topic Re: Mortgage Loan Interest Rate in Mortgage Loans

Mortgage Loan Interest Rate

eddymvp — Mon, 12 Jan 2009 23:56:54 GMT

Do I get the same Interest rate from a 660 score than a 700?

DallasLoanGuy — Tue, 13 Jan 2009 01:19:06 GMT

you do on fha

if this is conventional, we would have to know how much down payment and loan amount to give you an answer./

eddymvp — Tue, 13 Jan 2009 01:53:33 GMT

I'm looking to get from 180k to 200K with 5% down.

DallasLoanGuy — Tue, 13 Jan 2009 02:09:47 GMT

likly fha loan then. as pmi will be double that of fha.

and, yes, 660 gets same as 800

eddymvp — Tue, 13 Jan 2009 02:43:11 GMT

DCU recommended me to do the convertional loan over the FHA.

Message Edited by eddymvp on 01-12-2009 09:43 PM

DallasLoanGuy — Tue, 13 Jan 2009 02:46:58 GMT

@eddymvp wrote:
DCU recommended me to do the convertional loan over the FHA.
Message Edited by eddymvp on 01-12-2009 09:43 PM

ask them to show you TWO gfes comparing the two.

DallasLoanGuy — Tue, 13 Jan 2009 02:47:18 GMT

and what reason did they have for their recommendation?

eddymvp — Tue, 13 Jan 2009 03:23:50 GMT

what is a gfes

ShanetheMortgageMan — Tue, 13 Jan 2009 11:26:17 GMT

Good Faith Esitmate

eddymvp — Wed, 14 Jan 2009 17:50:47 GMT

I called them again and the Reason was that I endup paying more if I get the FHA because of the Insurance that I have to get.

BrianB_The_Loan_Professor — Wed, 14 Jan 2009 19:17:16 GMT

Yes but you will pay more monthly with the conventional interest rate and insuance negating the savings you will get from FHA.

With your score FHA is the way to go - do they offer FHA? May be why they are steering you away from it.

Brian