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Re: Obtaining a new mortgage loan.
Old 12-31-2005, 02:56 PM   #21
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Re: Obtaining a new mortgage loan.

Originally Posted by Sundance Kid
What is a "Non-Escrowed Loan?" You mean, with no money down?
It's where you pay your own property taxes and insurance rather than the mortgage company making the annual payments for you. The lump sum "cushion"you initially put into the escrow account (usually 25% of the annual tax and insurance bill) plus the monthly amount you pay the mortgage company to fund the account is basically no-interest loan to the mortgage company.


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Re: Obtaining a new mortgage loan.
Old 01-01-2006, 08:29 PM   #22
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Re: Obtaining a new mortgage loan.

Suggest you check out as well.

We've had luck with Quicken Loans.

Definitely go shopping for your own money ... it is a separate part of the transaction. You're looking for a good source from which to rent the money for the transaction. Really has little to do with buying the house (same is true with cars, by the way).

Consider Quicken's 30-year, fixed rate, interest-only loan. In our case, the rate was same as a fully amortizing loan, and you have the flexibility to pay interest only for 10 years, and then it flips to fully amortizing for the next 20. If you have the discipline to amortize as you can (we're amortizing over 6 years), then this is the best of all worlds. If you need more cash, you just pull back to interest only when you need to. Neat deal.

Join a credit union or two while you're thinking of it. I've never done a real estate loan through one, but their auto loans are usually rock bottom.

Good luck.

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