| Author | Message | ||
Jai_ycp Junior Artist Username: Jai_ycp Post Number: 649 Registered: 04-2015 Posted From: 108.31.178.233 Rating: N/A |
Starting this year, you cannot claim deduction on mortgage insurance. Note this before you make a decision the story of YCP and TDP in 2014 (AP) http://www.chalanachithram.com/discus/messages/115/288306.html?1430496472 http://www.chalanachithram.com/discus/messages/115/288311.html?1430498160 the story of TDP in 2014 (T) http://www.chalanachithram.com/discus/messages/115/288897.html?1431096876 | ||
Vasu Side Hero Username: Vasu Post Number: 7073 Registered: 10-2014 Posted From: 47.16.177.98 Rating: N/A |
Mortgage points are kind of upfront fee they don't contribute to your equity Each point you pay upfront lender will reduce the rate | ||
Leol Junior Artist Username: Leol Post Number: 16 Registered: 03-2012 Posted From: 73.188.238.85 Rating: N/A |
Hi Saint! Thanks to you and others who pointed to Quicken Willmaker finally made my will and got it notarized too. | ||
Saint Legend Username: Saint Post Number: 51577 Registered: 01-2011 Posted From: 174.71.55.38 Rating: N/A |
 | ||
Saint Legend Username: Saint Post Number: 51576 Registered: 01-2011 Posted From: 174.71.55.38 Rating: N/A |
bhaya enti? bahen kadaa? | ||
Leol Junior Artist Username: Leol Post Number: 15 Registered: 03-2012 Posted From: 73.188.238.85 Rating: N/A |
Thanks! Looked through the site but can't quite figure out how points work. Will pass it on to my friends. | ||
Emc2 Legend Username: Emc2 Post Number: 42931 Registered: 03-2008 Posted From: 108.48.4.24 Rating: N/A |
Amerisave | ||
Leol Junior Artist Username: Leol Post Number: 14 Registered: 03-2012 Posted From: 73.188.238.85 Rating: N/A |
One advantage with NACA is they don't go by your credit score. They only look at how much you make, if you are paying bills on time and how much you can set aside monthly for your mortgage(including home insurance and taxes). Also I didn't come across anyone who would pay the closing costs and transfer taxes when you are buying a house. | ||
Leol Junior Artist Username: Leol Post Number: 13 Registered: 03-2012 Posted From: 73.188.238.85 Rating: N/A |
Didn't know there are other options that reduce 0.5% interest for 1% buy down. Can you please share who does that so it will help my other friends who are in the market. They could avoid the hassle of dealing with NACA which is invaluable. | ||
Jalsa Legend Username: Jalsa Post Number: 31460 Registered: 02-2008 Posted From: 107.77.70.32 Rating: N/A |
yes this is very common practiCe. What is the advantage of going with naca then? Local lenders will give better rates right? Only when the tide goes out do you discover who's been swimming naked - Warren Buffett | ||
Leol Junior Artist Username: Leol Post Number: 12 Registered: 03-2012 Posted From: 73.188.238.85 Rating: N/A |
Forgot to tell NACA limits what the maximum house price you can get based on the zip code. You cannot go above it even if you want to pay the extra amount out of your pocket. So if your dream house is 301k and NACA limits you to 300k you can't finance it through NACA. Also the actual mortgage is serviced by either Bank of America or Citi based on your zip code. Once NACA pre-approves you it is kind of given that you will get the mortgage. Please search for "Wealth Building Home Loan" to find more about how this is structured. | ||
Jai_ycp Junior Artist Username: Jai_ycp Post Number: 648 Registered: 04-2015 Posted From: 108.31.48.178 Rating: N/A |
closing costs is the inko 0.125 add chestadu interest ki. points tho interest tagginchatamu ante its usefull for only some people. the story of YCP and TDP in 2014 (AP) http://www.chalanachithram.com/discus/messages/115/288306.html?1430496472 http://www.chalanachithram.com/discus/messages/115/288311.html?1430498160 the story of TDP in 2014 (T) http://www.chalanachithram.com/discus/messages/115/288897.html?1431096876 | ||
Emc2 Legend Username: Emc2 Post Number: 42928 Registered: 03-2008 Posted From: 108.48.4.24 Rating: N/A |
