The best strategy would be financially ready to buy a house this summer?
My wife and I are hoping to buy a house late next summer. Currently, I see two paths to get to us on this issue. Which of these would be most effective in securing the lowest mortgage rates in the U.S.? Background: My wife is a very good FICO scores 740th He just rolled the $ 16K credit card debt unsecured personal loan. There is also $ 3,000 (about $ 80k it) of credit card debt. I have six years of unblemished credit history, but since the court decision against me (for ten years) I have a few limitations of credit risk that for about $ 2k total. My balance is now almost at the limit, but I’m on track to have a zero rate of January. At this moment, my FICO will rebound, it is only average. She is a teacher (which guarantees a very large proportion of permanent workers), the same company I worked for 15 aastat.OPTION NO. 1: We have a budget, track all of the loan to repay $ 16,000 in August (just a year after the abolition of the loan over four years). We want to approach absolute zero mortgage companies, household debt and about $ 10,000 deposit, which would achieve a 5-8 per cent of homes in our hinnaskaalas.OPTION NO. 2: We do not take such an aggressive approach to lending. Instead, we approach the mortgage companies just over $ 20K a down payment, zero credit card debt and personal loans remained at about $ 12.5K. The contribution would range between 10-16 percent of the price range we would vaatate.Minu the question boils down to this – if the application for a mortgage, it is preferable to have a modest down payment or any debt or personal loan balances (but not ready) and a greater contribution?
I’ll buy a house and got quotes from various major banks, and gave me the best offer for both (30 year fixed 6.75 (1 pt), second HELOC loan at prime plus 1% (9.25%). Plus I was already pre-approved. I never locked the rate, but I was told my rate locked a mortgage lender for me (they can do? I not ask them). I waited for the federal government lower rates (18.9). He sent me a statement of good faith and agree with the lock. loop agreement is said to float even noticed it said (1.125 pts to 1 pt we discussed earlier), but when I sent him, “he said in a locked state. He said he will try to request a price reduction. Did he do when he rate is already locked? When we go to another lender who will give us a better rate than we have to pay appraisal fees, processing fees, application fees, credit fees letter, and so on? Although we did not verbally or write anything they want us to charge Keyguard? Thank ette.Ma I forgot to mention the income of non-conforming jumbo loans, second home, but a resident CA, and the median FICO score is the 760th is to provide a penalty. 10% less. purchase price of $ 861K.