I’m applying for a mortgage,need help,,,,,please!!!?
by Mortgage Rates on Tuesday, November 23rd, 2010 | 6 Comments
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I just closed on a 30 year mortgage – a refinance – at 7%. (I used a mortgage broker who did the shopping around for us.)
Those low mortgages you’re reading/hearing about are tricky. You’re right, they do make up for that low interest either up front with extra points or high closing costs, or later on with bigger payments. That’s why so many people are going into foreclosure. My mortgage broker explained the whole thing to us.
You have an excellent credit score – but you’re not putting down a big down payment, which is fine. I think you should take the % they’re offering, but ask them if they’ll lower it a bit if they take the payments automatically out of your bank account. (They might, they might not.)
Try to pay a bit of extra principal whenever you can – as long as there’s no prepayment penalty – and you’ll end up saving a lot on interest in the long run.
Good luck with your new home.
Remember, banks don’t need your business…It’s o.k to shop around, use a mortgage broker that has many lenders, however, don’t let them all check your credit because that can hurt you..It’s sounds like you qualify for a prime rate 6.375%- 6.75% Don’t take anything higher from the looks of it you can do better If you have any questions regarding purchasing or re-financing your home feel free to email any questions you have and we will be sure to answer them timely and assertively Thank you
Ken.lifemortgage@gmail.com
Always shop around for the best rate on large purchases like cars or houses. Make sure you explain the details about how much down you have so they will give you an accurate rate.
Don’t use that broker, he is lying to you. Lending is a competitive business, rates vary from lender to lender, there is no such thing as a national rate for a loan.
go with marty—
not really
STAY AWAY FROM INTERNET FINANCINING!!!!!
check with local banks and financial institutions.
good luck
Do not go to an on line source!!! Your name will be sold to a multitude of brokers. The rates offered are teaser rates and are NOT 30 year fixed rates. If you are not wanting a fixed rate, and are looking for a lower payment, you may want to check with the bank on a 5/1 or 7/1 arm that are fixed for the first 5 or 7 years. If you are only looking at being in the property for a short span (5-10 years) then this may be best for you. The rate he is quoting is fair. Rates today at 95% are between 6.625% and 7.125%. You can ask about buying the rate down. This will cost you upfront to bring down the rate. Make sure it is cost effective if you do this, ie cost vs. the monthly savings. There is a lot to be said about continued business with the local bank.
Please do not use internet lenders. Some are reputable organizations, some are not. They advertise these “teaser” rates, but often pull a bait and switch where the actual rate when the documents come in are higher. Or they tack on all sorts of transaction fees so the closing costs are insane.
Try local lenders in your area. They have a vested interest to make sure you are satisfied and close on time.
It is true, if you get a screaming low rate from a lender, you are going to pay for it somewhere else.