your area.
    Tips: Once you have your credit pulled it will take couple points off your FICO scores. You have 30 days from the original pull to pull your credit many times. Dont do this try to stay under 10 max and ask the person who pulled your credit to send you a report some states require this by law.

    Hope this helps and if you should have any questions please contact me.

  2. No, you most definitely shouldn’t shop around. Put all of the names of banks in your area into a hat and draw. That will be the one that you want to go with.

    Unless you couldn’t pick up on that, it was sarcasm. Yes, do your homework. Call or go to several banks around you. If this will be your first home purchase, ask about first time buyer programs. I bought my first home last year, and was able to get $ 1000 down payment assistance and a killer rate, through a state sponsored loan program. Good luck!

  3. you should try to find the best rate
    use your local banks though and not online