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1st mortgage. How are online mortgages?

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1st mortgage. How are online mortgages?

I’m curious if I would be approved for a home loan with a decent rate. My current scores FICO 08 are between 730-745. My income is just a bit higher than 80,000. My monthly payments (besides rent) are 600/mo for student loans and 615/mo auto. I just paid off my credit cards and personal loan.

I’m looking to get a loan at no more than 150,000 with 5-15% down or under 100,000 with 20% down. I would do a 30 fixed for anything over 100,000 or a 15 fixed for below 100,000.

My spouse just started a self-employed job so I know his income we can’t use according to someone we talked to at Wells Fargo and us bank. He has no debt except a car loan.

Just tired of rent going up 10% a year and would like to get in a fixed housing payment.

Are the online lenders good?
Message 1 of 11
10 REPLIES 10
New Contributor

Re: 1st mortgage. How are online mortgages?

Online lenders are fine. However, they still underwriting standards like brink & mortar banks/CUs. If you get a FHA loan, you'll still have to meet the same requirements regardless of the lender.

Message 2 of 11
Community Leader
Senior Contributor

Re: 1st mortgage. How are online mortgages?

Where do you live and what is the housing market like? Are there homes in your price range?

You will need your FICO mortgage scores, which are usually lower than scores used for CCs. And the middle score is the one lenders use.

Based on data you provided, your DTI ratio is good.

Are you getting loan in your name only? If no, you’ll need DH FICO mortgage scores too and then it’s the lowest of the two middle scores.

Are there any negatives at all on your or DH CRs—lates, BR, judgements, liens?

Are there any new accounts added in the last 12 months by you or DH?
GOALS: Garden til APR 2020 and 800 Club



JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 3 of 11
Member

Re: 1st mortgage. How are online mortgages?

We are moving to the Milwaukee area. Homes are pretty cheap but rentals are high.

We have each opened two cards in the past year. His FICO 08 scores are 820-840. I’m not sure of our mortgage scores. Neither of us have lates. He has a few cards reporting 1% utilization and a 60 mo auto loan with 10 mo left on it. He had chargeoffs 10 years ago that have been off his reports for several years. No judgements.

I think in Wisconsin it has to be in both names.
Message 4 of 11
Community Leader
Senior Contributor

Re: 1st mortgage. How are online mortgages?

Will $80K be your salary in WI? 

GOALS: Garden til APR 2020 and 800 Club



JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 5 of 11
Member

Re: 1st mortgage. How are online mortgages?

81,500 will be my salary. Currently 80,100
Message 6 of 11
Community Leader
Senior Contributor

Re: 1st mortgage. How are online mortgages?

Thanks Rachel for providing all your DPs. You should be able to get a great interest rate.

I can’t speak on online lenders. Personally, I like dealing with banks that have a physical space near me. When you get a Realtor, ask her/him about lenders they work with.

One more question. Have you been in the same field of work for the last 2 years?
GOALS: Garden til APR 2020 and 800 Club



JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 7 of 11
New Contributor

Re: 1st mortgage. How are online mortgages?

Good luck !
Message 8 of 11
Community Leader
Senior Contributor

Re: 1st mortgage. How are online mortgages?


@SnowMountain wrote:
I’ve been with the same company for eight years.

My last question, my spouse’s 10 year old charge offs that disappeared 3 years ago shouldn’t pop back up should they? I’ve read people app for mortgages and old debts reappear. He has his old reports from way back when they reported to show the time that they were scheduled to fall off (which they did). I’ve just read about CA trying to black mail you into paying to get a mortgage.

Thanks !

If anything changes in your CR once you have applied for the mortgage, don't do anything before discussing with your LO. They will guide you in the correct direction.

GOALS: Garden til APR 2020 and 800 Club



JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 9 of 11
Valued Contributor

Re: 1st mortgage. How are online mortgages?

Why don’t you go ahead and pull a 3 Bureau Report using This website Fico for each of you and go thru both reports line by line. And check on your Middle Mortgage Score (lowest middle when looking at both borrowers). Fico 8 scores are NOT in any way indicative of Mortgage Fico Scores.
Getting those reports reviewed now gives you a chance to fix anything that may come up and not be in a panic when dealing with a lender.
Message 10 of 11
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