Be sure to plan the mortgage payment about $400 higher - Saab General Bulletin Board - Saabnet.com
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Be sure to plan the mortgage payment about $400 higher
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Posted by Jeff Cunningham (more from Jeff Cunningham) on Thu, 5 Jul 2007 19:30:17 Share Post by Email
In Reply to: Buying first house - mortgage reccomendation?, Liam, Thu, 5 Jul 2007 16:49:10
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I've bought two houses and re-mortgaged 5 times.
In all cases, the actual mortgage cost is significantly higher than the advertised sticker. This is due to the escrow account that is automatically setup to take care of property taxes, school taxes, and also includes any hidden closing costs that the lenders don't tell you about.

So far, no mortgage lender has disclosed the actual mortgage price that includes everything before actually being at the signing.

I have dealt with all of the major banks (Country wide, Wachovia, east/west, BOA) and so far Bank of America has been the BEST AND EASIEST to deal with. They actually called me to tell me the status of the loan rather than having me call and leave messages every day trying to see if they received all of the paper work. They were also the closest in revealing the actual monthly mortgage cost before I showed up at the signing. I think they were only off $30 a month.

Trying to get status on your loan is the most agonizing part of the process. The absolute worst was east/west mortgage. Everyday it seemed like there was a big crisis because of missing paperwork. It was so bad that I carried all of the necessary paper work with me all of the time in case they needed me to refax something.

I hope everything goes well for you. I love owning my home. I'd much rather spend a monthly fee on MY house rather than someone else's house.

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