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Better Mortgage Approval

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Valued Member

Better Mortgage Approval

Extremely excited.

 

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.






4 REPLIES 4
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Valued Contributor

Re: Better Mortgage Approval

If the lender was recommended by many and you are approved at 3.75 that’s a good rate! Are you in contract on a home?
Congratulations on starting the journey!
Message 2 of 5
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Valued Member

Re: Better Mortgage Approval

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.





Message 3 of 5
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Established Contributor

Re: Better Mortgage Approval

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.

 

Good luck!

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo, Portfolio and NonQM Loan Products. Licensed in AL, AR, AZ, CA, FL, GA, IL, IA, IN, LA, MI, MO, NC, NE, NV, OH, OK, OR, SC, TN, TX, VA and WI.
Message 4 of 5
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Community Leader
Super Contributor

Re: Better Mortgage Approval


@joshmga wrote:
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.

 

GL2U



DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

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Message 5 of 5
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