# Mortgages



## Guest (Feb 13, 2013)

Suggestions where to go?

First time home buyer.

Tell me the tricks.


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## kwflatbed (Dec 29, 2004)

Stay away from the major banks, find a good credit union to join and deal with them.


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## lofu (Feb 25, 2006)

If you can, avoid BOA AT ALL COSTS!! I've had nothing but fucking headaches with them.


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## SinePari (Aug 15, 2004)

First timer, Wells Fargo will give a mortgage to anyone with a pulse. Perfect credit, lots of capital to put down, try a credit union or a local bank for the best rates. VA loans are still in the low 3s if you qualify.


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## tms1989 (Oct 24, 2006)

^^^ VA loan worked for me. I just bought my 1st house last month. My interest rate was 3.375%, and I didn't have to put a down payment down. Plus there is no PMI to pay!!

Now I'll have money to put into improvements rather than using all my savings on a down payment

Just make sure you have all your paperwork in order, it makes the process go very smoothly. From the time I started house hunting to the day I moved in was just over 1.5 months. Plus I had a great mortgage broker, real estate agent and a cooperative seller, I'm sure that was what made the process as painless as it was.


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## Guest (Feb 14, 2013)

tms1989 said:


> ^^^ VA loan worked for me. I just bought my 1st house last month. My interest rate was 3.375%, and I didn't have to put a down payment down. Plus there is no PMI to pay!!
> 
> Now I'll have money to put into improvements rather than using all my savings on a down payment
> 
> Just make sure you have all your paperwork in order, it makes the process go very smoothly. From the time I started house hunting to the day I moved in was just over 1.5 months. Plus I had a great mortgage broker, real estate agent and a cooperative seller, I'm sure that was what made the process as painless as it was.


Who was your broker? PM it to me if you don't want to say it publicly. (That is, if s/he will do non-VA loans. That's not an option for me.)


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## kwflatbed (Dec 29, 2004)

Like I said, if it's a non va stick with the credit unions, stay away from the banks if you can,
BOA, HBC, are on the top of the list to stay away from, there still some small local banks
that are not bad the first one that comes to mind that I know someone that has a mortage
from is Webster Bank.


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## RZero (Nov 10, 2012)

Straight up brokers are okay too if they're legit. My last refi was from a mortgage broker and I got 3.3% on a 15 year with no points.


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## Fitzwilly (Oct 17, 2006)

Bought a house a month ago through Wells Fargo/FHA (due to a family connection @ wells) and it was the worst experience I've ever had with customer service. Closing delayed 3 times costing us big time. Got a 3.125% rate but wasn't worth not knowing when we were moving. Definitely stick with local banks/credit unions and look into mass' version of FHA, think its mha or something.

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## LGriffin (Apr 2, 2009)

Rusty O'Dowd
Vice President of Mortgage Lending
NMLS ID # 441880
[email protected]
Phone: 781.647.2026
Cell: 617.285.2691


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## Guest (Feb 14, 2013)

LECSniper said:


> U a Vet ?


Yea d00d, I've been here for like three years and have a ton-o-posts. I got to be considered a vet here!

No, not a military vet

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## Guest (Feb 14, 2013)

The best thing I ever did was set-up a payroll deduction every week that goes into a "holding" account, then on the first of the month, the money is transferred into my checking account, where the bank then automatically withdraws it to cover the mortgage and an extra amount towards the principal. You never see it, and you never miss a payment or make a late payment.


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## Guest (Feb 16, 2013)

Delta784 said:


> The best thing I ever did was set-up a payroll deduction every week that goes into a "holding" account, then on the first of the month, the money is transferred into my checking account, where the bank then automatically withdraws it to cover the mortgage and an extra amount towards the principal. You never see it, and you never miss a payment or make a late payment.


Delta that's exactly what I'll do.

Are rates and fees and crap negotiable? I'm getting mixed answers on the interwebz


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## Dan Stark (Aug 2, 2005)

GMass said:


> Delta that's exactly what I'll do.
> 
> Are rates and fees and crap negotiable? I'm getting mixed answers on the interwebz


Things are much different now post meltdown and Patriot Act. When I got my first mortgage, I was 23, and they just handed me cash with minimal paperwork. Now, so many regulations that I don't think there is much to negotiate. It's more a matter of how smart your broker is, and his knowledge of program packages.


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## grn3charlie (Jul 18, 2005)

Make sure to put enough down (if you can swing it) so as not to have PMI. You get nothing out of it. It is all to protect the lender.

On a side note, make sure to have the home inspection. It is so worth it. During the inspection have someone else there on all floors beneath where there is any plumbing to make sure that the are no leaks when the water is turned on. Learned that one the hard way. Had to open a ceiling to entirely replace the drain from my master shower.


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## Guest (Feb 16, 2013)

grn3charlie said:


> Make sure to put enough down (if you can swing it) so as not to have PMI. You get nothing out of it. It is all to protect the lender.
> .


That's just not an option unfortunately. I likely will pre-pay the PMI at closing which will save me more than 50% of the actual PMI that would be paid monthly.

Good advice on the home inspection. Spanks!


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## Pvt. Cowboy (Jan 26, 2005)

GMass said:


> That's just not an option unfortunately. I likely will pre-pay the PMI at closing which will save me more than 50% of the actual PMI that would be paid monthly.
> 
> Good advice on the home inspection. Spanks!


Pre-pay the pmi? That's a new one...

Can't do that with FHA loans.


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## Herrdoktor (Jun 23, 2010)

GMass said:


> Delta that's exactly what I'll do.
> 
> Are rates and fees and crap negotiable? I'm getting mixed answers on the interwebz


You should be doing this with all of your bills. Most credit unions (fuck banks) have online banking that automatically sets aside money per paycheck that can be allotted to your needs.

Even if it's 'put money aside for a vacation' it can be done and as Delta said if you never see the money you don't miss it.


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## grn3charlie (Jul 18, 2005)

GMass said:


> That's just not an option unfortunately.


Sorry to hear that. PMI is nothing but a fucking scam that we have to live with to get what we need unfortunately.



GMass said:


> Good advice on the home inspection. Spanks!


You're welcome. I wish I knew then what I know now. Like mechanical advice, I like to keep more of my money to me than to line their pockets with what I bust my ass for.


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