HomeFairfax General ForumArrest/Ticket SearchWiki newPictures/VideosChatArticlesLinksAbout
Fairfax County General :  Fairfax Underground fairfax underground logo
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Which bank has the best financing/loans/mortgage rates?
Posted by: Homeless Man ()
Date: March 11, 2010 08:14PM

So I'm looking at buying a house. My income is somewhere around 70-80k, and I have maybe...8k saved up in general, 2k in stocks, 5k in my 457, maybe 8k in a pension, and 13k in a ROTH IRA. I'm 27yrs old with no outstanding debt, and a decent credit score.

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: PS Homeless Man ()
Date: March 11, 2010 08:16PM

I guess I forgot to ask...
Given my stats, what kind of home loan am I looking at? Which banks offer the best deals?
I'm not a prior homeowner either.

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: honesty ()
Date: March 11, 2010 08:44PM

Bank of America. I hate them, but they have the best rates. Or if you can gain membership to a credit union they may have even better rates.

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: Teh King ()
Date: March 11, 2010 08:52PM

www.bankrate.com

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: your mom ()
Date: March 12, 2010 11:20AM

pentagon federal credit union... penfed.org or try navy fed

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: VEIK ()
Date: March 12, 2010 11:28AM

Buying a house on 70K?

One income? YOu are gonna be on a tight budget, IMHO.

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: WingNut ()
Date: March 12, 2010 11:32AM

46166571-superbowl-rings-1987-washington



Edited 1 time(s). Last edit at 09/24/2015 02:13PM by WingNut.

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: eesh ()
Date: March 12, 2010 11:42AM

honesty Wrote:
-------------------------------------------------------
> Bank of America. I hate them, but they have the
> best rates. Or if you can gain membership to a
> credit union they may have even better rates.


Yep, credit unions will always beat banks for better rates.

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Date: March 12, 2010 11:43AM

Homeless Man Wrote:
-------------------------------------------------------
> So I'm looking at buying a house. My income is
> somewhere around 70-80k, and I have maybe...8k
> saved up in general, 2k in stocks, 5k in my 457,
> maybe 8k in a pension, and 13k in a ROTH IRA. I'm
> 27yrs old with no outstanding debt, and a decent
> credit score.

The bank only cares about your liquid assets. It doesn't care about IRAs, etc.

As for buying a house, with your income you are probably looking at a condo or town home, unless you plan on buying in Stafford. Also, outside of a few locations in Fairfax or closer in, you will be hard pressed to get a loan without 20 percent down.

I believe you can get the first time buyer credit, which will help. However, don't expect any bank to cut you a great deal on a rate. I think they are all pretty much the same these days when it comes to that kind of thing.

Traditionally a bank would try to lure you to an ARM, but I'm not sure how many of those they give out nowadays. I think a bank is going to want you to go with a 30-year-fixed, but not sure you can qualify for one given property values in this area.

---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: Ron Burgundy ()
Date: March 12, 2010 02:38PM

I used Jerome at first savings mortage. He beat out all of the other companys rates including BOA. They're able to do a conventional loan without 20% down too due to some agreement they have. I highly recommend him if you're looking for a mortgage company.

PM me if you want his info.



Edited 1 time(s). Last edit at 03/12/2010 02:41PM by Ron Burgundy.

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: Ron Burgundy ()
Date: March 12, 2010 02:39PM

Oh, and the dude is super helpful. He'll answer your phone call at 3am if you wanted.

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Date: March 12, 2010 02:43PM

Ron Burgundy Wrote:
-------------------------------------------------------
> I used Jerome at first savings mortage. He beat
> out all of the other companys rates including BOA.
> They're able to do a conventional loan without
> 20% down too due to some agreement they have. I
> highly recommend him if you're looking for a
> mortgage company.
>
> PM me if you want his info.


You know, it's funny. I have great credit, equity in my home and a good income, yet I have to jump through all of these hoops while people with little credit history and no track record of owning a house still get all these special deals. How long before we have another housing bust?

Nobody ever learns.

---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: UnderTheBridge ()
Date: March 12, 2010 02:51PM

SO where can I find a listing of townhomes for sale?
I guess a townhome or condo is my best bet then given my current total buying power.
I googled it, but I just can't find a good list of places up for sale? So how and where do I look?

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: Ron Burgundy ()
Date: March 12, 2010 03:04PM

WashingTone-Locian Wrote:
-------------------------------------------------------
> Ron Burgundy Wrote:
> --------------------------------------------------
> -----
> > I used Jerome at first savings mortage. He
> beat
> > out all of the other companys rates including
> BOA.
> > They're able to do a conventional loan without
> > 20% down too due to some agreement they have.
> I
> > highly recommend him if you're looking for a
> > mortgage company.
> >
> > PM me if you want his info.
>
>
> You know, it's funny. I have great credit, equity
> in my home and a good income, yet I have to jump
> through all of these hoops while people with
> little credit history and no track record of
> owning a house still get all these special deals.
> How long before we have another housing bust?
>
> Nobody ever learns.


To even qualify for that deal (which I'm not even sure if they still have it), you need "excellent" and long standing credit, and you need to purchase mortage insurance, which isn't cheap. They don't just hand this deal out. Mortage companies will, however, make you jump through hoops if your credit is mediocre.

