Did I get a good deal on this mortgage????
I want to know what is the best deal I can work out with my loan officer or if I should see anyone else before accepting this offer. I was pre-approved for a $350,000 FHA Mortgage, 30 year fixed, with 6.5% interest rate, 2 points and a 5% seller concession. I have heard that this is not a fantastic deal. If I did not have 2 points would that money for that 2 points be place towards the mortgage? I want to know what I can negogiate with him so that it works to my advantage and is also the best for me. Our median credit scores are 672 for me and 610 for my husband. We make a tinier over $90,000 a year and both have steady jobs. No collections or Late payments for about a small over a year. The only thing that is keeping my husband’s score from increasing is what he has been working on over the past few months which is his balance on one of his credit cards, its a small over the 30% limit but not that terrible with a bal of $550.00, and this is also his highest. Within the last year we have paid off all collections and debts we had on our credit. I have no credit card debt but 2 installment loans, an eductional loan, a car loan and one secured credit card with $200 limit w/ zero bal and a revolving credit card with $400 limit w/ zero bal. My husband has one installment loan, one reg credit card and two revolving credit cards below their limits. He has had some credits cards that went into collections but have been paid off so they are just listed as closed under his report. My total debt a month is $786.00. My husbands debt is about $250.00 monthly. With this being said what would you suggest a better deal? Should I try getting him to drop the rate but keep the points? or take the points off and leave the same interest rate? or change another complete deal. We plot on refinancing in a year or two to get a lower rate. Pls help, NO SPAMMING, or advertising your business! All I need is a few suggestions on what I should do from either personal or professional experience. Thanks so much.
I guess I must be more specfic and take some writing lessons before posting a question here.
People take this way too seriously as if their getting paid for their time. Oh please get over it!
Meanwhile others are simply too noisy and can not stick to answering “the question”. We can defly afford it because it will be a two family home with a full finished basement. We will occupy one apartment and rent the others. Thank You!!!
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Tags:
car loan,
credit card debt,
credit cards,
credit scores,
credits cards,
deal,
debts,
experience thanks,
few suggestions,
FHA Mortgage,
Good,
installment loan,
installment loans,
interest rate,
late payments,
loan officer,
mortgage,
professional experience,
refinancing,
revolving credit,
secured credit card,
seller concession,
spamming,
this
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Your question has no paragraph breaks and, therefore, makes it too hard to read in its entirety. For people with excellent credit, you should get a rate around 6 to 6.25% today. If you applied for a loan 30-60 days ago, your rate should have been around 5.5% and 0 points So, your 6.5% rate with 2 points is terrible.
I would wait a while longer before buying a house it doesn’t sound as if you can afford it. Remember they will pre-approve you for a mortgage that is more than you can afford. Based on what you said you can’t afford a $350,000 mortgage. You will be one of those people that are ruining the economy.
I am not going to spam you, but my company would never offer you a terrible deal like that. But, the missing piece to your tale is how much are you putting down on your home?
the score of 610 is what is holding you back. The banks will use the lowest middle score of both borrowers. Based upon what I am reading on your post, there are a few ways to raise your score….just maybe not in time to buy this particular house. If you have time to raise your score, then send me an e-mail and I will give you a few tips.
As an FYI, I just quoted someone 5.875% with no points on a 30 yr fixed.
Hi,
I used “Credit Solution” to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://www.x.se/a5nf