Aquatic Giraffe posted:

Looked into the NFCU no money down no PMI loan, and the interest rate is 4.625%, and we could get a fixed rate VA loan for 3.125%. I think we'll keep hoarding our dollars for that 20%.

BEHOLD: MY CAPE posted:

Paying a big interest rate bump for "no PMI" is worse than actually paying PMI in most cases. What they are doing is just charging you an interest premium to pay for the PMI out of their own pockets, and the interest rate premium never goes away over the life of the loan, unlike PMI.

Jose Cuervo posted:

I am filling out a mortgage application and it has the following part:

code:

Enter the total minimum payment amount you pay each month on all debt. 
Please include required minimum monthly credit card payments, auto loans, student loans, 
mortgages you may have on 2nd homes or rental properties, and alimony/child support.)

I do not have any auto or student loans or any other mortgages. I do have credit cards but am uncertain if I have a 'required minimum monthly credit card payment'. I always pay the credit card balance as soon as I get the bill in the mail, so what would my 'required minimum monthly credit card payment' be?

Andy Dufresne posted:

It's zero in that case.

Andy Dufresne posted:

That's correct but if you aren't sure just ask the lender. My lenders told me not to list any credit cards that were paid in full every month.

Jose Cuervo posted:

So I don't need to list any credit cards since the 'required minimum monthly credit card payment' on all my credit cards is 0, correct?

EDIT:
Well I suppose the real question is this:
I have 6 credit cards, and 3 of these I have not used in over a year. There is no balance of any sort on these credit cards.
The other three I use each month. When the credit card statement for each one of the three cards arrives in the mail, I go online and pay of the amount of money I spent on the credit card the previous month. In this sense I am 'required' to pay whatever I spent the previous month.

So do I list all 6 of the credit cards? And if so, do I list 0 as the 'required minimum monthly credit card payment'?

Aquatic Giraffe posted:

Looked into the NFCU no money down no PMI loan, and the interest rate is 4.625%, and we could get a fixed rate VA loan for 3.125%. I think we'll keep hoarding our dollars for that 20%.

Jose Cuervo posted:

I also asked him if the Credit Union does not do pre-approval letters and he didn't answer that question (in his email response). Is this a bad sign (i.e. should I not try and get a loan through the CU)?

baquerd posted:

Shopping around for mortgages in a way that is somewhat binding on the lenders is still a lovely process, sorry. So, not really a bad sign, because every single lender hates giving pre-approval GFE's like nothing else. Closing costs worksheet? No problem. Actual pre-approval and GFE? gently caress off. I had lenders refuse to give it to me, I had lenders basically fake a GFE without actually running it, etc. You can find lenders who will give them to you, it's just not common at all.

baquerd posted:

Shopping around for mortgages in a way that is somewhat binding on the lenders is still a lovely process, sorry. So, not really a bad sign, because every single lender hates giving pre-approval GFE's like nothing else. Closing costs worksheet? No problem. Actual pre-approval and GFE? gently caress off. I had lenders refuse to give it to me, I had lenders basically fake a GFE without actually running it, etc. You can find lenders who will give them to you, it's just not common at all.

BEHOLD: MY CAPE posted:

How can they give you a GFE with tax information and mortgage insurance etc when you haven't even identified a property to offer on, that makes no sense. The lender has no incentive to sink time and money into fulling vetting you for a loan past simple stuff like credit checks and stated income before you've even located a property and vested yourself in closing the transaction.

necrobobsledder posted:

NFCU bros and hoes

I think pretty much everyone that's related at all to a veteran or has been a DoD contractor or as a civilian is open to join.

BEHOLD: MY CAPE posted:

How can they give you a GFE with tax information and mortgage insurance etc when you haven't even identified a property to offer on, that makes no sense. The lender has no incentive to sink time and money into fulling vetting you for a loan past simple stuff like credit checks and stated income before you've even located a property and vested yourself in closing the transaction.

Jose Cuervo posted:

Is the shopping around for the best loan offer advice on the Michael Bluejay site not good then? I know approximately how much I am willing to spend on a house, I know what my down payment amount is, and I know the general area of town I am looking for houses. If I am willing to pay an application processing fee, should the lender not be able to pre-approve me for a loan?

Again all the advice I have read says get pre-approved before finding the house of your dreams.

Jose Cuervo posted:

Is the shopping around for the best loan offer advice on the Michael Bluejay site not good then? I know approximately how much I am willing to spend on a house, I know what my down payment amount is, and I know the general area of town I am looking for houses. If I am willing to pay an application processing fee, should the lender not be able to pre-approve me for a loan?

Again all the advice I have read says get pre-approved before finding the house of your dreams.

sadus posted:

They told my wife we weren't eligible even though her grandpa is a WW2 vet, said he couldn't even open an account now if he wanted to and then sponsor us (a bit past that point anyway), ah well!

Higgy posted:

Dik Hz posted:

Correct me if I'm wrong, but I thought NFCU and USAA were only open to children and dependents of vets, not grandchildren? And then, only if the vet was a member, right?

Aquatic Giraffe posted:

NFCU is much more restrictive, it's only military/DoD and their dependants. If I closed my account I would have trouble re-opening it since I'm not military. My husband is military but he's stubbornly refusing to switch from Wells Fargo and doesn't have an NFCU account.

USAA will let you in if someone you're vaguely related to might've been in the military once.

Jose Cuervo posted:

So I went to my local credit union yesterday and briefly spoke with the Mortgage Loan Originator. I told him I was looking to get pre-approved for a loan and he pointed me to fill out an application online. However the only relevant option online regarding why I was filling out the application was to "pre-qualify for a loan". I emailed him today and asked him if the application was for pre-approval or for pre-qualification and he responded that this was pre-qualification and I would receive a pre-qualification letter similar to this. Is it even worth filling out this application to get a pre-qualification letter? From all I have read online a pre-qualification letter is not useful.

I also asked him if the Credit Union does not do pre-approval letters and he didn't answer that question (in his email response). Is this a bad sign (i.e. should I not try and get a loan through the CU)?

SiGmA_X posted:

I guess if you like getting reamed with a splintery log, it makes sense to stay with WF. Or if you trade OTC, but then you should only do OTC with them. Otherwise, gently caress that place.

Jealous Cow posted:

In my experience pre-approvals don't mean anything anyway. I had one for my last purchase and still got hung in underwriting on stuff totally related to me, not the property, that they knew about already and hadn't asked questions about prior to issuing the pre-approval, which took almost two weeks.

This was Wells Fargo.

Higgy posted:

Just closed on the house today! Overall process was pretty smooth, no major hiccups. This is all too good to be true judging by this thread. Fingers crossed for Black Widow Brood Nest, Ceiling About to Collapse or "lol gently caress you house just fell into a sinkhole" post in a month or so.