wife makes more money than me. my credit is better. she has a steady job. what mortgage loan is for us?

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i have had a couple of jobs in the last year. she is a teacher so she has had steady work. My credit is 730. her credit is a little less. I am looking for a loan type to have an idea when we go into a bank.

  1. Reply
    January 31, 2011 at 6:35 am

    I’d go with a 30 year fixed rate, since interest rates are going up.

    If you’re gonna be strapped for cash the first few years, you could go with a 30 year fixed w/ a 3 year ARM.

  2. Reply
    January 31, 2011 at 7:15 am

    I wouldn’t go to a bank if you are worried about the payments, with your scores, you could get a much better rate at a mortgage company, they have special programs for people with great credit.

  3. Reply
    January 31, 2011 at 7:16 am

    Both of you have good credit, many lenders have multiple loan programs, I like dealing with lenders directly and this is an invidual choice as there are many professional loan brokers.

    You may want to shop, however I suspect you will begin to see similiar programs.

    30 year fixed vs 15 year fixed etc.

    Do not allow each lender to run credit as this could hurt your FICO score.

    If you already have a copy of your credit, share this with the lender.

    Countrywide Mortgage is in most states and I have seen a very professional level with this company.

    Call and ask for the branch manager.

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