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My husband and I are first time home buyers. We have new construction, which is supposed to finish mid-September. Up until now we've been working with the builder's preferred lender (Eagle Home) but over the last 2 weeks I've been researching the crap out of mortgages. Eagle Home (EH) is giving us 4.5% for a 30-year conventional fixed-rate. We are in the "jumbo" loan catgory due to the area and we are making a 20% down payment.
Credit Scores:
Buying Points:
Lenders:
Overall I think the 7/1 ARM and 10/1 ARM makes the most sense. The monthly mortgage estimates I've seen are totally in line with our budget (hell they're less then what we paid for while RENTING) but I'm just really worried what may happen if we're at that 7 or 10 year mark and we are not in a position to sell...
If you took the time to read all of this, I appreciate it! I really look forward to hearing about your journey and any advice you can offer. I've been reading through a lot of the threads on this message board.
@ JVille: I was surprised to hear that Wells Fargo doesn't take the lowest middle score. I walked into 2 different WF locations today, did not provide details, and explained I was just trying to get all the information to educate myself. At both locations they told me that at WF they take the highest earner's middle score and that they are different from other mortgage lenders in that sense.
How long ago was it that your husband "disputed" the late payment on the auto loan?
Accounts in dispute don't necessarily 'help' your credit score and you will want to be certain the dispute has been removed before your loan rate is locked.
Have you looked at the possibility of increasing your investment in this home? What about considering a 15, 20 or 25 year fixed loan? Each loan program allows you to invest more of your monthly payment in principle which ultimately generates more equity down the road. I recommend running amortization schedules with your scenario to see what the payments and balances will be in 7 years and decide which outcome you prefer.
While interest rates are likely to be steady/stable for a while the long range impact of potentially higher rates are really the only dangerous unknown for you in the event that home prices don't increase it might be helpful to see (and select) where you could be standing on the equity side in the future.