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Pre Approval

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Pre Approval

Hello I just got pre approved for a mortgage, Im going to be using the VA Loan through USAA. Please share your thoughts with me. I want to put 0 down. Now I am sure I could have been pre approved for more but I had to pick a amount which i thought was strange, I figured they would give me the most allowed for my credit history and income. Regardless I only expect to spend right around this. I thought I would be able to lock in for 60 days so I can have this interest rate but I was wrong, I was informed I must have the contract, I am in the only begining stages and was just scared of seeing a interest rate sky rocket. I am new to this all so please don't jump down my throat.. Anyhow, thank for the feedback!

 

-Chris

 

30-Year Fixed Rate VA

 Monthly Payment of $1,073.64

Estimated Monthly Payment

$1,073.64

Principal and Interest

$898.84

Property Taxes

$126.67

Homeowners Insurance

$48.13

Tax and insurance escrows cannot be waived for this loan.

Estimation Details for 30-Year Fixed Rate VA Monthly Payment of $1,073.64

Interest Rate

3.750%

A

nnual 

P

ercentage 

R

ate

 (Opens Pop-up Layer)

4.006%

Loan Amount

$194,085

Points

 (Opens Pop-up Layer)

/Cost

0.500 / $970

Settlement Costs

 (Opens Pop-up Layer)

$9,251.81

Minimum Down Payment

$0.00

Third-Party Fees

 (Opens Pop-up Layer)

$1,475.00

Lender Fees

 (Opens Pop-up Layer)

$2,075.98

VA Funding Fee

 (Opens Pop-up Layer)

$4,085.00

Prepaids and Escrow

 (Opens Pop-up Layer)

$1,615.83

Cash Due at Closing

 (Opens Pop-up Layer)

$5,116.81

Message 1 of 2
1 REPLY
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Senior Contributor

Re: Pre Approval

Did not see a specific question. All seems ok to me. Rate is good and drastic increases are highly unlikely within the next few month ... but move as quickly as possible to find and secure your new house.

Message 2 of 2