Compass Bank isn't the only one!!

My friend gave us the Compass Bank information (can be found on this blog) for a home mortgage in which they don't consider your debt in the calculations, as long as you are in deferement. Well, a couple from hubby's program recently put out a contract on a house, and I asked her what bank she used and what her rates were....

The local bank offered her 5.9% 30 fixed, no money down, $1,000 in closing costs because they are keeping the loan "in house" meaning they won't (can't) sell it on the secondary market.

I called two local banks where we are going and they told me the same thing...100% loan, closing costs are very low and they didn't see any problem in approving us, even though we havn't put in any paper work.

My other friend was offered 7.5% apr thru Compass Bank...so, we will likely save 1%, which is a ton of money over the long hall. The bank president, with whom I talked, acutally started laughing when I told him the rate Compass was offering.

Anyway, don't go straight to Compass...you do have choices!

Bank of America, with whom we have our current mortgage, told us to buzz off, in so many words, and that no one is doing 100% loans anymore.

Ha! It pays to shop around and ask questions. I did tell them my husband was a new doctor, just out of residency, blah blah blah...

Will keep you posted on what our final rate will be.

Cheers!