We're looking at buying a new house sometime within the next year. I would like to know about what we can expect for rates (assume current rates), compared to the prime rates listed. Currently have about $3500 in CC debt (all current) Credit card debt will be paid off by the time we apply for the mortgage, but we will then have a small balance (paid off every month) from living expenses. I have about $23000 in student loans (current) Wife has about $17000 in student loans (current) 2 vehicles: total payments about $650/mo 2 cell phones about $100/mo misc utils (elect, gas, cable, etc...) My credit report has a collections account for $2500 which has been paid in full. This was about 4 1/2 years ago. (College days) Also have a number of lates, all before this collections account. Wife has numerous 30 day lates from about the same time period. Everything since then has been current/never been paid late. We've had an FHA mortgage for about the past 3 years. I'm just looking for an idea of what type of rate we could expect compared to the prime advertised rates.
I am not a mortgage lender, but where you and your spouse are both College educated and seem to have your debt, ect under control, I would say somewhere between5.5 to 6.75.. Good luck.. I know that there is a wealth of knowledge on this board and I am sure someone will give you a better answer than this one...
Rate will depend on a few factors. Loan amount Loan to value Full documentation 30 year, 5 yr, 3 or 2 year arm (there are more options) Credit score To give you an idea...30 year, 80% loan to value, conforming loans are around 5.625% today. You need to decide how long you plan on living in this home, what is your plan (interest only, an adjustable rate, etc.). You will be fine with your credit history.
