have you bought a home this month? with a conventional loan? what’s your interest % rate?

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i think my mortgage broker sucks, i’m trying to get a loan approved for $ 42,000 with a 30 yr fixed rate conventional loan. I’m in las vegas. I have a credit score over 700, the best she can get me is 7.5% am i getting bent over? or what? what are they telling you??

3 Comments
  1. Reply
    Landlord
    January 30, 2011 at 9:12 am

    I agree, that loan sucks. However, she found a bank willing to do a really tiny loan for 30 years. THAT is amazing. There are few (as in I am shocked) banks willing to do this.

    The interest rate is so that they do not loose money just mailing you the bill, most banks do not both with these loans because it costs more to maintain the records then you pay in interest.

    You might be stuck because she found the only bank willing to deal with the loan.

  2. Reply
    pontooner
    January 30, 2011 at 10:06 am

    Steer clear of the mortgage brokers and find a smaller community bank or credit union that uses the secondary market and you should be in the 5% range.

  3. Reply
    Fgfgfg
    January 30, 2011 at 10:41 am

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