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rate check!

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Regular Contributor

rate check!

4.875% a good rate in the current environment? Its a 30yr conventional with 5% down and includes PMI.

 

Middle score is686

 

Thanks

400K+ in open revolvers. 8% UTIL,
Inquiries- TU:2, EQ:2, EX: 3
Starting Scores: 6/12 EX: 613 11/13 TU:614
06/18: F08EX: 781; F08EQ: 787; F08TU:769 Short term goal: 800+ across all 3 Bureaus. Last app 07/19 (BBVA Personal Loan - Approved with Hard pull).
Message 1 of 5
4 REPLIES 4
Contributor

Re: rate check!

We were just quoted 4.75% on a Conventional and 4.25% on an FHA.

 

(We qualify for either and are trying to decide which loan will work best for us. It depends on what the total closing costs will be. What we have to put down is our limiting factor.)

My husband's mid-mortgage score is 692. Mine is 672.

We have 3% down (or 3 1/2% for an FHA) + closing costs.

We'll also pay PMI. The difference is that we won't pay it for the life of the loan (without refinancing) if we get a conventional. We also won't have to pay the upfront PMI and will only have to pay 0.59% PMI monthly vs. (I believe) 0.89% or 0.99% for an FHA.

Rebuilding after identity theft & @ $50K in med bills (all paid).
Starting 4/15 [DH/Mine]-[EQ 592/604][TU 576/587][EX 610/604]
Current 9/16:[DH/Mine]-[EQ 700/678][TU 693/700][EX 693/692]
[PLC:$1800][Auto Loan][Cap.One QS1 $4000][Cap.One QS1 $2800][WM $5K][Tgt $2600][Amzn $4K][Mtg], AAoA 5yrs 8mths
Message 2 of 5
Member

Re: rate check!

Yesterday I was quoted 4.375% for 1st time homebuyer 3% conventional loan, mortgage mid score of 683. This was from a credit union and loan officer suggested this loan over FHA. She said this would not be an in house loan but one offered through investor Quicken Loans which I don't really know anything about so not sure if this is a good way to go. She also said if I paid down debt (currently at 67% utilization) to increase score I could get a better rate.
Message 3 of 5
Regular Contributor

Re: rate check!

Ayuaxl1, that is a great rate for a low down payment mortgage.  My mid credit score is slightly lower than yours though at 665 and shy of the magic 680 threshold though.  *sigh*  I've put in an app at Navy Federal for their 0% down program but the rates are insane.  I know they also offer a 3% First time homebuyer program.  From your experience it looks like I definitely need to be comparing rates.

Message 4 of 5
Valued Contributor

Re: rate check!


@ayuaxl1 wrote:
Yesterday I was quoted 4.375% for 1st time homebuyer 3% conventional loan, mortgage mid score of 683. This was from a credit union and loan officer suggested this loan over FHA. She said this would not be an in house loan but one offered through investor Quicken Loans which I don't really know anything about so not sure if this is a good way to go. She also said if I paid down debt (currently at 67% utilization) to increase score I could get a better rate.

Make sure to ask if there are any origination points associated with that rate. Quicken is known to quote low rates and then explain in the fine print that the rate costs 2-3 points.

Mortgage Loan Officer licensed in CA & AZ


Message 5 of 5
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