Mortgage bleg and an explanation

[katestine]

Apparently I'm repeating a post from 2 months agoSore throat, again. I believe it's just bc I'm phlegmy from summer allergies, which I didn't even know existed until I had them. bah. I think I'm giving up on running a half marathon this year if I can't stay well enough to train up to a 6mi run. It's so funny to me that I could bang out an untrained

Comments

[jadia]

Woo!

I have a friend who had a horrible experience with hsbc.

We used a small local bank because i liked the guy i talked to and they were willing to match the lowest interest rate we found. Unfortunately i don't think that helps you.

Is the market  in your neighborhood like in Boston? Here, offers are due  3-4 days after the property is listed and there are usually multiple bids  so your chance of getting each house is not that good.

[katestine]

Believe it or not, we got under asking: there were 3 offers, one of which was apparently not considered, ours, and a less strong one, so we got it for under asking.

I think NYC is at the end of a peak, which doesn't worry us much since we plan on living in the next place for decades.

[thewronghands]

Check into under what conditions your mortgage can be sold... the lenders I initially went through were fine, but they kept selling my mortgage to other banks, and that was pretty awful. So you may not get to stick with the one you pick, regardless of what you had intended.

[katestine]

AH. I knew you'd had an unpleasant experience and couldn't remember the details. thanks.

[mallorys_camera]

Congratulations! Great news!

I think the city is a perfectly fine place to raise your son, particularly since you have the option of spending time in Connecticut any time you like.

[gmpe]

Things to consider

[katestine]

This was extremely helpful, as always, and formed the basis of the questions we asked our mortgage dude and helped me understand what people were asking us.

[etcet]

I am, of course, wildly biased in favor of my employer (grow financial federal credit union / growfinancial.org ) as a lender, but there is no bullshit involved - there's the loan, and either closing or processing costs, and that's it. no rate fuckery, and, from what i understand, our flat rate ones are pretty good, especially if you have A-rated credit (i don't think we even *do* ARMs

[leezechka]

PMI. It is mortgage insurance and is not required if you have 20% down.