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7.35%-Is this good deal?

Regular Contributor

Re: 7.35%-Is this good deal?

100% is hard to get now BUT ever a subprime borrower can get 100% with a 600 Fico. Now with a 680 Fico you can do a Fanniemae 100% loan but it will have PMI. 7.35???? It really depends on the credit report. If your going prime and you do not have PMI... Then you have TAMI (tax advantage mortgage insurance) and that is added into the rate. If you you want to avoid the whole thing you may want to split it up into two loan (80/20). The 801 will have a low rate but the 20 will be higher. Just look into it.
 
Keep in mind that nothing is for free!! All that no closing cost crap you see on tv is just that but I will say sometimes it does help.
 
As for the 7.35% is that good? Well par rate is at 6.74ish.
 
Always ask for a Good Faith Est and STUDY it. When my borrowers show me other GFE I always see funny things. The best one was a warehouse fee... lol
 
Just remember rate and points go hand in hand. Lower the rate, higher the fee or lower the fees, higher the rate.
 
 
Regular Contributor

Re: 7.35%-Is this good deal?

One more thing if you go prime 625 will be the Fico that the lender will use. Can the loan work without your wife?
Contributor

Re: 7.35%-Is this good deal?

Thank you!
We are thinking about that, but the problem is she is making more money, so that would kill my d2i ratio.
 
 
As I said, since they are a builder, we do not need to lock right away.
They pulled score ones, and they will do it in November when house is built.
 
Only thing that scares me to death is that posible collection INQ that showed up 15 days ago on her CR.
 
People on this forum claim it can not be reported, since the account was opened and delinquent in 1993 and fall of in 2001.
Contributor

Re: 7.35%-Is this good deal?

Ok, now it's better.
Good deal estemete-We have a new program with 7.13% interest.
 
We can lock in 3 weeks for 180, so we can cover Novemer when house should be done.
 
If my wifes reach 680 mid score, we can get no loan with no PMI and lower interest.
 
Is this better deal?
 
 
Also Morgage person claims they used to pull Experian, but now used something different.
 
Score they pulled where slitly different than our Fico Scores pulled 2 days apart.
 
I guess, morgage companies are doing the same thing as car loaners do.


Message Edited by cinoeye on 06-28-2007 04:09 PM
Regular Contributor

Re: 7.35%-Is this good deal?

For a 100% and with your wifes score your in good shape. Check if you have a prepay but even if you do I think thats good. As for the PMI... If you're going prime you have PMI or TAMI. No way around it.
 
Good luck and Congrats on the house!
 


cinoeye wrote:
Ok, now it's better.
Good deal estemete-We have a new program with 7.13% interest.
 
We can lock in 3 weeks for 180, so we can cover Novemer when house should be done.
 
If my wifes reach 680 mid score, we can get no loan with no PMI and lower interest.
 
Is this better deal?
 
 
Also Morgage person claims they used to pull Experian, but now used something different.
 
Score they pulled where slitly different than our Fico Scores pulled 2 days apart.
 
I guess, morgage companies are doing the same thing as car loaners do.


Message Edited by cinoeye on 06-28-2007 04:09 PM


Contributor

Re: 7.35%-Is this good deal?

Thank you sir.
 
 
I'll post when we lock it!
 
 
Smiley Happy
 
Senior Contributor

Re: 7.35%-Is this good deal?

Contributor

Re: 7.35%-Is this good deal?

All my CC where between 1-9% and 3 where payed off in full just two weeks ago and updated just before they pulled it.(with this gained 7 points on my mid score)
 
Morgage peroson did not look at that at all, but our total d2i ratio.


Message Edited by cinoeye on 06-29-2007 10:37 AM
Senior Contributor

Re: 7.35%-Is this good deal?

I tend to think 7.35 is high, but I certainly am not an expert in this area. Have you considered FHA? Might get your interest down a bit.
New Visitor

Re: 7.35%-Is this good deal?

I just thought I would let you know that my husband and I just got an 103% FHA loan with an interest rate of 6.8% (purchase price $160,000).  My median score is 580 and his is 550.  We went through the preferred lender with the company building our house so we don't have to pay any closing costs also.  The reason we went with the 103% loan is because we would have had to pay the up front FHA PMI which would have been about $2500.  The lender is countrywide.