Mortgage Review

[Anonymous]

Hello All -

My EQ credit score is 670 per myfico. Today a broker pulled my credit and after looking at my application (with my wife who is in the high 700s) gave us the below offer- We told him we could pay between 10/15% downpayment of the property.

"Current rate is 3.99% for a 30 year fixed with 0 points.

400K

$1907 Principle and Interest

$175 PMI (estimate)

Add taxes and condo fee for total monthly payment

Each additional 10K borrowed will cost $47.68"

What do you all think? Is this a decent loan or should i check with another broker? I live in Ma.

Thanks,

[FSUGAPEACH]

I think the rate is high. I am definitely not a mortgage pro but we were locked into a 3.75% rate on Friday and we are only putting down 3.5%. JMO

[Anonymous]

FHA 3.5 APR..The rate is 1/2% too high..that 1/2 is for the brocker..

[Anonymous]

Thanks. What brokers did you all use? Should i try another broker or bank? When they pull my credit, will i get 2 hard pulls?

[BreezyWe]

Look for a mortgage banker

[Anonymous]

will it be another Hard pull on CR?

[namvet]

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@Anonymous wrote:

will it be another Hard pull on CR?

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 Yes it will.  

[Anonymous]

Not sure where OP is from but depending where he/she is at that
could be a jumbo mortgage. Did your broker mention this or are you
under the limit?

[Anonymous]

I doubt that its a jumbo. I live in MA. He hasnt told me what loan it is - conventional or FHA. is the PMI on FHA loans high?

[K_J]

namvet, doesn’t the second hard pull count as one if done within 3o or 45 days?? I thought I read that in the forum