Where to get a mortgage

[saturnfan]

NCSECU now offers fixed rates:

15-Year Fixed Rate Mortgages
NEW! For loan terms up to 15 years, the Credit Union offers special financing on fixed rate mortgages. Since SECU holds these loans in portfolio, the qualification guidelines are the same flexible guidelines used for our adjustable rate mortgage loans, including no private mortgage insurance, expanded debt ratios and less restrictive property requirements. In addition, most refinance mortgages may be closed in the local branch office with reduced closing costs.


Specifications
Fixed rate of 6.00% (6.12% APR2) for up to 90% loan-to-value Calculate Payment
Fixed rate of 6.50% (6.62% APR2) for up to 100% loan-to-value Calculate Payment
Maximum term is 15 years
100% financing3 available for purchases and no cash out refinances of primary residences
90% financing4 available for a vacation home and 80% financing available for up to two rental properties
Property may be located in North Carolina, South Carolina, Virginia, Tennessee, Georgia or Florida
Origination fee of .5% of loan amount with a cap of $750
Private mortgage insurance is not required
Rate subject to change daily
Application Rate may be reserved for 60 days
You can apply for a new 15-Year Fixed Rate Mortgage in Member Access, or download our application form and provide the completed form to your local branch or to the Call Center.

Other Fixed Rate Mortgage Loans Specifications
Terms of up to 30 years available
Financing for primary residences up to 95%
Financing for vacation homes up to 90% and for rental properties up to 80%
Origination fee 1% of loan amount
Private mortgage insurance required if LTV greater than 80%
Subject to secondary market guidelines
Initial Rate subject to change throughout the day
Application Rate may be reserved for 30 days

[wrxsti04]

Well can't do the 15 year because its asking fo 10% down and the payments will be much higher.

Private mortgage insurance required if LTV greater than 80%

Again goes back to me wanting to put 5% down

[saturnfan]

NCSECU is conservative.

If more lenders were like that, the mortgage meltdown wouldn't have happened.

They do have a 30 year 5% down shown above. Once you get equity, you should be able to get PMI removed.

[NYC2RDU]

Originally Posted by wrxsti04

I found this at Bank of America's site. Not sure how legit it is

So on $340,000 would put $5 down. They are stating no closing or PMI

30-Year Fixed-Rate
Fixed 6.500
Points: 0.996
APR: 6.597


Typical Home Purchase Fees
Fees / Closing Costs Typical Loan No Fee Mortgage PLUS
Origination Fee $0
Application Fee $0
Commitment Fee N/A $0
Document Preparation $0
Processing $0
Tax Service Paid by Bank of America
Underwriting $0
Wire Transfer $0
Appraisal Paid by Bank of America
Attorney, Closing or Settlement Fee Paid by Bank of America
Credit Report $0
Flood Certification Paid by Bank of America
Pest and other inspection Paid by Bank of America
Postage / Courier Paid by Bank of America
Survey Paid by Bank of America
Title Insurance Paid by Bank of America
Title work: Title search, plot drawing, name search, endorsements Paid by Bank of America


Not bad, what do you guys think? Considering I want to avoid PMI and have only 5% to put down

I used Bank of America on my recent purchase and can tell you first hand that it's a great deal. I compared several deals to theirs, did all the math and came up with the clear conclusion that they offered the best deal.

Plus, their loan account management services are great and they automatically upgraded my checking account to their premium service.

[TimtheGuy]

Originally Posted by wrxsti04

I found this at Bank of America's site. Not sure how legit it is

So on $340,000 would put $5 down. They are stating no closing or PMI

30-Year Fixed-Rate
Fixed 6.500
Points: 0.996
APR: 6.597


Typical Home Purchase Fees
Fees / Closing Costs Typical Loan No Fee Mortgage PLUS
Origination Fee $0
Application Fee $0
Commitment Fee N/A $0
Document Preparation $0
Processing $0
Tax Service Paid by Bank of America
Underwriting $0
Wire Transfer $0
Appraisal Paid by Bank of America
Attorney, Closing or Settlement Fee Paid by Bank of America
Credit Report $0
Flood Certification Paid by Bank of America
Pest and other inspection Paid by Bank of America
Postage / Courier Paid by Bank of America
Survey Paid by Bank of America
Title Insurance Paid by Bank of America
Title work: Title search, plot drawing, name search, endorsements Paid by Bank of America


Not bad, what do you guys think? Considering I want to avoid PMI and have only 5% to put down

That's a great deal.

I've been searching around it seems everyone with NO PMI just jacks their rates up to cover this, sad

Just one question...why is this sad?? It is strictly risk based. If you only put 5% down you are going to pay extra somewhere whether it be on a 15% 2nd mortgage, PMI, or lender paid PMI. "There is no free lunch."

[saturnfan]

That's true, as an ex-banker I understand it.

The less the owner has invested, the more likely they'll bail out if things get tough.

Same anywhere. Rates should reflect risk to the lender.