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Maraisondetre
Joined: 17 Oct 2008
Posts: 9
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| Posted: Fri Oct 17, 2008 1:42 am Post subject: Advice needed, spex below, loan proposals - not convincing |
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I am currently considering my options. With a score of approx 670, purchase/sales price of say 185 (or 170K), and say 3% or 5% or 10% down...I would like to know what kind of rates I can expect and which type of loan I should go for. I'd be a 1st time homebuyer.
Let me know! Any advice would be much appreciated... |
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Maraisondetre
Joined: 17 Oct 2008
Posts: 9
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| Posted: Mon Oct 20, 2008 12:32 pm Post subject: |
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| ANyone? Is this scenario not doable? Please anything you can suggest would be appreciated. I need to know what types of rates I can expect with allt his and what I might need to watch out for? |
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DanAronG
Joined: 17 Oct 2008
Posts: 103
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| Posted: Tue Oct 21, 2008 11:10 am Post subject: what country are youy in |
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Are you in the UK or the US?
In the UK (and I imagine the US too but don't know anything bout their market) it will depend on many things.
There are various schemes aimed at FTB's, some for no deposit what s ever. It really depends on your circumstances. But if you have a 10% deposit there is no reason why you couldn't just purchase a property without using the various schemes available.
Contact a good mortgage broker as they will be able to discuss all your options with you and find you the best mortgage rate and mortgage lender for your circumstances. |
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Maraisondetre
Joined: 17 Oct 2008
Posts: 9
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| Posted: Tue Oct 21, 2008 12:38 pm Post subject: Re: what country are youy in |
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DanAronG wrote: Are you in the UK or the US?
In the UK (and I imagine the US too but don't know anything bout their market) it will depend on many things.
There are various schemes aimed at FTB's, some for no deposit what s ever. It really depends on your circumstances. But if you have a 10% deposit there is no reason why you couldn't just purchase a property without using the various schemes available.
Contact a good mortgage broker as they will be able to discuss all your options with you and find you the best mortgage rate and mortgage lender for your circumstances.
Hi DanAron,
Thanks for responding - British but in the US, actually :)
I have mentioned to the gentlemen I have been discussing this with that I would be willing to put down 10% or so. Just am not sure what to expect in terms of rates at the moment etc. Also, it seems as though closing costs ought to be approx 5K or so, but some lenders/brokers indicate it's more like 12K - which to me is not only exhorbitant but also misleading...
Moreover, the monthly payments seem to be inflated as well...
As for the types, I was told FHA would be a higher rate, and this does appear to be correct, but 1 lender offered it as a solution while another suggested I stay away...
thoughts? |
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DanAronG
Joined: 17 Oct 2008
Posts: 103
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| Posted: Wed Oct 22, 2008 1:47 pm Post subject: |
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| As I mentioned above, I don't can't advise on anything in America I'm afraid. I simply don't know what you can expect from rates and fees over there. I would happily comment on the UK market but I can't see that being helpful to you. |
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liverichly
Joined: 10 Feb 2005
Posts: 199
Location: Orange County, CA
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| Posted: Tue Oct 28, 2008 9:46 am Post subject: |
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| Closing costs should be closer to $5k than $12k. Rates are very volatile right now, I could tell you one thing and then a few hours later it could be different. But right now on an FHA loan they are about 6.25% and a little bit higher with conventional because your score is below 720. |
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Maraisondetre
Joined: 17 Oct 2008
Posts: 9
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| Posted: Tue Oct 28, 2008 11:20 am Post subject: |
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| Thanks Shane - this helps me guage better what I am seeing! |
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liverichly
Joined: 10 Feb 2005
Posts: 199
Location: Orange County, CA
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| Posted: Tue Oct 28, 2008 10:19 pm Post subject: |
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| Welcome |
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