Refinancing to a rate below 5% without 20% equity…

[j]

Well, I am technically right. There is not PMI on FHA loans; there is FHA mortgage insurance. Which is cheaper than PMI for people that only have 3% down payments. Yes, with 10% or 15% equity PMI is cheaper than FHA insurance. But the fact is that most mortgage brokers do not know or choose to not tell their “victims” of the best loan in many cases. Plus not many have 10% to buy a house with that do not come to this blog. Many here actually have 20%(Crazy housing bubble people 😉 ).

I personally think a 3% down payment is an awful idea, but it is better than a 0% down payment.

And where did 50% come from?

Oh, and the minimum is 1.25% not 1.75%: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/08-16ml.doc

[j]

Oh, my original post was to counter the propaganda presented by a mortgage broker. I believe that if most people get a few different stories most will look for the facts, and not just listen to the guy looking for his commission. Too bad so many only got their mortgage broker’s propaganda over the last 5 years.

[j]

Oh, my original post was to counter the propaganda presented by a mortgage broker. I believe that if most people get a few different stories most will look for the facts, and not just listen to the guy looking for his commission. Too bad so many only got their mortgage broker’s propaganda over the last 5 years.

[j]

Oh, my original post was to counter the propaganda presented by a mortgage broker. I believe that if most people get a few different stories most will look for the facts, and not just listen to the guy looking for his commission. Too bad so many only got their mortgage broker’s propaganda over the last 5 years.

[j]

Oh, my original post was to counter the propaganda presented by a mortgage broker. I believe that if most people get a few different stories most will look for the facts, and not just listen to the guy looking for his commission. Too bad so many only got their mortgage broker’s propaganda over the last 5 years.

[j]

Oh, my original post was to counter the propaganda presented by a mortgage broker. I believe that if most people get a few different stories most will look for the facts, and not just listen to the guy looking for his commission. Too bad so many only got their mortgage broker’s propaganda over the last 5 years.

[Raybyrnes]

J
My understanding of the FHA program is that all fees are preset. Not much to wiggle on. I think for anyone in a subprime category this should have been the product of choice. At this point in time I would argue that for anyone with money down and good credit, conventional loans are a better bargain. With certain exceptions. If you fall into a category such as teachers of police who have some special incentive program combined with FHA

[Raybyrnes]

J
My understanding of the FHA program is that all fees are preset. Not much to wiggle on. I think for anyone in a subprime category this should have been the product of choice. At this point in time I would argue that for anyone with money down and good credit, conventional loans are a better bargain. With certain exceptions. If you fall into a category such as teachers of police who have some special incentive program combined with FHA

[Raybyrnes]

J
My understanding of the FHA program is that all fees are preset. Not much to wiggle on. I think for anyone in a subprime category this should have been the product of choice. At this point in time I would argue that for anyone with money down and good credit, conventional loans are a better bargain. With certain exceptions. If you fall into a category such as teachers of police who have some special incentive program combined with FHA

[Raybyrnes]

J
My understanding of the FHA program is that all fees are preset. Not much to wiggle on. I think for anyone in a subprime category this should have been the product of choice. At this point in time I would argue that for anyone with money down and good credit, conventional loans are a better bargain. With certain exceptions. If you fall into a category such as teachers of police who have some special incentive program combined with FHA

[Raybyrnes]

J
My understanding of the FHA program is that all fees are preset. Not much to wiggle on. I think for anyone in a subprime category this should have been the product of choice. At this point in time I would argue that for anyone with money down and good credit, conventional loans are a better bargain. With certain exceptions. If you fall into a category such as teachers of police who have some special incentive program combined with FHA

[TheBreeze]

[quote=Ex-SD]

J.: You are the kind of guy who thinks he knows everything and winds up getting fucked over for thousands of extra dollars in fees, points, PMI, etc.
[/quote]

So if someone uses a mortgage broker, the mortgage broker will protect them from extra fees, points, PMI, etc? Isn’t it the usual course that mortgage brokers get the highest commission on loans that make the most money for the lender?

[quote=Ex-SD]
I’m not in the mortgage business (like HLS) but I have friends who are and your source (or sources) for mortgage information are grossly misinformed.[/quote]

Mortgage brokers may be well-informed, but their commission comes from the lender, so they are incentivized to put the borrower in the loan that is best for the lender, not the borrower. Does HLS disclose how much he makes on a particular loan? Last I heard, mortgage brokers were fighting like crazy to keep from disclosing this type of information.

[TheBreeze]

[quote=Ex-SD]

J.: You are the kind of guy who thinks he knows everything and winds up getting fucked over for thousands of extra dollars in fees, points, PMI, etc.
[/quote]

So if someone uses a mortgage broker, the mortgage broker will protect them from extra fees, points, PMI, etc? Isn’t it the usual course that mortgage brokers get the highest commission on loans that make the most money for the lender?

[quote=Ex-SD]
I’m not in the mortgage business (like HLS) but I have friends who are and your source (or sources) for mortgage information are grossly misinformed.[/quote]

Mortgage brokers may be well-informed, but their commission comes from the lender, so they are incentivized to put the borrower in the loan that is best for the lender, not the borrower. Does HLS disclose how much he makes on a particular loan? Last I heard, mortgage brokers were fighting like crazy to keep from disclosing this type of information.

[TheBreeze]

[quote=Ex-SD]

J.: You are the kind of guy who thinks he knows everything and winds up getting fucked over for thousands of extra dollars in fees, points, PMI, etc.
[/quote]

So if someone uses a mortgage broker, the mortgage broker will protect them from extra fees, points, PMI, etc? Isn’t it the usual course that mortgage brokers get the highest commission on loans that make the most money for the lender?

[quote=Ex-SD]
I’m not in the mortgage business (like HLS) but I have friends who are and your source (or sources) for mortgage information are grossly misinformed.[/quote]

Mortgage brokers may be well-informed, but their commission comes from the lender, so they are incentivized to put the borrower in the loan that is best for the lender, not the borrower. Does HLS disclose how much he makes on a particular loan? Last I heard, mortgage brokers were fighting like crazy to keep from disclosing this type of information.

[TheBreeze]

[quote=Ex-SD]

J.: You are the kind of guy who thinks he knows everything and winds up getting fucked over for thousands of extra dollars in fees, points, PMI, etc.
[/quote]

So if someone uses a mortgage broker, the mortgage broker will protect them from extra fees, points, PMI, etc? Isn’t it the usual course that mortgage brokers get the highest commission on loans that make the most money for the lender?

[quote=Ex-SD]
I’m not in the mortgage business (like HLS) but I have friends who are and your source (or sources) for mortgage information are grossly misinformed.[/quote]

Mortgage brokers may be well-informed, but their commission comes from the lender, so they are incentivized to put the borrower in the loan that is best for the lender, not the borrower. Does HLS disclose how much he makes on a particular loan? Last I heard, mortgage brokers were fighting like crazy to keep from disclosing this type of information.

[Author]

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