Originally posted by Oftalmologo
Greetings,
I am also currently dealing with the home mortgage fiasco and thought I'd tap your wisdom. First off, how does one research multiple potential lenders to get programs and rates without having credit checks done by each company? I made the mistake of talking to my local Wells Fargo mortgage guy early on in the process and before I knew it we ran a credit check and processed pre-approval of a $180000 loan based solely on my $42000 salary. However, he was working with assumption that I was going to put upward of $20,000 down which I don't think I want to do...I anticipate other expenses soon (baby) and want to save my cash on hand. So I have looked into the physician loan program which is basically an 80/20 with no down, no PMI, etc. Pretty good, but the rate of the 20% mortgage is 7.35%, quite high it seems to me and the monthly payments end up several hundred dollars more expensive. So I re-consulted the Wells Fargo guy and talked about doing an 80/15/5 with a home equity line of credit as the second mortgage from which I could draw needed cash. Any opinions about doing that? Now I am looking on the internet and seeing some of the great rates, much better than Wells Fargo is offering and wondering how I should proceed, especially since I don't want five credit checks done in the next week. Any ideas? Any thoughts on down payment vs no down payment when I have cash available, but also anticipate further expenses soon?
thanks for any input!