@DallasLoanGuy wrote:
@Raycher33 wrote:I have a middle credit score of 790 and received a 4.375% rate quote yesterday on a 30yr fixed with 20% down (325k total purchase / 260k loan amount) with approx $8k closing costs (out the door). Seems a bit high, since I had a 3.75 rate quoted approx 60 days ago but rates are slightly up over last couple months (thank Greece?), so it's good to see others getting quotes consistent in that neigborhood.
I'm going to explore the option to put less down (5-10%) to see how that might impact loan/payments. My lender said that would cost me nothing (other than higher loan amount and total cost of borrowing, obviously) due to excellent credit qualifications (no mortgage insurance required). <= never heard of that That said, does anyone have experience with how lowering the down payment might affect the potential interest rate positively or negatively?
I haven't heard of that from a conventional fixed; OP are we talking about a portfolio lender here? Unless there's something about your area which is different than mine, hell even Chase on their conventional fixed Agency loan (and they aren't the lowest rate around in my experience) with your stats is quoting 4% flat at 0.125 points as of today. I wouldn't be taking that deal personally.
@DLG: I know for example Chase doesn't charge any sort of MI on their 15% down jumbo product anymore, there is a small rate increase though, but likewise if insured by FHA or purchased by Fannie/Freddie, I would've assumed insurance requirements are there on anything other than someone portfolioing their own loans.
