I spoke with a broker today and he pulled my husbands scores, the middle one was 648, he said he could do a 100% loan for 225,000 the rate would be 7 3/4 should we shop around more or does this sound about right, by the way Im in ca and the houses cost a small fortune.We wanted to try and get something before they go even higher, also I would have to take care of collection from 2 years ago, it is from the oc should I send a validation or settlement offer it is for 400 with the interest, it was 248. Thanks for everyone help
RaiderPam You really haven't provided enough info to give a fully qualified response. But based on some quick investigations of rates, I would recommend that you look further. Also, what type of additional costs are involved? Any points? What are the closing costs? etc. Good luck and email me off-board if you wish. fla-tan
Pam, I'd kiss the broker's unwashed feet if he gave me that deal, but I'm anxious to get back in the LA market as well. It sounds like the % is a little high maybe by 1% or so.
Why, if you think the rate sounds high, would you "kiss his unwashed feet"? With scores in the mid 600's you can qualify for progams with several of the conventional lenders that will put you close to normal rates. fla-tan
I was wondering because I am in the process of finding a mortgage. My wifes has high enough scores and income to qualify by herself. Are you independent, or do you work for a company? What part of Fl are you out of. I am in the Central Florida area. We are doing a gift of equity. The loan is going to be for only about 107,000. Just an estimate, do you know what fair closing costs are. We have been talking to a mortgage company that is out of state, but would love to do business with someone that is in state. We have called Countrywide, because we have heard good things about them, however the person that we contacted did not seem to knowledgeable or helpful. Do you have any helpful hints and maybe some things that we should watch out for? The % rate that we have been quoted is 6.50% with no points. 30 year mortgage, but we plan on making at least triple payments each year to pay off sooner, but keeping the lower payment in case something happens. Sorry such a long message, but any advice would help.
If you would email me off-board I will be in a better position to talk. Before I can provide really usable info, I need to get info that doesn't belong on a public forum. Just click on my name at the top of the message and it will take you to my profile and allow you to email me directly, or you can just click on fla_tan@hotmail.com and email me. BTW I am in Clearwater and work anywhere in the state as well as out of state. fla-tan
