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Mortgage people - whats the deal with these new mortgage insurance rules and offers??

If any of you are Veterans, please do not forget about your VA Benefit in the form of a Guaranteed Mortgage Loan with NO Mortgage insurance, even for a 30 year. I only have about 8 years left to pay on my home and would surely not do a refi myself but, I can see the attraction today with the low rates and adjusted PMI. Mortgage company's sell them back and forth like nothing so it really matters not who holds the mortgage because they will probably sell it to another company anyway. Good luck no matter what you decide.

VA loans can be a good deal but they are not the best for all. That squid bastard at New Day USA is reaping millions on his "fellow vets".
 
VA loans can be a good deal but they are not the best for all. That squid bastard at New Day USA is reaping millions on his "fellow vets".

I hate that when Vets rip off other Vets. Lowest for or Scumbag to me. Anyway, great information here. There are a lot that are much more knowledgeable than me for sure. I do see that there are a lot of Vets here on the ODT and believe it or not, a lot of Vets do not know about the 100% Guaranteed, No Mortgage Insurance, 30 Year Fixed Rate, VA Loan that they qualify for and that's with 0 down too. You are also correct though Dave, it may not be the best option for some. Worked great for me so far though especially when I was getting ready to retire and had my home built.
 
I hate that when Vets rip off other Vets. Lowest for or Scumbag to me. Anyway, great information here. There are a lot that are much more knowledgeable than me for sure. I do see that there are a lot of Vets here on the ODT and believe it or not, a lot of Vets do not know about the 100% Guaranteed, No Mortgage Insurance, 30 Year Fixed Rate, VA Loan that they qualify for and that's with 0 down too. You are also correct though Dave, it may not be the best option for some. Worked great for me so far though especially when I was getting ready to retire and had my home built.

New purchase is a great time to VA. Selling vets on VA refi to "save" money based on half truths is ****ty.
 
I hate that when Vets rip off other Vets. Lowest for or Scumbag to me. Anyway, great information here. There are a lot that are much more knowledgeable than me for sure. I do see that there are a lot of Vets here on the ODT and believe it or not, a lot of Vets do not know about the 100% Guaranteed, No Mortgage Insurance, 30 Year Fixed Rate, VA Loan that they qualify for and that's with 0 down too. You are also correct though Dave, it may not be the best option for some. Worked great for me so far though especially when I was getting ready to retire and had my home built.

New purchase is a great time to VA. Selling vets on VA refi to "save" money based on half truths is ****ty.

I'm with you on this. Unfortunately a lot of abuse is on FHA and VA loans because the people trust what they are told.

I work for a lender that has given away 26 mortgage free homes to veterans over the past 2 years, we have a companywide charity to help Vets, Sean Parnell is a spokesperson for us.

I'm not a Vet but I have the utmost respect for those that have fought for my freedom and I make sure they get the best treatment when I work with them.
 
We have 7 acres with a small cabin in north ga
Like to refi to lower rate and term
Can't find any lender over than local bank

Too rural
We don't finance over 5 acres

Blah blah
I've heard every excuse
You know any one besides United community that does rural mortgages ?
 
Wow we are currently purchasing a home. We are able to avoid PMI due to 20% down. I think 4% is pretty good. Sounds like our closing cost are a little steep at $4100. I tell ha buying now is different than it was 12 years ago when we bought our first. There is more paperwork as well as having to show where your down payment is coming from. I can't imagine the process if we had questionable credit or without down payment. At 800+ credit scores it seems like this would be easier

Same here, I put 20% down to avoid PMI, locked in @ 3.75%. Closing cost was somewhere around $6,000 but I was able to get 1/2 paid by the seller. My credit is above 800 and I still had to show all of the information, where it came from, account statements proving earnest money had cleared, etc.

After reading the above, maybe I also should've shopped Quicken mortgages.
 
Too bad I didnt know that a couple ODTr's were in the mortgage area as I just refi'd.
Even though it was with a big bank I did very well on closing costs, and my rate, and the transaction went very well I'd rather do business here if I can. Even better, my loan wont be sold off every other month, so no worries about where the payment goes or who has my escrows now.

Really in the US we have this all backwards and suffer higher home costs due to paying for houses on credit rather than saving it up to pay outright. Had I figured this out when younger it would have saved me a literal ton of money.
Live with your parents or split a place and save your dough and buy it outright or at least pay a significant amount down is some damn good advice.
 
HELOC is Home Equity Line Of Credit, HELOAN is typically Home Equity Loan meaning it's a fixed rate for a fixed term. I just went to the Regions sigite ad read the HELOAN guide. Says they pay for all Closing costs, up to 80% of the value, rate varies from 3% to 8% depending on LTV, credit and collateral type (primary home vs seond or investment).
When seconds were widely available a rate for a fixed seconsd mortgage of less than 6% was about as good as it got. If the are going below that with no costs that sounds like a great offer. Most banks only offer HELOC's, whic for some is prefect but it you only need the fiunds for a specfiic purpose and a specfic amount of time then a HELOAN is better, no rate risk. Most HELOCS cap out @ 16%

Let me know what they offer you based on the value of your home, income and your credit profile. It says you can buy the rate down but be careful with that, do the math beofre you pay extra. It's a pretty easy analysis with rate buydowns. Basically you compare what do I get for free vs what do I save for how much more money. Multiply the savings by how long you feel you will truely use the money, in other words... how long will it be before you will most likely pay off the loan, and see if the cost is worth it. For example, you may get a 20 year loan knowing you are going to retire is 15 years so multiply the savings by 180 months not 240 months. You may have another child in 5 years and sell the place to get a bigger one so multiply by 60 months. Also typically the shorter the term the less the rate. It may be significant or it may be very small. Unless you are borrowering a significant amount don't get too wrapped up in .25% in rate one way or the other. A .25% difference in rate for $40K over a 20 years period is only $1209, yes it's still $1209 but it also take 20 years to realize the savings.

Regions has been around for years, they have never been a big player in the mortgage business around Atlanta. From what I do know they are a good bank, I don't hear complaining about Regions like I do the other Big banks and I know folks that have worked there and were treated well. They just haven't the national footprint some of the larger banks do. Think small towns and tellers that know your name. They are growing though and over the past few years have opened a lot more locations around Atlanta.
Thanks for the insight. We just our E-appraisal back and are at exactly at 80% now. My wife and I have great credit, so we are doing a 7/yr at 3.25%. I see no need to buy lower as that's already a great rate/term with a payment we can definitely afford. We are going to auto-debit bi-weekly, so we hope to have this thing paid off in around 6 years. With this plan vs our current 30/yr at 5.5%, we are looking to save $50k in finance charges between the 2 loans. We don't own an expensive house or have a ton of debt, so it seems like the logical choice at our age to be debt free in around 72/mos.

I appreciate your time responding to all of us! Your detailed responses make it very easy to weigh out pros and cons!
 
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