HomePropertySelecting the Best Mortgage Broker

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Selecting the Best Mortgage Broker — 2 Comments

  1. Another tip. Don’t ever let a mortgage broker tell you how much you can afford to spend. What they can approve you for and how much you can afford are two different things.

    I recommend that your mortgage payment be no more than 25% of your net income per month.

  2. We now have condo in Florida that used to be our primary residence but now is a rental.
    We now have a 1st mortgage loan of 200,000( at 5.875% ) and
    2nd mortgage of 31,000( at 8.375% ) around the condo.
    The value in the condo is about 200,000. Our current
    loan servicer, Nationstar is quoting me 4.25% with $7500-8000 in closing costs plus our current escrow account
    would roll more than into our new mortgage loan. They tell me that because we are at 100% LTV
    within the first mortgage and have the second home loan we have now a significant closing value resulting from few secondary market investors willing to back Investment condos in Florida resulting from the volatility of the market.
    Closing costs seem awfully high to me. What are your thoughts on this and do you have any referrals?
    Thank you so much.

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