Deciding on a new Mortgage Company

[disneysteve]

Re: Deciding on a new Mortgage Company

I might be strange, but the mortgage on our land payment is "in house" meaning that they cannot sell it. I pay a little higher rate, but I can walk in there anytime and pay extra on the principal, which I have done every month. I have paid off $40,000 in 18 months because of that.

Ima - I can make extra principal payments on my mortgage anytime. I can do it along with my monthly payment - there is even a line on the payment coupon for extra principal payments. Or I can mail in or electronically send in a payment at any time.

Most mortgages allow this. There are a few that have a prepayment penalty, but those should be avoided at all costs.

[creditcardfree]

Re: Deciding on a new Mortgage Company

We're preapproved for the mortgage amount we might need. I will probably still shop for rates, but I feel good that we are preapproved for a VA or conventional loan and ready to shop for homes in our new city!!!

It would be nice to get a new construction home, but they aren't as likely to give us a VA loan. We may have to go with a newer home, but then we need to worry about the seller moving out ect. Obviously we'll get it figured out.

Things are moving fast!!