TOPIC: Applying for Mortgage , any recommendations?

Hi,

I am planning to apply for mortgage loan, do you have any recommendations based on your experiences? Feedback?

Appreciate any response.


Thanks

humdum wrote: Hi,

I am planning to apply for mortgage loan, do you have any recommendations based on your experiences? Feedback?

Appreciate any response.


Thanks

It is long process with lot of paper work and checks. Goodluck

One way to deal with the paper work is to sign where ever you are required to - don't ask questions because you won't know what the language in the document implies. To understand that you will need to consult a lawyer. So best is keep personal copies of all the paper work, sign and submit. For you what matters is the monthly mortgage amount that you have to pay. All banks are the same when it comes to interest rates. If you are a US Citizen and paying some amount as cash down, that's all what matters and if you are taking advantage of interest free FHA loan as first time home owner, then you should be ready for some treatment from the bankers.

Sorry, I think I didn't clearly stated what info I am looking for. Any recommendation on lenders? I am sure lots of people must have taken the mortgage in last few months, so was guessing if some one could suggest any financial institutions to lend the money from.

@humdum:

Now-a-days, the mortgage approval processes & getting a better APR depends on lots of factors - I am sure you must have done your homework:

1. Good Credit History
2. Down Payment - anywhere in the range of 20% or so will help you get a better APR.
3. Repayment capacity - this depends on your annual income, bank balance, number of years of employment and other factors.

Having said that, initially I went with BofA but recently refi'd with River Community Bank based on a friend's reco. I was very pleased with the agent and the rate I got.

Here's his contact:
Bill Baragona
River Community Bank, N.A.
Branch Manager / MLO 60593
Phone 919-459-1301
Fax 919-459-1340
111 Corning Rd, Suite 230, Cary N.C. 27518

There are realtors (Shalini, Joe Mathews) on this forum - they can also pitch in with their referrals. Do a forum search and you can find their contact details.

Hope this helps.

Practical Person wrote: One way to deal with the paper work is to sign where ever you are required to - don't ask questions because you won't know what the language in the document implies.

Were you drunk when you posted that? Brainless approaches like this are what contributed to the recent economic fiasco. Don't sign what you don't understand. Educate yourself. Get qualified opinion. Don't forsake personal responsibility.

Some of the responses were very useful, thanks a lot for your guidance.
Looking for some more replies to this topic.

Where are you buying and why?