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: WingNut ()
Date: March 12, 2010 03:04PM

white-space.jpg



Edited 1 time(s). Last edit at 12/13/2015 10:16AM by WingNut.

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: Ron Burgundy ()
Date: March 12, 2010 03:05PM

Redfin.com was pretty useful.

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Date: March 12, 2010 03:12PM

Ron Burgundy Wrote:
-------------------------------------------------------

>
>
> To even qualify for that deal (which I'm not even
> sure if they still have it), you need "excellent"
> and long standing credit, and you need to purchase
> mortage insurance, which isn't cheap. They don't
> just hand this deal out. Mortage companies will,
> however, make you jump through hoops if your
> credit is mediocre.


I have excellent credit. I still have to jump through hoops. It's gone from one extreme to the other.

---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Date: March 12, 2010 03:13PM

I use realtor.com all of the time.

---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: Ron Burgundy ()
Date: March 12, 2010 03:30PM

WashingTone-Locian Wrote:
-------------------------------------------------------
> Ron Burgundy Wrote:
> --------------------------------------------------
> -----
>
> >
> >
> > To even qualify for that deal (which I'm not
> even
> > sure if they still have it), you need
> "excellent"
> > and long standing credit, and you need to
> purchase
> > mortage insurance, which isn't cheap. They
> don't
> > just hand this deal out. Mortage companies
> will,
> > however, make you jump through hoops if your
> > credit is mediocre.
>
>
> I have excellent credit. I still have to jump
> through hoops. It's gone from one extreme to the
> other.

You know the credit score range goes all the way up to 850, right?



Edited 1 time(s). Last edit at 03/12/2010 03:31PM by Ron Burgundy.

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: Mofo ()
Date: March 12, 2010 06:29PM

I just bought a townhouse, not even in a month yet. I can give you my mortgage company info PM if you want it. I got a fantastic rate (below 5%) for a 30 year fixed but I did have 20% down.

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: Dane Bramage ()
Date: March 12, 2010 08:42PM

You can probably use FHA, put 3.5% down, and have the seller pay closing costs.

I use VirginaMLS for house searching:

http://www.virginiamls.com/

Good luck!

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Date: March 12, 2010 08:50PM

Ron Burgundy Wrote:
-------------------------------------------------------

> >
> > I have excellent credit. I still have to jump
> > through hoops. It's gone from one extreme to
> the
> > other.
>
> You know the credit score range goes all the way
> up to 850, right?


Yes. I know because my score is consistently in the low end of the "Excellent" range.

---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: 1 Excellent Dude ()
Date: March 12, 2010 10:58PM

WashingTone-Locian Wrote:
-------------------------------------------------------
> Ron Burgundy Wrote:
> --------------------------------------------------
> -----
>
> > >
> > > I have excellent credit. I still have to jump
> > > through hoops. It's gone from one extreme to
> > the
> > > other.
> >
> > You know the credit score range goes all the
> way
> > up to 850, right?
>
>
> Yes. I know because my score is consistently in
> the low end of the "Excellent" range.

Maybe you should try to get it up into the high end of the "Excellent" range. It really doesn't take much, especially if you have paid your shit on time as that is the biggest percentage of your FICO.

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: The Congressman ()
Date: March 12, 2010 11:16PM

I found my house using redfin's website, but bought it with Khalil from i-agent. The 2% rebate is key (redfin only offers 1.5%). We got over $8900 back at closing. Free money. We got the loan through a credit union. 10% down, 0.27% PMI, and 4.875%. Definitely the way to go.

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: Go to Wells ()
Date: March 15, 2010 04:10PM

The best place to go is WELLS FARGO HOME MORTGAGE. They are the largest lender and have the best rates and service. Plus all the brokers are not complying with the new requirements and disclosures.

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: ah ()
Date: March 15, 2010 04:12PM

Which? Wells or Fargo? I've heard good things about both.

Options: ReplyQuote
Re: Which bank has the best financing/loans/mortgage rates?
Posted by: geraldinio ()
Date: March 15, 2010 11:36PM

Fuck b ank of america and wells fargo. Ill try any credit union if you can. Wells fargo is going to use American servicing company to run the loan and all they are going to do is fuck with you for ever. Google American servicing company. Banc of america keep on lying. I used to have both. I have Navy fed.

Options: ReplyQuote


Your Name: 
Your Email (Optional): 
Subject: 
Attach a file
  • No file can be larger than 75 MB
  • All files together cannot be larger than 300 MB
  • 30 more file(s) can be attached to this message
Spam prevention:
Please, enter the code that you see below in the input field. This is for blocking bots that try to post this form automatically.
  ******   **     **   ******    **    **  **      ** 
 **    **  **     **  **    **   **   **   **  **  ** 
 **        **     **  **         **  **    **  **  ** 
 **        *********  **   ****  *****     **  **  ** 
 **        **     **  **    **   **  **    **  **  ** 
 **    **  **     **  **    **   **   **   **  **  ** 
  ******   **     **   ******    **    **   ***  ***  
This forum powered by Phorum.