Posted on: 13th Aug, 2009 09:27 pm
Just looking for an opinion.
Here we go..
I have 82500/year salary (2008 and 2007 show 100k)
My wife has S-Corp and last year (2008) she had a baby so there was only 6 productive month with low income. Currently she works at $30/hr as contractor with about 1700hr/year (there is a letter from employer)
Our current house was bought in 2005 for 206k, currently we have 151k remaining in principal. We are not going to sell it, plan for rent.
We have no other loans. We have few active credit cards with average balances about 3k that we pay off regularly, it's just a tool.
We are under contract for new house for $415k.
We planning to put 10% down.
Our savings account has $39
Checking account has $6k
I'm borrowing $10k cash from my sister to pay for appraisal, etc so I can build up my checking before closing.
My credit score reported: 800-794-782
Wifes: 790-771-725
One lender gave us estimate for 5.625, another lender 5.25. Closing fees about the same.
What should I expect today? Is it easy file?
Here we go..
I have 82500/year salary (2008 and 2007 show 100k)
My wife has S-Corp and last year (2008) she had a baby so there was only 6 productive month with low income. Currently she works at $30/hr as contractor with about 1700hr/year (there is a letter from employer)
Our current house was bought in 2005 for 206k, currently we have 151k remaining in principal. We are not going to sell it, plan for rent.
We have no other loans. We have few active credit cards with average balances about 3k that we pay off regularly, it's just a tool.
We are under contract for new house for $415k.
We planning to put 10% down.
Our savings account has $39
Checking account has $6k
I'm borrowing $10k cash from my sister to pay for appraisal, etc so I can build up my checking before closing.
My credit score reported: 800-794-782
Wifes: 790-771-725
One lender gave us estimate for 5.625, another lender 5.25. Closing fees about the same.
What should I expect today? Is it easy file?
so the broker/lender is willing to pay your attorney's fees for title insurance, title search, recording, etc? that's too surprising to me.
you need 30% equity - where these lenders get their information about 25% is hard to figure. this happened at least a year ago.
you need 30% equity - where these lenders get their information about 25% is hard to figure. this happened at least a year ago.
Get what.. I got another broker (and went with them) recommended to me by friend and my agent also happened to work with them with no issues.
They offered 10/10/80 product with 5.25% main mortgage, HELOC for prime+1.5% (10%) and 10% down.
No need to deal with my current residence at all. No MI. No points. Does this sounds good? I'm with them because I have a lot of references which is a good thing. Does it sound too good?
Program itself looks very good to me. 10% HELOC is no big deal to me, we can deal with it pretty quick.
They offered 10/10/80 product with 5.25% main mortgage, HELOC for prime+1.5% (10%) and 10% down.
No need to deal with my current residence at all. No MI. No points. Does this sounds good? I'm with them because I have a lot of references which is a good thing. Does it sound too good?
Program itself looks very good to me. 10% HELOC is no big deal to me, we can deal with it pretty quick.
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