Direct Loan Fees (insurance, home loan, interest rate, credit report)

[dreamspirit12302]

How much do you need saved up for direct loan fees? How much was your fees? For closing cost, credit report fee and etc?
Thanks

[SmartMoney]

Originally Posted by dreamspirit12302

How much do you need saved up for direct loan fees? How much was your fees? For closing cost, credit report fee and etc?
Thanks

You really need to talk to a local lender, ideally a local bank, because there is grant money out there. Depending upon your bank's jurisdiction, you could be eligible for anywhere from a $2500 grant to as much as $7500 through the Federal Home Loan Bank.

[Modification Specialist]

Originally Posted by dreamspirit12302

How much do you need saved up for direct loan fees? How much was your fees? For closing cost, credit report fee and etc?
Thanks

Responding to the question - how much do you need saved up for direct loan fees? Direct loan fees are sometimes called "Junk Fees".

• If you want the lowest interest rate < there are more costs up front.

• If you want lower closing costs > rolling into the loan having a higher rate.

• The end result will be based on the payment and how long you expect to live at the property.

..

[dreamspirit12302]

Ok, Thank you!

[Modification Specialist]

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*** Thank you for the positive post rating...

If you are new to house hunting, the key word is organization.

Strongly suggest creating a notebook with separators.

1. Printing out each MLS sheet for properties you look at
2. Notes of loan requirements for each Lender you talk to
3. Your banking and pay stub information
4. Tax information
5. Home owners insurance
6. Utility's
7. Home Inspectors
8. Credit reports
9. More...

Before you actually start to look for homes

• Get a copy of your credit report to see if anything can be deleted to raise your credit score. I am sure you understand with higher credit can result in better loan terms and lower payments.

• Good High Credit with no problems in your background, first talk with a local credit union. They offer better terms, low fees and good interest rates. Most Credit unions have no fee monthly charges and positive interest on checking accounts. The negative point on Mortgages with CU's, is if there are any issues, your application is dead.

• Good to Mid credit, with small issues speak directly to larger lenders like BOA, Wells Fargo, Flag-Star, Nation-Star, others. If something comes up, larger lenders have different loan programs to switch to.

• Mid credit scores with background issues - speak to a loan broker, they can shop around between different lenders.

• Bad credit - strongly suggest fixing your credit score first, because any loan you might qualify for, will most likely end up with a high interest rate resulting in a higher payment.

• Important note - be sure not to give your SS# out too many times, because it will lower your credit score having your report ran multiple times in one month. If you start shopping for loans, suggestion to black out SS# and birth-date for forward to different lenders.

Good Luck