I've been working hard to get my score up but honestly am running out of time. I actually received a preapproval today at a 4.625 rate...I'm aware it's not great but like I said it may be the cost to bear for past transgressions at this point.
The thing that through me is the APR seems really inflated...6.239% versus the rate. It is FHA so I know mortgage insurance is part of it. And I am stretching the DTI level a little bit I need to do what's best for my family. It's not an extravagant house or anything by any means.
Can someone shine some light on that rate? I didn't receive a fee disclosure yet so I'm thinking maybe there are fees or points involved? They are closed of course so I was just looking for information to help fight the good fight so to speak.
With all that said we aren't locking the rate or anything because we are listing our house and are expecting to build one. So we might not close till the fall and that leaves me time to get utilization down and clean up any derogs that are holding me up. The LO did say that if I get my score up just a bit more I could receive a very substantial savings in rate. Also because we are putting 10% down the PMI will terminate at 10 or 11 years can't remember which one.
Any help is appreciated I consider myself informed but need some expert eyes.
