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Is this pre-qualify a good deal?

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Anonymous
Not applicable

Is this pre-qualify a good deal?

Loan Amount:             $100,000.00
Down Payment:            $0.00
Finance Type:            Purchase
Loan Program:            Conf Fixed House America
Interest Rate/A.P.R:     6.875%/7.536%# (as of 01/05/2008 Subject to change)
Points:                  0.625%
Term:                    360
Property Type:           SFR
 
Given this credit situation...
 
Credit Scores:  TU - 630, EQ - 642, EX - 630
Income:  $58,000/year (before taxes, insurance, & 401K) ~ $2,900 take-home / month
Current Debt:  Car Payment - $457/month, Student Loans - $120/month
Revolving:  I have one credit card with a $300 limit, $0 current balance
 
Dings on my Credit Report: 
  • 2 collections that have since been paid, mos recent one paid in Oct
  • Some late payments in the past, but all payments have been on-time in the last 24 months
  • in the past, I have let credit cards go a while without paying them, thus how I got the collections

Summary:

Total past due 0, Late payments No, accounts past due 6 Years 0, Total balance of Your revolving accounts $0, Your mortgages None, Your installment loans $43,099, Total number of Accounts 14, Accounts with balances 3, Accounts opened in past year 1, Recent inquiries 4, Collections 2, Public Records 0

Message 1 of 4
3 REPLIES 3
ShanetheMortgageMan
Super Contributor

Re: Is this pre-qualify a good deal?

You'd do much better with FHA, or even just another place that has the 100% financing option from Fannie Mae/Freddie Mac... is this offer from Countrywide by chance?
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 2 of 4
Anonymous
Not applicable

Re: Is this pre-qualify a good deal?

Yes Shane, this is a Countrywide offer. 
 
The loan officer didn't seem to want to talk about pre-approval yet.  I'm thinking I should ask around to find something locally.
Message 3 of 4
ShanetheMortgageMan
Super Contributor

Re: Is this pre-qualify a good deal?

Yeah Countrywide has very high rates on the retail end, it's usually much better to go through a mortgage broker if you are considering Countrywide since broker's get much lower rates they can offer their clients... of course if you have a real greedy broker they can evaporate the savings in rates.  From what I've heard Countrywide doesn't actually let you go through the pre-approval process until you actually have a signed purchase agreement, not sure what their problem is there.  Who do you bank with?  That might be a good place to start to look for a mortgage.  Mortgage brokers are also good since they have access to anywhere from 10-100 different lenders loan programs, they can shop around to find the lowest rates for your situation.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 4 of 4
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