Home Mortgage Consultant
1st time home buyer in Southern California?
I never bought a house before, so i have a few questions and appreciate those of you, home owners/mortgage consultants/bankers, or anyone else can share their experience/opinion with me.
1) I might be buying a house from centex,they are offering 4.37% 5 yrs fixed, and there is no prepayment penalty. Do you think it is worth to get this 5 yr fixed at this rate and re-finance within 5 yrs, or is it better to get a 30 yrs fixed now??
2) Is there anything i should be aware of for using a home builder lender instead of a bank?
3) I’m also thinking of using a lawyer when signing the contract to make sure i’ll be aware of any catches, may i know how much roughly the lawyer fee will be?
4) Is there any kind of gorvernment agency i can get a fair view/consultation on mortgage.
5) Any good recommendation on mortgage lender?
Thank you all for reading and waiting for your precious respones 
The rate you are being quoted is suspiciously low, I have seen rates in the 5’s lately, but to get that low, they are either offering you a pay option arm (which you will get negative amortization, in other words you’ll owe more than you borrowed in 5 years)…or they are charging you a huge amount of points to buy down the rate.
You don’t mention how much money you’re putting down, but if you have less than 20% down, you likely won’t get this rate either. I’d get everything in writing first, get a good faith estimate which they should’ve given you already, and definitely keep your attorney closeby in this transaction.
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The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Home Mortgage Consultant. As soon as I knew how much, I could start searching for a house.
Home Mortgage Consultant
My mortgage broker wants to charge these fees, reasonable?
My mortgage consultant or broker or lender wants to charge fees like ,
$300 Appraisal fee,
$350 Processing fee
$700 underwriting fee.
$3,633 YSP paid to broker 1.5%
estimated closing cost of $ 2450
All these fees based n Loan amount of $ 243000. and interest rate at 6% and 30 -year fixed.
Are the above fees little bit too much or reasonable?
Who pays the closing cost to whom? I as the buyer?
the YSP paid to broker. I have anything t do with that?
Give me your advice and suggestion.
The higher the home price , the higher the closing cost is?
Who gets the closing cost money? The mortgage broker?
Is it gonna be same or better contact banks where they may not charge some of the fees?
Real estate agent recomended me this mortgage broker.
Thanks
The appraisal feel is typical and reasonable. The processing fee is also typical. The underwriting fee is high. It’s usually similar to the appraisal fee.
The YSP represents a commission of 1.5% to the broker for selling, or placing, your mortgage loan. It seems a bit high and could be negotiated.
Closing costs are loan fees for things such as title search, taxes and recordation fees. Sometimes they can be rolled into the loan to save you a bit of cash.
Yes, the higher the loan the higher the fees.
The closing cost money goes to several places. Ask the broker for details.
Most of the fees will be charged, but many can be rolled into your mortgage. If you aren’t satisfied, shop around. Check online lender sites, as well. An agent’s recommendation is not necessarily the most beneficial to you. You can save a lot of upfront cash by doing some research.
You should try to talk to the mortgage broker in person and ask about the charges. See if you can get some of them reduced or eliminated. For instance, the lender may agree to split the broker’s fee or even cover it.
In this tight market, you are in the driver’s seat. Good for you for researching this very important phase of home ownership!