alexey Posted January 14, 2009 Share Posted January 14, 2009 Does anybody have any tips on finding good loan officers for first time homebuyers w/ good credit? What should we look for and what should we avoid? Are there any signifincant differences between going to a bank for a loan vs going to a separate person/company? Any info is greatly appreciated. Thank You. Link to comment Share on other sites More sharing options...
PeterMP Posted January 14, 2009 Share Posted January 14, 2009 I actually used lending tree to buy and the refinance and didn't have any problems. I didn't look for a particular loan officer. I also though had a real estate lawyer that's good (friend of the families) and was on top of stuff. He'd also worked w/ the company that did the mortgage before and said they were okay. Link to comment Share on other sites More sharing options...
alexey Posted January 14, 2009 Author Share Posted January 14, 2009 I actually used lending tree to buy and the refinance and didn't have any problems. I didn't look for a particular loan officer. I also though had a real estate lawyer that's good (friend of the families) and was on top of stuff. He'd also worked w/ the company that did the mortgage before and said they were okay. There is so much crazy stuff going on out there right now, I think I need to sit down with somebody really knowledgable about this stuff and ask all kinds of questions. We plan on living in our next place around 7 years. We currently live on one salary, and will probably continue to do so for at least another year or two, maybe 3. We are first time homebuyers... I did some research a couple of months ago. I thought I had an alright handle on things, guestimating us to be looking at 7/1 or 10/1 interest-only ARMs. With these crazy real estate prices I do not think we can afford a fixed-rate mortgage even if housing prices go down to 2003-2002 level. Now I'm confused because the bailout drove fixed-rate morgages to have lower rates than ARMs. Is there a fixed-rate interest-only morgtage? Yeah I think i need to talk to somebody Link to comment Share on other sites More sharing options...
PeterMP Posted January 14, 2009 Share Posted January 14, 2009 There is so much crazy stuff going on out there right now, I think I need to sit down with somebody really knowledgable about this stuff and ask all kinds of questions. We plan on living in our next place around 7 years. We currently live on one salary, and will probably continue to do so for at least another year or two, maybe 3. We are first time homebuyers... I did some research a couple of months ago. I thought I had an alright handle on things, guestimating us to be looking at 7/1 or 10/1 interest-only ARMs. With these crazy real estate prices I do not think we can afford a fixed-rate mortgage even if housing prices go down to 2003-2002 level. Now I'm confused because the bailout drove fixed-rate morgages to have lower rates than ARMs. Is there a fixed-rate interest-only morgtage? Yeah I think i need to talk to somebody Well, I don't know. I do know I looked at refinancing earlier and 3 out of 4 of the people I talked to then (via lending tree) told me w/ in 10 minutes not to bother. I was pretty surprised. Link to comment Share on other sites More sharing options...
techboy Posted January 14, 2009 Share Posted January 14, 2009 You might want to look at this thread, as well as possibly this very long one. Link to comment Share on other sites More sharing options...
THEREALTOR1 Posted January 14, 2009 Share Posted January 14, 2009 Is there a fixed-rate interest-only morgtage? Yeah I think i need to talk to somebody Yes, there are fixed rate, interest only, loans available. I believe someone on the board here is a loan officer in the DC area, they could probably help you. I know alot of local people (to me), so can't really offer you much help on that end. I would probably shoot for a Wells Fargo, or Chase, but that's only because I have friends that work for both of those companies (they are somewhat sound in these eco. times tho). Typically a broker is going to charge you a slightly higher rate, because that's how most make their money. (Not all, but most <before anyone jumps all over me>) Ask some friends or family who have purchased homes in the past. I've always tried to direct people away from internet browsing. Oftentimes full disclosure of discount points or other fees are often hid in the fine print, and could end up screwing you big time in the end. Will check back in when I have more time. Link to comment Share on other sites More sharing options...
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