So purchased my first house 5 years ago and still live in it today. Wife and I have been recently thinking of upgrading to a bigger house after having our first child almost a year ago. Haven't been on the market nor really paid much attention to what the credit crisis has done to mortgages lately but I would presume the standard 20-25% down payment recommended is a requirement now? Anyone recently been on the market for a mortgage loan and found it difficult to get a solid rate?
I am in the exact position as you as we just found out that my wife is expecting our 3rd, so we want to get a bigger home. You dont necessarily need to put 20% down, but will have to pay mortgage insurance (which you can negotiate down). It may add ~100/month on a 250K home. Rates are still very low. I just got pre-qualified for 4.25% on a 15 year note, or 4.75 on a 30 year.
try and do a 75-15-10 75% first loan 15% second loan 10 down payment Talk to Wells Fargo about it. They have some nice programs.(make sure to get the no-prepayment penalty option)
Thanks Scott. How is the new house? Get it the way you wanted? 20% is not required. Credit is tighter but rates are still very low. Worked with a bunch of guys from Hornfans and am happy to answer any questions you have. Feel free to email me at robert@buffingtonmortgage.com
speaking of. what do you guys think of the 5/5 mortgage from Pentagon? 4.0 % very low closing costs, adjusts once every 5 years, 2/6/2 limits.
