Close to Locked in

eddymvp · ‎02-21-2018

I'm using DCU and i'm about to locking today at 4.375. I'm buying a single Family house for 250,000 and putting 10% down. Am I getting a good rate? What information do I need to know also before locking?

IQn2D · ‎02-21-2018

@eddymvpwrote:
I'm using DCU and i'm about to locking today at 4.375. I'm buying a single Family house for 250,000 and putting 10% down. Am I getting a good rate? What information do I need to know also before locking?

FHA, Conventional, VA ???

Starting Score: EQ612, TU644, EX622 4-22-17
Current Score: EQ720, TU728, EX705 02-18-18
Goal Score: 750

Take the myFICO Fitness Challenge

eddymvp · ‎02-21-2018

I went conventional to have a low PMI

CreditInspired · ‎02-21-2018

I locked in on Friday 1/16 at 4.25%, 0 pts/0 orig fee, no PMI and $0 down w/NFCU. So glad I did too because rate for same thing loan went up to 4.325 on Tuesday.

So depending on your scores, I would think yes, it’s a good rate.

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K

eddymvp · ‎02-22-2018

My scores are in the 800s and I have to pay about 6,000 in closing costs :'(

I also got an email today from DCU that my loan has been conditionally approved, What does that means?

Josiyah1 · ‎02-22-2018

It means that your loan has been approved with conditions. If you meet those conditions your loan will or should be funded. Conditions could be approved appraisal, termite inspection, write a letter of explantion, mortgage insurance, pay off collections, provide more recent bank statement and etc. It could virtually be a number of things. If you fulfill these conditons you should be good to go.

eddymvp · ‎02-22-2018

Thanks a lot for explaining, I believe these are the outstanding conditions:

approved appraisal,

mortgage insurance,

more recent bank statement and etc.