1% put down kadu, 1 point (1% of your mortgage )vaiki pay chesthe you will get .5% reuced, nothing new avout it, all the lenders follow the same, nenu 2 times chesa refi ippativaraku no closing no points, one month back 2.75 ki 15 yr refi balupu tho miss ayya, 2.5 ki ivvanu annadu ani | ||
Vasu Side Hero Username: Vasu Post Number: 7054 Registered: 10-2014 Posted From: 47.16.177.98 Rating: N/A |
You are missing the main point. Every 1% you put down payment he is reducing the interest rate. And also no closing costs inkemi kavali uncle? | ||
Emc2 Legend Username: Emc2 Post Number: 42927 Registered: 03-2008 Posted From: 108.48.4.24 Rating: N/A |
He is not giving the great rates,those are market rates, watch Amerisave and bankrate they will have better rates | ||
Vasu Side Hero Username: Vasu Post Number: 7050 Registered: 10-2014 Posted From: 47.16.177.98 Rating: N/A |
https://www.naca.com/naca/index.aspx Do pandaga annai. It's a painful and slow process. Mundu membership theesukovali oka appointment set cheyali and then there is a process for each and every step. Last yeat Leol bro shared this information offline all credits to him | ||
Jalsa Legend Username: Jalsa Post Number: 31459 Registered: 02-2008 Posted From: 159.53.174.143 Rating: N/A |
koncham more details ivvandi guru...choostunna kondhamani Only when the tide goes out do you discover who's been swimming naked - Warren Buffett | ||
Vasu Side Hero Username: Vasu Post Number: 7044 Registered: 10-2014 Posted From: 47.16.177.98 Rating: N/A |
Bhayya I believe we shared emails... thanks for the information One more this if for FIRST TIME or SINGLE MORTGAGE vallake paniki vasthadi | ||
Andhrawala Legend Username: Andhrawala Post Number: 40669 Registered: 03-2008 Posted From: 173.95.190.5 Rating: N/A |
If not living the house it is investment property. simple kathaa No Signature | ||
Gotcha Megastar Username: Gotcha Post Number: 20748 Registered: 02-2008 Posted From: 8.19.193.14 Rating: N/A |
0% down to konocha home, super kada. This Andhra real estate is for sale. | ||
Gotcha Megastar Username: Gotcha Post Number: 20747 Registered: 02-2008 Posted From: 8.19.193.14 Rating: N/A |
investment properties ki work out avada? chuss how would anyone classify as investment property? what is the rule. This Andhra real estate is for sale. | ||
Leol Junior Artist Username: Leol Post Number: 11 Registered: 03-2012 Posted From: 73.188.238.85 Rating: N/A |
First thanks to guys who share their knowledge here. Learned a few things. Hope this info would help some of you guys. NACA is currently offering 3.75% for a 30 year mortgage and 3% for a 15 year mortgage. They provide an option to buy down interest rate. Each point reduces interest by 0.5% for a 15 year mortgage and 0.25% for a 30 year mortgage. If you make more than the median income in your area you can only buy down 4 points. If you make less I think you can buy down up to 8 points. Go to the website provide your zip and if the program is available in your area sign up for the workshop. It's the first step in a long process. After workshop they will assign you an id to upload documents and move the process along. If your finances are in good shape it takes around two weeks after the workshop to get the pre approval. Then after you finalize a home they have a process which is detailed in the workbook which they give you at the workshop. While this program is not restricted to a first time home buyer they say that you shouldn't have any interest in other properties and should live in the house you are getting mortgage for. Investment properties are not allowed. If it works out it has great advantages like zero down, zero closing costs, buying down interest rate etc., They even pay the transfer taxes. Do a google search and you will see pretty bad experiences and reviews for NACA. The reviews aren't lying. It's a pain to deal with them. But if you are patient you can work the system. If you get an experienced counselor and if your house is not too old I think it will work for you. Good luck! |