Competitive Mortgage Rate?

Anonymous · ‎04-11-2016

Grandparents buying an "Investment Property", it's a condo used a second house. Their credit collectively is 838,816. Got a message mortgage broker asking if they would like to lock in 4.375% rate or float it. Is that a competetive rate for their credit score with 220$ discount point. S. Florida if that matters.

BrianB_The_Loan_Professor · ‎04-11-2016

Lots of variables that factor in

what is the down payment percentage

is it being done as a second home or an investment (they are different)

What is their debt to income ratio??

I would say the rate is probably in the ball park but no way to know without all of the info that is considered for rates

B

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly

Anonymous · ‎04-11-2016

Being done as Investment, Debt to Income is 37% downpayment 25%

Anonymous · ‎04-11-2016

My company typically has very competitive rates, and we are only 1/8% better. I'd give it a thumbs up as long as no points are being paid.