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Im looking at 80-15-5 first loan at 6.35% and second at 9.35. Does this seem o.k? or should i look around?
That sounds about average for that type of loan. My wife and I were originally going to go with a 80/20 with similiar rates. We looked into a conventional fixed rate mortgage also and our rate dropped a full point and our monthly payment dropped over a hundred a month even with the PMI. Once we have the 20% equity we can drop the PMI and we will be saving close to $300 a month. Yes, we had to take a little more out of pocket but in the long run we will save a ton more than what we took out of pocket. I would have felt better having the extra $5,000 in savings but like I mentioned, in the long run that $5,000 will be nothing. If you have some extra cash I would definatly look into going with a conventional loan.
I just want to add if you don't have employemnt in charlotte they make you do a 2nd home loan. This is what I have to do until i get a job their because my income comes from another state.
Im looking at 80-15-5 first loan at 6.35% and second at 9.35. Does this seem o.k? or should i look around?
Pretty standard rates there. I am in the mortgage business and you want to determine how many points your paying. Up to the 1st 1% is origination and then after that is discount points. The 2nd is a tad high? Is it an equity line of credit or a FIXED second?
I was looking at those 80/20 or 80/15 loans for my house and I was only getting those offers from the banks. I did not like the idea of paying over 9 % on the second loan, So instead of using the builders finance company or a bank, my realtor hooked me up with a guy at Richard Toccado. I told him that i did not want a 80/20 or 80/15 loan, and I was able to pay 5% down. With his help i was able to obtain a fixed 30 year loan under 7% with just 5% down. I would definitely suggest talking with a mortage broker they could get you a better deal.
Will someone help me decide between Engish Trails or Hamilton Lakes? I was told, I can transfer from English Trails to Hamilton Lakes. I know the taxes are lower in Fort Mill and the schools are better but the home we can afford is not as nice as the one in Hamilton Lakes. I would love some inside info on the schools and neighborhood at Hamilton Lakes.
I drove through hamilton lakes myself and want some of the same answers. Is it a good community? Looks real nice backing up to the lake in the back and what not.
Just an FYI - Bank of America now has a new program. They will allow up to 100% financing with no closing costs AND no PMI, all with very competitive rates.
I heard about this with Bank of America. What is the min credit score for this? 100% financing no mi? theres gotta be a catch.
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