Hi,
I am looking to buy a home in August/Sept. First time home buyer. I met with a mortgage broker today just to get a feel for where I am as far as credit, DTI, etc. He told me I will probably go FHA, which I knew anyway. When we got to talking about rates and payments, he told me 6.875% was a good estimate on the high side. No points. That seemed kind of high, but what do I know. I thought FHA was like 6%. Is that high?
Also, when time comes for pre-approval, how do I rate shop? Do I have to get preapproved everywhere (as far as W-2's, paystubs, etc)? Or do they just pull your credit and give you a GFE?
Thanks.