Posted on: 18th Jan, 2011 07:29 am
We're building a house with a selling price of $270K. We're putting 60K down. Current rates are at 4.77 to my best knowledge. Between me and my wife, i have the lower credit scores. I just pulled up my 3 credit scores and they are 763 (Transunion and Experian) and 762 (Equifax).
What I want to ask is, is the mortgage rate negotiable based on the fact that our downpayment is considerable high amount and credit scores are not bad? what do you think i can get as a mortgage rate?
also, since our closing is around 1st week of may, do you know any good companies that can lock the mortgage rate for about 90 days without extra cost at a reasonable number?
thanks in advance!
What I want to ask is, is the mortgage rate negotiable based on the fact that our downpayment is considerable high amount and credit scores are not bad? what do you think i can get as a mortgage rate?
also, since our closing is around 1st week of may, do you know any good companies that can lock the mortgage rate for about 90 days without extra cost at a reasonable number?
thanks in advance!
Hi MK,
It's next to impossible to say whether or not the rate you're being quoted is reasonable without more information.
As far as if it's negotiable, it all depends. If the lender is quoting you a par rate (we wont know until we have more info from you) or if they are paying some of your closing costs it could be a great deal. The other thing that will effect your rate is the length of the rate lock.
I'm pretty sure you should be able to get a 90 day lock without having to pay an upfront lock fee.
If you're willing to provide some additional information, I'll compare my rates and let you know what I think.
It's next to impossible to say whether or not the rate you're being quoted is reasonable without more information.
As far as if it's negotiable, it all depends. If the lender is quoting you a par rate (we wont know until we have more info from you) or if they are paying some of your closing costs it could be a great deal. The other thing that will effect your rate is the length of the rate lock.
I'm pretty sure you should be able to get a 90 day lock without having to pay an upfront lock fee.
If you're willing to provide some additional information, I'll compare my rates and let you know what I think.