Looking for Mortgage comparison forums or websites

[basketkase543]

I've seen some great forums and forum posts for credit card comparisons (like at FatWallet) and I'm looking for something similar with mortgage lenders and mortgage rates. I'm finally looking in to buying my first home and want to know how the lenders compare with each other (like Bank of America vs. Chase for example).

Anybody know of any good forums or websites that can help me out? I'd also REALLY love a list of lenders that don't require private mortgage insurance. Many thanks.

 

[mtxbass1]

Every lender will require PMI if you are not putting 20% down.

You will not want to get a piggy back loan 80/10/10 or 80/20, since starting this year, mortgage insurance is tax deductible.
Source: http://seattlepi.nwsource.com/business/296168_real16.html

Whichever type of loan you do choose, make sure it's a fixed rate loan.

http://www.bankrate.com/ is a decent source to start out comparing things.

I personally use wells fargo. They offer a 1% buydown for the first year, which is nice.

 

[basketkase543]

[quote name='mtxbass1']Every lender will require PMI if you are not putting 20% down.

You will not want to get a piggy back loan 80/10/10 or 80/20, since starting this year, mortgage insurance is tax deductible.
Source: http://seattlepi.nwsource.com/business/296168_real16.html

Whichever type of loan you do choose, make sure it's a fixed rate loan.

http://www.bankrate.com/ is a decent source to start out comparing things.

I personally use wells fargo. They offer a 1% buydown for the first year, which is nice.[/QUOTE]

You brought up a good point. I just saw a commercial for Bank of America's No Fee Mortgage Plus loan where they don't charge PMI. But does that mean I'd have to get a piggyback loan insead?

 

[mtxbass1]

[quote name='basketkase543']You brought up a good point. I just saw a commercial for Bank of America's No Fee Mortgage Plus loan where they don't charge PMI. But does that mean I'd have to get a piggyback loan insead?[/quote]

Trust me man, they are still charging you. What they are doing is taking all of these seperate fees, and consolidating it into one fee. There is no way they would pass on charging this. I'd be very wary of the rates they give you. They have to be making up this money somewhere, especially with the subprime market falling apart like it is.

http://db.inman.com/inman/content/subscribers/inman/column.cfm?StoryId=070702JG&columnistid=guttentag

[quote name='"the article"']The bottom line is that BofA's inclusion of all lender junk fees and third-party fees into a single price does not necessarily mean that a BofA price is lower than that of its competitors. It all depends on the particular market niche in which the borrower falls, and BofA's price in many if not most niches can't be shopped online.[/quote]

 

[phutu]

say you're buying a 300k house and put down 20% which is 60k, does anybody know what incomes corresponding with rates at different banks/lenders are. something specific would be nice!

 

[mtxbass1]

[quote name='phutu']say you're buying a 300k house and put down 20% which is 60k, does anybody know what incomes corresponding with rates at different banks/lenders are. something specific would be nice![/quote]

What incomes? What do you mean?

Do you mean what income do you need to make in order to purchase a 300K house? If so, there are several "how much can I afford" calculators out there.