Am I "Prime"? What rate can I expect?

[NorthEast_Corner]

Maybe you experts and pro's in the business can give me a SWAG at this. I *think* I am "Prime" and can get the best rate... am I???

All info is verifiable (not stated!)

-- $70k in assets, mostly in 401k, IRA and 403b ($57k assets if I take 70% of those). $10k in my one auto (paid off).

My house is on the market for $435k.
$270k total owed on house in first mortgage ($195k)and HELOC ($75k)

No car or student loans (all paid). No other loans besides my current mortgage and HELOC.

$20k in Credit Card debt ($115k total limit in 9 lines) Min monthly: $410

Mid FICO is 732.

I make $145k / year, salaried.

I intend to buy a house for about $510k... putting down 20-22%.

30 year fixed is what I am after, with no disc points and no pre-payment fees.

I am going to start shopping at my bank and a few brokers this week. I put my house on the market last week and want to move as soon as I get an offer on my current house!!!!

PS - What do people think? Should I go to my bank ('Premier' Bank of America customer)or go through a broker??

Message Edited by NorthEast_Corner on 05-26-2008 02:32 PM

[DallasLoanGuy]

get a quote rom both and bring the offers here for review

[Anonymous]

I am not a mortgage pro ... and am going a bit OT here for minute ...

I would concentrate on paying down the $20k in credit card debt.  If you can do it before you apply for the mortgage, you may get a higher FICO which translates to a lower APR.  If not, you should be able to swing it after the purchase.  If your projections are correct, you'd have $165k equity in your current house and will put down up to $112k on the new house.  That leaves over $50k in cash (minus realtor's fees, etc.). You could use that to wipe out the expensive CC debt. JMHO.

And now, back to our regularly scheduled program.  Over to you, mortgage gurus ...

[NorthEast_Corner]

Got my first quote today from a broker:
5.75% (no disc points) for a 30 year fixed

GFE had $250 appraisal, $500 proc fee, $550 admin fee and about $100 in small other fees. So that's a $1400 total in his lender's fees total, with a stated 0.75% YSP.

$1500 in title charges and $200 recording fee for the state.

Whadda ya think? Sounds prime to me? Are the fees in line?

[NorthEast_Corner]

masdeocho -

Actually, my equity isn't that much after I pay 5% to the realtor, and factor in closing and moving expenses. I have reduced my CC debt $10k over the past year; and the scores don't reflect a last paydown last month - I put my tax rebate ($1500) all into CC payments. So that should help. But I don't think I can do much more than that now without eating needed reserves -- or eating out less

[DallasLoanGuy]

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NorthEast_Corner wrote:
Got my first quote today from a broker:
5.75% (no disc points) for a 30 year fixed

GFE had $250 appraisal, $500 proc fee, $550 admin fee and about $100 in small other fees. So that's a $1400 total in his lender's fees total, with a stated 0.75% YSP.

$1500 in title charges and $200 recording fee for the state.

Whadda ya think? Sounds prime to me? Are the fees in line?

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That is an a-paper deal for sure.

fees are ok

tahat is a smokin rate today.... remember, until you lock, that is just a quote. rates are up