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Does the sale price or borrowing amount determine if a loan is considered Jumbo? My sales price is $475K but I am only borrowing $375K. With a mid score of 718 I was suprised when my broker was suggesting interest of 7%. Update: Just got a call that a 15 day lock with my mid of 718 would be 6.375. I think that sounds better. TO bad it looks like I will need to push closing back a few months if my buyer can't get their mortgage.
Thanks
Loan amount!!
I have people put down enough money to get in under the limit all of the time.
@Anonymous wrote:Update: Just got a call that a 15 day lock with my mid of 718 would be 6.375. I think that sounds better.
That is much better than 7%, work on getting it up to a 720 and you should see a .125% drop in rate.
@Anonymous wrote:Update: Just got a call that a 15 day lock with my mid of 718 would be 6.375. I think that sounds better. Message Edited by chrislo on 11-07-2008 11:38 AM
That is about right for pricing as of Friday IF you were not being charged any origination.
If you are paying any points at all that may be a little high....good luck on the buyers mortgage - double close deals are stressful.
Brian