Hi guys,
I am planning to buy a house and have toured one house on my own without any buying agent as yet. I have been told that it is important to have pre-aproved mortgage available. I was wondering what are the factors that people bought house have considered for mortgage? I see well known names like wells Fargo and chase bank but I think their rates are high while there are some lending institutions who are offering low rates but I have never heard of them so don't know if I should trust them.
Want to see the real deal?
More inside scoop? View in App
More inside scoop? View in App
blind
SUPPORT
FOLLOW US
DOWNLOAD THE APP:
FOLLOWING
Industries
Job Groups
- Software Engineering
- Product Management
- Information Technology
- Data Science & Analytics
- Management Consulting
- Hardware Engineering
- Design
- Sales
- Security
- Investment Banking & Sell Side
- Marketing
- Private Equity & Buy Side
- Corporate Finance
- Supply Chain
- Business Development
- Human Resources
- Operations
- Legal
- Admin
- Customer Service
- Communications
Return to Office
Work From Home
COVID-19
Layoffs
Investments & Money
Work Visa
Housing
Referrals
Job Openings
Startups
Office Life
Mental Health
HR Issues
Blockchain & Crypto
Fitness & Nutrition
Travel
Health Care & Insurance
Tax
Hobbies & Entertainment
Working Parents
Food & Dining
IPO
Side Jobs
Show more
SUPPORT
FOLLOW US
DOWNLOAD THE APP:
comments
1. As a rule of thumb you want 20% down for a primary residence, 25% for multifamily (2-4 units). Not sure if 25% still applies if you plan on using one of these units as primary residence.
2. If you do not have the 20%, you can make up the difference with a FHA loan so you need only 3.5%. But in general your options are cheaper and greater the more cash you have. You’ll be paying out the wazoo in PMI (~1% of loan per year) if your LTV (loan to value) isn’t more than 22%.
3. Zillow’s mortgage lender application process is *amazing.* Input your budget and money and income, and they’ll send the information to lenders as well as show you a list of lenders. I’ve gotten all my mortgages at best available rate this way. Be sure and select a lender with a crazy high rating like 4.95 stars + 1000 ratings even if it means sacrificing a little interest, because the paperwork you’ll be doing is insane & arbitrary and you want your lender to stay on top of that.
4. They’ll often want proof of a nice cushy amount on top of your down payment in case you lose your job. Retirement funds or RSUs can help with that, so have proof of these ready to go.
5. When they want some paperwork drop everything and deliver these same-day. Trust me on this, don’t be lazy in paperwork.
Don’t be scared, it’s an awesome process. Your buyer agent will also help you through this.
Wells Fargo has been fantastic for me (about to close on my 3rd mortgage through them)
As said above, get your paperwork down as soon as it is requested, someone else is going to slow shit down, don’t add to it.
If you can swing it, go for a 15 year mortgage and pay a point to reduce your interest rate, future you will thank you ( this assumes you will be in the house long term)
Have a paper trail for all large sums of money that has been moved around
Once the bank has reviewed your finances, do not move money around until after closing
Reveal all assets and liabilities, they will find it and will only slow you down if you don’t
You can always refinance later.