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Old 08-24-2011, 12:28 PM
 
191 posts, read 535,770 times
Reputation: 57

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Hi Guys

I'm shopping for a mortgage and found a company 'AMCAP MORTGAGE LTD' based in houston(Bellaire).does any know how reputable this company is?

They code me for mortgage 80/20 conventional , 3.5% down at 4.5% fixed on both loans. Is this a good offer for second house?

My credit is above 850 vantage score

thanks

sullah
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Old 08-24-2011, 04:38 PM
 
Location: Pearland, TX
3,333 posts, read 9,173,790 times
Reputation: 2341
With a Vantage score of 850 (FICO translation = 731), I'm surprised you can get those rates. I'm not sure I know what you mean by "..3.5% down at 4.5% fixed..". Is it 80/20 or not?

Ronnie
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Old 08-24-2011, 08:39 PM
 
377 posts, read 1,346,067 times
Reputation: 219
Did u mean 3.5 rate on 15 year fixed and 4.5 rate on a 30 year fixed ?

or

3.5 % closing cost for a 4.5 rate on a 30 year fixed ?

or

???????


Quote:
Originally Posted by sullah View Post
Hi Guys

I'm shopping for a mortgage and found a company 'AMCAP MORTGAGE LTD' based in houston(Bellaire).does any know how reputable this company is?

They code me for mortgage 80/20 conventional , 3.5% down at 4.5% fixed on both loans. Is this a good offer for second house?

My credit is above 850 vantage score

thanks

sullah
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Old 08-25-2011, 07:05 AM
 
Location: Clear Lake, Houston TX
8,376 posts, read 30,700,202 times
Reputation: 4720
The small name mortgage companies will likely sell your mortgage after the first month to one of the big banks. You'll likely get notice upon closing, or get a letter shortly afterward.
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Old 08-25-2011, 08:35 AM
 
191 posts, read 535,770 times
Reputation: 57
Well mortgage banker is saying they can do 80/20 loan at 4.5 rate but i have to put down 3.5% for the house plus closing cost.
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Old 08-25-2011, 08:52 AM
 
377 posts, read 1,346,067 times
Reputation: 219
If you put down 3.5 %, then how do you do 80/20 ?
Is it a 80/16.5/3.5 ?

Quote:
Originally Posted by sullah View Post
Well mortgage banker is saying they can do 80/20 loan at 4.5 rate but i have to put down 3.5% for the house plus closing cost.
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Old 08-25-2011, 09:02 AM
 
191 posts, read 535,770 times
Reputation: 57
actually it is 80/17
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Old 08-25-2011, 09:06 AM
 
Location: Pearland
799 posts, read 2,441,458 times
Reputation: 696
He's basically putting down closing costs. Sounds like an FHA, but I didnt think they would do second homes. Then again, I havent done a mortgage in five years.

If it goes through, its a deal and a half.

The broker or banker doesnt matter. Its the deal. When I helped expand a brokerage, we opened in a new area in a terrible little office. Looking back, I would have a hard time using someone in that office myself. But we had agreements with all the major wholesale banks.

Trust, but verify.
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Old 08-25-2011, 10:15 AM
 
191 posts, read 535,770 times
Reputation: 57
she is saying its "Conventional loan". she is working on good faith estimate

I will let you guys know once i got that information.

thank you guys for your input.
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Old 09-15-2011, 08:23 AM
 
377 posts, read 1,346,067 times
Reputation: 219
OP, did you finally use them ? Hows it going ?

Quote:
Originally Posted by sullah View Post
she is saying its "Conventional loan". she is working on good faith estimate

I will let you guys know once i got that information.

thank you guys for your input.
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