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Old 07-13-2018, 07:29 AM
 
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If you bought a house within a couple years, which mortgage lender did you chose and why? Thank you!
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Old 07-13-2018, 07:34 AM
 
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VyStar Credit Union.

1. We were already members (convenience)
2. Low rates - we got a 30 year fixed for under 4%
3. They paid up to $5K of closing costs
4. They also allowed us to "buy down" the rate with a bit more downpayment
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Old 07-13-2018, 07:38 AM
 
Location: PVB
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Get a mortgage broker who can choose from many lenders and give you the best deal.
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Old 07-14-2018, 01:58 AM
 
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I think individuals should also be able to chose without a middle man.
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Old 07-16-2018, 08:13 PM
 
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Quote:
Originally Posted by masstoflor View Post
If you bought a house within a couple years, which mortgage lender did you chose and why? Thank you!


Ok, you might laugh at this answer, but here's what we did....


I borrowed the money from a senior citizen who had several CD's getting ready to mature at the same time we were building our house. The CD's were paying only about 1/4 - 1/2% interest.


I offered to borrow the money and pay 2 1/2% on it, which gave them a way better rate or return, and me an extra low rate on my mortgage. Win/Win!


This was all done legally through an attorney, and the person I borrowed the money from could legally foreclose on my house should I not be able to pay them, and since I only borrowed about half the money and paid the rest in cash, they would come out WAY ahead in a foreclosure situation.


The only real drawback to this is that as a private individual, they don't report the mortgage payments to the Credit Agencies, and therefore the payments aren't reflected in my credit score. But, on the flip side, because a mortgage doesn't show up on my credit report, my debt/income ratio looks a lot better than it would otherwise. It's probably a wash, but it's something to consider.


I realize not everyone will be able to find an opportunity like this, but I just wanted to throw it out there that there are creative ways to get financing and you don't always have to be a slave to the banks.


SS
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Old 07-17-2018, 06:26 AM
 
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Don't you lose out on a mortgage interest deduction in a set-up like this?
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Old 07-17-2018, 02:38 PM
 
Location: NNJ --> NE FL 2015
1,277 posts, read 1,364,253 times
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Quote:
Originally Posted by Florida2014 View Post
Don't you lose out on a mortgage interest deduction in a set-up like this?
Assuming he misses out on mortgage interest deduction, paying 2.5% on an after tax basis is equivalent to standard 3.30% - 3.40% 30 year mortgage if you're in a 25% fed tax bracket (0% state).

Current mortgage rates are about 4.625% on a 30 year which is equivalent to ~ 3.50% on an after tax basis (ie. factoring mortgage interest deduction).
2.50% would be a heck of a deal right now if you can set up the amortization/payments this way on a personal loan.

We used Suntrust and pay 3.75% on a 30 yr (circa 10/2015).
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Old 07-17-2018, 05:16 PM
 
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BB&T for our construction loan which they then converted to a 30 year fixed. No problems no hassles, good experience.
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Old 08-10-2018, 03:45 PM
 
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Any other recommendations?
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Old 08-12-2018, 11:01 PM
 
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We're in the process of buying in St Johns.

We're using Chase, mostly for convenience. I've been with them for over 25 years and my wife has been with them for almost 15 years.
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