How should i go about applying for a mortgage loan?

Shanelle Missy · Joined: 29 Sep 2009 Posts: 11

I am looking to purchase a home. I have held my job for more than a year and make fairly decent money. I have also had a bank account with the same bank for nearly 2 years. Should i apply though my bank or should i look into a mortgage loan elsewhere? If so where?

m2c · Joined: 03 Aug 2005 Posts: 937

Out of curiosity, what did you do with the home you say you purchased around a year ago? 10/1/09 post :
I just bought home in July 2008 for 87k. Our interest rate is at 6.25. With the mortgage rates falling because of the economy, we would like to refinance to pay off some bills and to get a lower rate. We are first time home buyers and have a fixed 30 year FHA loan. Do we have to wait one whole year to finance or can we do it now?

EricJ · Joined: 09 Jan 2009 Posts: 321 Location: New Jersey

She is just here to spam the site referenced in the signature...which I removed.

Josh Harmatz · Joined: 08 Sep 2009 Posts: 18

You should try to find the best loan possible for yoursef. You want to work with someone that you feel comfortable with.

Elmira Nancy · Joined: 13 Nov 2009 Posts: 28

1) A mortgage is like a car loan, you need to shop around to get the best interest rate, points, whatever possible.
2) I learned all that I know through "Home Buying for Dummies" educate yourself as much as possible before buying a loan because you don't want to get stuck with a bad deal, a bad deal can equal out $20, $30 thousand dollars more then a good deal could.....
3) Good Luck and congrats on the possible new home!