Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Re: Obtaining a new mortgage loan.
Old 12-31-2005, 02:56 PM   #21
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 39,198
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.


Numbers is hard.

Retired in 2005 at age 58, no pension

REWahoo is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Obtaining a new mortgage loan.
Old 01-01-2006, 08:29 PM   #22
Full time employment: Posting here.
Join Date: Dec 2004
Posts: 714
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.

Craig is offline   Reply With Quote


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Mortgage payments after Early Retirement walkinwood FIRE and Money 19 04-28-2007 06:45 PM
401k Loans rogerc1944 FIRE and Money 13 02-17-2007 02:12 PM
Paying off mortgage with an SPIA donheff Life after FIRE 5 12-19-2006 10:56 AM
Analyzing the mortgage payoff option sgeeeee FIRE and Money 43 06-22-2005 09:29 PM


All times are GMT -6. The time now is 10:29 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.