Two questions, both of which have probably been answered before and both of which certainly will reveal my complete ignorance on the subject of mortgage loans, but this is certainly the place to come for the unvarnished truth:
1. If calling around to try to get the right loan at the best rate etc. isn’t the right way to shop for a loan, what is? All mortgage brokers will tell you they are “honest,” but really how is one to know which brokers are actually honest? And why wouldn’t a loan straight from the bank/credit union be cheaper than a brokered loan (i.e., no commission, right)?
2. Full doc – can you do a full doc on 2008 income, plus 2007 returns if you can document 2008 income by other means such as pay records?
And one complaint with regard to the current rates: Why the heck should I pay 8% with excellent credit on a jumbo 30 year fixed rate to bail out everyone else’s bad debt? That is just silly. Is the secondary market for prime jumbo loans really that bad?
I am not buying anything at the moment, just getting my ducks in a row should the dream house materialize at the right price.
