Reply
Regular Contributor
Posts: 255
Registered: ‎06-08-2007
0

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
Posts: 255
Registered: ‎06-08-2007
0

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
Posts: 132
Registered: ‎05-02-2007
0

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
Posts: 132
Registered: ‎05-02-2007
0

Re: 7.35%-Is this good deal?

[ Edited ]
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
Posts: 255
Registered: ‎06-08-2007
0

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
Posts: 132
Registered: ‎05-02-2007
0

Re: 7.35%-Is this good deal?

Thank you sir.
 
 
I'll post when we lock it!
 
 
:smileyhappy:
 
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
0

Re: 7.35%-Is this good deal?

Contributor
Posts: 132
Registered: ‎05-02-2007
0

Re: 7.35%-Is this good deal?

[ Edited ]
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
Posts: 4,635
Registered: ‎03-11-2007
0

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
Posts: 2
Registered: ‎06-29-2007
0

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.
 
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.