Went through the process of house hunting/buying

[elit]

See bold.

To clarify- many lenders have higher rates over 80-90LTV

Don't see bold in tapatalk. I can only speak from my experience and I dealt with 3 diff brokers pretty extensively and the amount I was putting down never effected my rate unless it made a difference bt conventional and jumbo

[abc123]

Don't see bold in tapatalk. I can only speak from my experience and I dealt with 3 diff brokers pretty extensively and the amount I was putting down never effected my rate unless it made a difference bt conventional and jumbo

Pretty sure you get better rates with a lower LTV and worse rates with higher LTV. Especially when you are straddling 80% which many are. Could be 1/8 difference, but still every little bit counts.

[peacenlove613]

How much do I have to put into escrow for property taxes? I'm looking to buy  house in Monsey and my mortgage broker is claiming that Rockland county requires a full year of taxes in escrow. Is that true?

[yr]

How much do I have to put into escrow for property taxes? I'm looking to buy  house in Monsey and my mortgage broker is claiming that Rockland county requires a full year of taxes in escrow. Is that true?

Sounds like a lot.

My broker (not in rockland county) estimates 3 months in taxes. In addition there's also current taxes due. For example, if you close in mid Q2 and the seller paid taxes for the whole Q2, you may need to reimburse the seller for half of Q2 taxes, besides all the escrow money.

[elit]

How much do I have to put into escrow for property taxes? I'm looking to buy  house in Monsey and my mortgage broker is claiming that Rockland county requires a full year of taxes in escrow. Is that true?

Don't know about monsey but in Nassau county I had to pay a year I think

[yoruel]

How much do I have to put into escrow for property taxes? I'm looking to buy  house in Monsey and my mortgage broker is claiming that Rockland county requires a full year of taxes in escrow. Is that true?

Full Year Required in Rockland County.

[peacenlove613]

Full Year Required in Rockland County.

Is that only if I'm putting down less then 20%?

[rileywiles23]

For those who are chase private client, chase waves all bank fees when getting a mortgage through them directly.
Their rates seem pretty good as well.

[Pinreb]

For those who are chase private client, chase waves all bank fees when getting a mortgage through them directly.
Their rates seem pretty good as well.

Yea, but will take you forever to get the loan. (If you will get it at the end)

[rileywiles23]

Yea, but will take you forever to get the loan. (If you will get it at the end)

Why any different then other banks ?

[Pinreb]

Why any different then other banks ?

Most small Mortgage funding banks and Mortgage Brokers will faster and easier process and underwrite your loan.

[rileywiles23]

Most small Mortgage funding banks and Mortgage Brokers will faster and easier process and underwrite your loan.

It's like dealing with any of these first time homebuyer mortgages like td etc.

[Sport]

For those who are chase private client, chase waves all bank fees when getting a mortgage through them directly.
Their rates seem pretty good as well.

The bank fees are almost negligible relative to the rest of the closing fees. Also, Many brokers will waive or reduce them for you anyways.

[rileywiles23]

Many brokers will waive or reduce them for you anyways.

That I didn't know.

[Sport]

That I didn't know.

Google how to negotiate closing costs. Many of the larger costs are set but everything else is negotiable.

[rileywiles23]

When you have student loans that someone else is paying for is it still included in DTI ?

[Sport]

When you have student loans that someone else is paying for is it still included in DTI ?

Who's name is the debt under ?  I have to imagine it would be included in that persons DTI. Although, depending on you mortgage broker, you may be able to get the bank to take the fact that someone else is paying it into consideration.

[coralsnake]

When you have student loans that someone else is paying for is it still included in DTI ?

If you can show 12 months cancelled checks (sometimes 24) that it is being paid by someone else then they will likely not have to include it. Your friendly mortgage broker/banker should have answers to these questions for you.

[rileywiles23]

Your friendly mortgage broker/banker should have answers to these questions for you.

LOL. You right. Although thats another thing I'm grappling with. If i should try to go through the bank themselves to get one of the first time home buyers deals, or just use a mortgage broker.

[ckmk47]

LOL. You right. Although thats another thing I'm grappling with. If i should try to go through the bank themselves to get one of the first time home buyers deals, or just use a mortgage broker.

Why can't you get a first time home buyer deal with a mortgage broker?