Posted on: 05th Oct, 2010 04:55 pm
I was presented with a 220-FNMA Conf Fixed mortgage from Chase, it at a 3.5% fixed rate for 15 years. I did not ask the agent, but I am sure the FNMA is Fannie Mae. Isn't receiving services from this corporation risky due to the recent economic problems?
At this point I need to complete the Pre-Qualification form, and my credit score is 750 although my income isn't that much and I have a relative a co-applicant.
Should I shop around for better deal or is this as good as it gets for me?
At this point I need to complete the Pre-Qualification form, and my credit score is 750 although my income isn't that much and I have a relative a co-applicant.
Should I shop around for better deal or is this as good as it gets for me?
Hi James,
FNMA is the abbreviated form of Fannie Mae. Though there has been economic problems, FNMA is a government sponsored enterprise which invests in the secondary mortgage market. If your loan is backed by Fannie Mae, then you will be able to get the better facilities from the government if you default on your mortgage payments.
Thanks
FNMA is the abbreviated form of Fannie Mae. Though there has been economic problems, FNMA is a government sponsored enterprise which invests in the secondary mortgage market. If your loan is backed by Fannie Mae, then you will be able to get the better facilities from the government if you default on your mortgage payments.
Thanks
Hi mtgrefi,
You're speaking about Fannie Mae fixed rate mortgage. You can contact the local lenders and check out whether or not you can qualify for such a loan.
Thanks
You're speaking about Fannie Mae fixed rate mortgage. You can contact the local lenders and check out whether or not you can qualify for such a loan.
Thanks