About to list my primary residence, please offer advice

[Anonymous]

i hope to list my primary house before the end of the month.  we are doing last minute repairs before we stage and list.  i have an appointment with our accountant in a week to file taxes so we can submit our return to our lender so we can work our final numbers.   we have a combined income of close to 220k.  plan on putting over 20% down with a large amount of reserves.  i plan to keep my debt to income around 45%.  

whats the difference between interest rate and APR?  what percentage will my monthly payment be based upon?  a mortgage of 100k for 30 years with a "rate" of 4.0 is $477/month (Google mortgage calculator)...

will that be my monthly payment or will it be adjusted because my APR will be slightly different?

if we are able to secure our mortgage and one or two years later, we our credit gets a bump and my wife and myself have A+ credit, can we refi for a cheaper monthly payment?  right now my credit is close to 790 but my wife is hovering around 620.  

i need to sell my home in order to buy.  it sucks but i cant avoid that contingency.  should i wait until my house is under contract before i start placing offers?  or, can i wait until i get my pre approval letter/proof of mortgage approval?  i know sellers dont like offers with a contingency but i feel like our offer will be solid enough to stick. 

ideally i would like to close on selling my house and buying my next house same day or as close as possible.  

any input would be appreciated!!

[JVille]

In regards to your wife’s Fico score.... are you depending on any of her income to qualify? If her income is not necessary you may want to leave her off the loan. Your rate will be based on your wife’s Middle Fico score and if that is 620 then you have a problem. What is going on with her credit that has her score so low and yours so high? This is going to seriously cost you in terms of rate and fees.

[NC_Mtg_Loaner]

and you have a DTI of 45% when looking at a $100k purchase with a combined annual income of $220K?

Something doesn't sound right to me.......or you need to sell your Lamborghini instead.

All kidding aside, if you need to sell your current home before buying your next home, you don't want to go placing offers on homes until your house is already under contract to sell and with that type of income you really should look into a 10 or a 15 year loan for a $100k home--this way you'll generate equity quicker.     Double check all your pre-approval details with another lender just to make sure what you are hearing from current lender is correct--otherwise simply revisit with your current lender to review this info again....

[Anonymous]

i was useing the 100k mortgage as a frame of reference.  thats not the amount we are seeking approval for.  i was using the 100k to define a monthly payment and wondering how the difference in interest rate or APR will effect my rate?

yes i know her low score is a problem. i am aware.  we live below our means and my wife has a very good job.  yes i need her income to approve the note.  our purchase price will be around 400, after downpayment we should be have a note of around 250-275k.  taxes in jersey are close to 10k maybe 11k annualy.  she makes up for her credit score by a large down payment which will decrease our mortgage.  a smaller mortgage with a higher rate sucks but will be withing the ratios lenders approve.

[JVille]

Ok I hope you are using actual Mortgage Scores and not the other versions. Her Mtg Fico MIDDLE score will be the one used. What is the reason for her low score and can you do anything to assist with that like adding her to older accounts with low balances as an Authorized User.

Just a member thinking out loud