Comments on: Understanding Home Loans: Your Interest Rate

By: The Great Poomba

The Great Poomba — Sun, 15 Nov 2009 22:16:12 +0000

Points are usually what you pay. 1 point = 1% of your loan.
I would shop around and see if you get a better deal.

By: bythedown

bythedown — Sun, 15 Nov 2009 20:36:21 +0000

Depending on your area, VA might not be an option. Home prices have appreciated to a point where VA loan limits have been exceeded. There are lenders who will finance 100% of the purchase price and even up to 103% which includes non-recurring closing costs. Your hope to not pay any points and have the lowest available conforming interest rates are diminished with zero down are slim. Your best bet is to get into the home with little or no costs and keep the loan for at least six months then turn around and refinance with a better loan and costs. In the long run, it will be much cheaper this route. Also, your agent can construct the contract in such a way to have the seller pay your non-recurring closing costs by either accepting the full asking price or upping the asking price in return for this type of compensation. The issue you and your agents will have to confront is the appraised value (which, with a good agent, will not be a problem).

By: Grateful Believer

Grateful Believer — Sun, 15 Nov 2009 20:33:25 +0000

Probably not. I would ask a Real Estate attorney to be certain though ~

By: scareycarrie58

scareycarrie58 — Sun, 15 Nov 2009 16:32:42 +0000

I don't think there are any negatives if she will work with you which sounds like she will.

Make your payments on time and over time, it will have a positive impact on your credit score. After 7 years, any credit smears you have are automatically taken off your report.

Good Luck,

Darryl S.

By: Christian93

Christian93 — Sun, 15 Nov 2009 15:34:33 +0000

i cant remember the lowest score
10%
debt-to-income ratio was too high
appx $63K
joint
$110K
finding a lender took 4 months