My girlfriend and I are about to purchase our first house. We live in Vermont. We were going to go with a VHFA loan, but we make JUST over the income limit. We have been pre approved with a local bank, but now that we don't qualify for VHFA we're shopping around a bit.
Any good or bad stories?
So far the best deal I've found (and I have yet to read the fine print) is the new Bank of America No Closing Cost loan. The rate is 6.883 APR, .084 points. We're going to put about 7% down, but BOA waives the PMI. Our cash at closing will be $3200 which covers the points, the escrow account for taxes and insurance, and the transfer tax on the property. Add in our cost for a lawyer and our home inspection and we'll be getting in for just over 4k. The loan is 30 years fixed.
The bank we started with has the same rate, but closing costs will be $6500+ including PMI, transfer tax, etc.
I'm open to other options - so perhaps the Saab community knows best!
Thanks in advance!
posted by 72.92.131...
Posts in this Thread:
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- Buying first house - mortgage reccomendation?, Liam, Thu, 5 Jul 2007 16:49:10
- beware of ARM's, TimBrown, Fri, 6 Jul 2007 12:17:56
- Re: Buying first house - mortgage reccomendation?, dave24 , Fri, 6 Jul 2007 04:28:27
- Be sure to plan the mortgage payment about $400 higher, Jeff Cunningham, Thu, 5 Jul 2007 19:30:17
- Re: Buying first house - mortgage reccomendation?, pokeyjoe , Thu, 5 Jul 2007 17:18:05
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