MWil23 Posted October 15, 2020 Share Posted October 15, 2020 On 10/13/2020 at 12:39 AM, RuskieTitan said: Reached out to a loan officer to see what rate I could get from on the market compared with going with the builder's originator, and I was told I'd get 2.75%. Rates are unbelievable right now. I got a 15 at 2.62% back in July and now I could refinance to a 2.5% if I wanted to. It's crazy! That said, what it would cost me in closing costs to get that rate and then factoring in my monthly savings isn't worth it. Quote Link to comment Share on other sites More sharing options...
theJ Posted October 15, 2020 Share Posted October 15, 2020 1 hour ago, MWil23 said: I got a 15 at 2.62% back in July and now I could refinance to a 2.5% if I wanted to. It's crazy! That said, what it would cost me in closing costs to get that rate and then factoring in my monthly savings isn't worth it. Geez. I thought my 3.375 was low. That's ridiculous. 1 Quote Link to comment Share on other sites More sharing options...
MWil23 Posted October 15, 2020 Share Posted October 15, 2020 17 minutes ago, theJ said: Geez. I thought my 3.375 was low. That's ridiculous. We had the option of flexing that rate and rolling the dice that it could go lower (which it did), but I opted for the locked in and guaranteed fixed rate at 2.625% and felt like I just won the lottery! Quote Link to comment Share on other sites More sharing options...
RuskieTitan Posted October 15, 2020 Share Posted October 15, 2020 Got my appraisal costs covered as well 2 Quote Link to comment Share on other sites More sharing options...
Scoundrel Posted October 15, 2020 Share Posted October 15, 2020 First time home buyer have a credit score in the 800’s. What kind of loan should I try and go after? Quote Link to comment Share on other sites More sharing options...
Scoundrel Posted October 15, 2020 Share Posted October 15, 2020 2 minutes ago, RuskieTitan said: Got my appraisal costs covered as well Come buy me a home Quote Link to comment Share on other sites More sharing options...
RuskieTitan Posted October 15, 2020 Share Posted October 15, 2020 Just now, Counselor said: First time home buyer have a credit score in the 800’s. What kind of loan should I try and go after? I don't know all the specifics, but FHA has a limit based on which state (or county?) the home is in, for Arizona it was $331k, which means any home value over that, you would have to pay yourself. Conventional loan doesn't have that limit, and right now rates are amazing. My own credit score is in the low 700's, and I got 2.75% this week with 5% down. The upcoming election could shake things up, I lucked out with my closing at the end of November so I will lock my rate this month. 1 Quote Link to comment Share on other sites More sharing options...
Scoundrel Posted October 15, 2020 Share Posted October 15, 2020 1 minute ago, RuskieTitan said: I don't know all the specifics, but FHA has a limit based on which state (or county?) the home is in, for Arizona it was $331k, which means any home value over that, you would have to pay yourself. Conventional loan doesn't have that limit, and right now rates are amazing. My own credit score is in the low 700's, and I got 2.75% this week with 5% down. The upcoming election could shake things up, I lucked out with my closing at the end of November so I will lock my rate this month. Good info thank you. What lender do you suggest? Quote Link to comment Share on other sites More sharing options...
RuskieTitan Posted October 15, 2020 Share Posted October 15, 2020 21 minutes ago, Counselor said: Good info thank you. What lender do you suggest? Hard to say. I got my initial pre-qualification late last year with the company I work for, my builder (since I went the new build route) required I get pre-qualified with their in-house originator at the beginning of this year. I probably would have ultimately gone with the builder's mortgage but I was referred to a guy who does a lot of loan origination, and he was able to get me the deal that I'm going with. He's more specialized for Arizona though, so I'd recommend talking to coworkers / friends / family and see if there's any recommendations. 1 Quote Link to comment Share on other sites More sharing options...
RuskieTitan Posted October 15, 2020 Share Posted October 15, 2020 I will say this though - I probably would stay away from any of those online mortgage originators. I tried Quicken Loans alongside my company during the pre-qual portion, and Quicken came in much lower on my limit. This is in large part because I didn't have as lengthy of an established history of my current income, but I think it highlights that those 'quick' online mortgages are not going to get the best 'personal' fit for you. Quote Link to comment Share on other sites More sharing options...
MWil23 Posted October 16, 2020 Share Posted October 16, 2020 17 hours ago, Counselor said: First time home buyer have a credit score in the 800’s. What kind of loan should I try and go after? If you can work a conventional with 20% down, I'd recommend this route. You're more appealing to a seller and you avoid PMI on the mortgage. Typically, if you can get a loan from a credit union of some kind, their rates are very competitive and often lower. Quote Link to comment Share on other sites More sharing options...
Scoundrel Posted October 16, 2020 Share Posted October 16, 2020 20 minutes ago, MWil23 said: If you can work a conventional with 20% down, I'd recommend this route. You're more appealing to a seller and you avoid PMI on the mortgage. Typically, if you can get a loan from a credit union of some kind, their rates are very competitive and often lower. 20% in California I would have to sell my kidney Quote Link to comment Share on other sites More sharing options...
MWil23 Posted October 16, 2020 Share Posted October 16, 2020 9 minutes ago, Counselor said: 20% in California I would have to sell my kidney I forgot you were in California. I'm not sure what a conventional loan looks like there, but @Forge may be your guy! Quote Link to comment Share on other sites More sharing options...
Forge Posted October 16, 2020 Share Posted October 16, 2020 25 minutes ago, Counselor said: 20% in California I would have to sell my kidney That's why you have an extra 1 Quote Link to comment Share on other sites More sharing options...
Scoundrel Posted October 16, 2020 Share Posted October 16, 2020 Just now, Forge said: That's why you have an extra They are both bad though so jokes on them Quote Link to comment Share on other sites More sharing options...
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