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Old 09-17-2008, 11:22 AM
 
188 posts, read 680,050 times
Reputation: 49

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I have used bankrate's calculators along with their reports and determined that I would want to go with 15 yrs loan. This has a better ammortization for the term I am looking to stay at this house ( 7 years).

You brought up a interesting point of mortgages being sold. Are only certain type of loans sold ? If yes then should I go with FHA or should I go with Conventional?

Seriously I have 10 GFE's sitting on m desktop now. All of them I can afford on my single salary. Its these extra questions for which I have no answer.

Now that I have decided to go with 15yr, I am looking at a monthly mortage in 2200's - 2300's. If I put 5% down, I need to bring 11.%K to closing table and if I put 10% down then I need to bring 23K to table. I can afford both. Question is which is better and why?
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Old 09-17-2008, 12:37 PM
 
5,438 posts, read 5,941,290 times
Reputation: 1134
Quote:
Originally Posted by pellur View Post
I have used bankrate's calculators along with their reports and determined that I would want to go with 15 yrs loan. This has a better ammortization for the term I am looking to stay at this house ( 7 years).

You brought up a interesting point of mortgages being sold. Are only certain type of loans sold ? If yes then should I go with FHA or should I go with Conventional?

Seriously I have 10 GFE's sitting on m desktop now. All of them I can afford on my single salary. Its these extra questions for which I have no answer.

Now that I have decided to go with 15yr, I am looking at a monthly mortage in 2200's - 2300's. If I put 5% down, I need to bring 11.%K to closing table and if I put 10% down then I need to bring 23K to table. I can afford both. Question is which is better and why?
From my experience with SunTrust, they usually service their own loans. However, even if the loan is sold, your rate & terms will never change regardless of which company buys it.
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Old 09-17-2008, 01:04 PM
 
Location: Atlanta/Decatur/Emory area
1,320 posts, read 4,273,331 times
Reputation: 501
You know there's a mortgage board on city data. You'll probably get the most knowledgeable answers to your questions there.

http://www.city-data.com/forum/mortgages/
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Old 09-17-2008, 02:08 PM
 
188 posts, read 680,050 times
Reputation: 49
Did not knew that. Lots of info there too. Thanks for sharing
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Old 09-27-2008, 07:55 PM
 
9 posts, read 82,484 times
Reputation: 77
Someone mentioned FHA and mortgage insurance. 30 Yr FHA loans always have mortgage insurance regardless of down payment. If you are putting 20% down and have the credit score you say, conforming financing is a better choice.
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