U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Old 11-24-2013, 06:52 PM
Location: Ridley Park, PA
695 posts, read 1,230,642 times
Reputation: 910


So, I'm obviously a potential first-time house buyer. I suck at finances, I admit it. I spent all of my 20s in grad school rather than earning money, . Anyway, finally in a position to consider buying a home.

I want to buy now because a) I'm in the long-term job I've been waiting for, b) I have stable, good income, and c) I'm just sick of living by other people's rules. It's time, I'm approaching 40, and I want to buy.

So I spoke with a mortgage officer about a year ago when I got my current job. Didn't go through an official pre-approval because I knew I wasn't in a position to buy yet.

Now I've looked at a couple houses and would even consider putting in an offer on one, but I'm not sure how to go about the pre-approval process. My realtor suggested a couple mortgage brokers she knows, but I'm not sure they're necessary in my case.

I live in PA, and am pretty sure I'll want to go with a PFHA loan option with 3% down and either the PMI mortgage option or the one with a slightly higher rate and no PMI. Closing costs are apparently crazy here because you have to pay a year's property taxes up front, and that'll run me a good $6k in my area. Because of that, I seriously doubt I'm going to want one of those 80/15% loan deals that I've read about (all the money I've saved will have to cover that in addition to the downpayment, so the 2% makes a difference).

Knowing that, is it worth it going through a broker, or will the interest rates and/or deals be the same no matter what considering it's a state-backed loan?

Thanks for the advice.
Reply With Quote Quick reply to this message

Old 11-24-2013, 11:02 PM
3,319 posts, read 7,259,582 times
Reputation: 4105
PA is indeed an expensive state.

Talk to a couple lenders. Preferably in person. Ask each of them to call you at a specific time, or email info to you. Whoever If you are extremely lucky, one of them will do it, with no spelling errors.

Go with that person regardless of terms.
Reply With Quote Quick reply to this message
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top