Do you think I could get a lower rate?

[Anonymous]

Hey guys so my and my husband decided to purchase oir first home. The home is new construction so we went with the preferred lender but now that I am reading these post I think we should shop around. Our credit scores give were 644 and 634( they use the lowest of the three). We are using VA with a dti of 25% and monthly income if 10500. We were quoted at 3.875% but not locked before I shop I would like to know if you guys think the rate can get any better?

[cartwrna]

3.875% is a heck of a rate! I went conventional, and my rate is 4.5% with a 683 midscore.

[Anonymous]

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@Anonymous wrote:
Hey guys so my and my husband decided to purchase oir first home. The home is new construction so we went with the preferred lender but now that I am reading these post I think we should shop around. Our credit scores give were 644 and 634( they use the lowest of the three). We are using VA with a dti of 25% and monthly income if 10500. We were quoted at 3.875% but not locked before I shop I would like to know if you guys think the rate can get any better?

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I'd keep it!

[VALoanMaster]

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@Anonymous wrote:
Hey guys so my and my husband decided to purchase oir first home. The home is new construction so we went with the preferred lender but now that I am reading these post I think we should shop around. Our credit scores give were 644 and 634( they use the lowest of the three). We are using VA with a dti of 25% and monthly income if 10500. We were quoted at 3.875% but not locked before I shop I would like to know if you guys think the rate can get any better?

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@Anonymous the builder or lender covering any of your closing costs @ that rate?

[Anonymous]

3.875% with a 634 mid score is a great rate. My husband and I had mid scores of 787 and 802 and our rate with a conventional is 4.125%.

[VALoanMaster]

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@Anonymous wrote:

3.875% with a 634 mid score is a great rate. My husband and I had mid scores of 787 and 802 and our rate with a conventional is 4.125%.

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Conventional rates are almost always higher than Govvie loans due to LLPAs or Loan Level Price Adjusters.

[DallasLoanGuy]

make a couple of calls and get a rate to compare.

they dont need an application to provide that. if they do, call someone else

[Anonymous]

I would shop around. We're doing a VA refinance and locked in two weeks ago at 3.25%, no origination, no points. We're also getting a $2600 lender credit ($1200 covers all closing costs and $1400 for prepaids/escrow), nothing rolled into the new loan amount and we get a $1500 refund from our old escrow account. The first lender we went to offered us 3.25% with us paying $3200 to close. It really does pay to shop around. Our low mid fico score is 798. It doesn't hurt to shop around, you won't need to fill out applications. Call a few lenders and tell them your credit score, income and whatever else, you can probably get a better rate.

[FIRECOURAGE]

Yep. Shop around. I also used the VA when we bought our home at 3.25%. My scores were in the 620's at the time.