I have been working on my credit since seventeen. I am finally in the position to actually qualify for a mortgage, income wise. I was approved with a lender a few friends of my parents used called Better Mortgage.
I was approved for up to $300,000 (the house I am looking at is $269,600), at 3.750% APR. The loan is a conventional 30 year fixed rate mortgage. 3% down ($8,097) with a monthly payment of $1,764. Wondering everyone's thoughts on this deal, is it good and do you have any suggestions? Yes, this is the only lender I have applied with.
Better Mortgage ended up using my Experian Mortgage Score which was 692 at the time, not sure that I understand the difference between Mortgage Scoring and regular Fico Scoring, but nevertheless.
That's an incredible rate at that LTV. Wow! But unless your rate is locked that's only a quoted rate. Not saying the LO is a member Team Bump and Run, but hopefully you can get the rate you're being quoted. There are some lenders who do offer a "lock and shop", many do not.
I made an offer on a home, but someone seems to have beat me to the punch as mine was declined -- so now I am back to looking at homes. Have a few showings later this week.
It may be more than just beating you to the punch. The other offer may have been a stronger offer, which could include things like: an all cash offer, no home inspection contingency, no Seller closing cost assistance, etc. In this market, depending on your location, it could take 2-5 offers before acceptance. Just make sure your offer is as attractive and as strong as it can be if it’s the home of your dreams. At least with a countered offer, you’ll know where you stand.
I have to say in my case though, I was happy my first offer wasnt accepted because the home I bought is in the exact subdivision where I wanted to live.