Looking for a mortgage

my experience is that mortgage brokers are very helpful. they want to close the deal so they get paid and the bank pays them so....course the size of the loan may determine how much service you get...try manhattan mortgage.

that's a pretty good rate; i thought rates for 30 year conforming was about 6.1% these days? How did you get 5.6%? Was it a special program?

yes, as i posted it is for first time home buyers in minority neighborhoods~

Share your concern about scammy mortgage brokers with your real estate broker or lawyer, and ask him/her for a recommendation to a mortgage broker personally known to him/her. Also, HSBC isn't the only bank with anti-redlining mortgage programs like that -- shop around on your own.

OP here, thanks alan, what do you mean by "anti-redling" programs? is that a term for discount rates? thanks

Those programs are in response to a tendency banks used to have to mark up maps (in red, presumably) showing areas they considered unsafe for investment (i.e. turning minority--not my view, theirs). It was from the white-flight era and exacerbated the problem of disinvestment. It meant that people had to pay all cash, or deal with loan sharks. So of course property values imploded.

I just used Miles Hirson from Hochberg and Holland. He was honest and no fees showed up that were not quoted up front. He also got me rate that was slightly under the bank rate. By the way, rates were recently down to 5.75 for a 30 year fixed. The stock market has been more volatile pushing the yield on the treasury down. Thats good for mortgage rates.

To #2, Do you have contact info for a mortgage broker at Manhattan Mortgage?

Are the rates the same for a jumbo mortgage in general?

You should expect about 6%

Without the proper insurance coverage, you building does not qualify for a mortgage with the best terms. You should really check with a broker to see what can be done at this point. My advice is to put 50% of the purchase price down.

Should not this person also talk to his/her lawyer about the lack of insurance? God forbid you need coverage & you don't have it. I'd want LOTS of info about the insurance. If the lenders don't want to give you a loan, isn't that a huge red flag???