New Mortgage (New York, York, Wells: insurance, credit, lenders)

[pravasi]

Hi all:

Is there any benefit provided to a first time home buyer(LI area) by the mortgage companies??? what is preferred a mortgage brocker or a banker ??? Is it a good idea to add points as a first time buyer or do the lenders give a good rate with no points ???? Thanx in advance for your kind replies.

Best regards...

[Kbinspections]

Try Wells Fargo..........

[ncc1701]

some banks will have special programs for first time home buyers. You have to ask. Don't use a broker unless you have poor credit. Whether to pay points or not is an easy decision. Just allocate the cost over the time period you plan on living in the house. The longer you'll stay the more advantageous paying points becomes. Keep in mind though on average people move every 7 years.

[steelermom1]

Whenever you are ready to apply for a mortgage, be very careful with title insurance. Title insurers are being investigated in many states for price fixing and paying kickbacks to realtors. As a matter of fact, a lawsuit was just filed in New York dealing with this very issue. More info on title insurance and the way some unscrupulous companies hurt consumers can be found here:

Title Insurance Lawyer Price Attorney Fixing Lawsuit


Best advice, shop around for title insurance, and don't just go by your broker's recommendation.