What TYPE of mortgage/loan should I get?
December 30, 2011 8:16 AM   Subscribe

I have a new 80/15/5 loan I took out in 2007 (6.125%/8.25%) and would like to take advantage of better rates. Who is the best person to help me figure out what type of mortgages/home equity loans I should get?

When I tried to get a FHA loan 2 years ago, it would have been about the same monthly payments since I would have been paying about the same because they forced escrow as well as PMI. Homes in my area have either remained flat or increased in value slightly.

I just need help finding someone in my area or online that will get me the right type of loan structure (simple refi, FHA, home equity, something else?), and not necessarily just a lender/broker. I am in Austin, TX.
posted by JLobster to Work & Money (4 answers total)
(side comment: it's a testament to the quality of this site that you haven't been overwhelmed with spam in the hours this has been up :)

I don't know a ton about this - but in the past I've gone to a bank that I trust (generally a small local one) and asking to have a chat with the folks there. Even if you don't end up going with them, they should be able to answer a lot of questions and give you some baseline expectations.
posted by jragon at 2:05 PM on December 30, 2011

I found a mortgage broker that I trusted and she helped me figure out the best option each time we refinanced. The trick is to find one that is diligent and competent.
posted by metahawk at 4:09 PM on December 30, 2011

The assessment will be critical. Mine came in at $10 K under zillow.com. I went with aim.com for the loan.
posted by notned at 4:41 PM on December 30, 2011

I don't know a whole lot about mortgages but I'm assuming "80/15/5" means you took out a loan for 80 percent, a 2nd loan for 15 percent, and fronted 5 percent downpayment. In 2007. From what I hear, it's a lot harder to get a mortgage at all right now.

Do you have enough equity to refi to a conforming loan, or are you shopping for alt/subprime lenders?
posted by pwnguin at 10:12 PM on December 30, 2011

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