Mortgage question???

Okay, I think I have a plan. Now, Freak, what are the cheapest rates for a first time homebuyer? I got quoted 6% so far.

 

Depends...how much you putting down? BIG thing...how much origination / broker fees/ or discount points are you being charged? What's your credit score?

 

Buy a car for $13,980 with zero interest for 72 months. Finance $20K, get $6020 back from the dealer and you are set.

 

Newsflash. He ain't gonna qualify for 0% interest on a car he is upside down in either. To qualify for 0% you typically have to put down a big enough down payment to cover the depreciation the occurs as soon as you drive the car off the lot.

 

I didnt see anything about him being upside down on a car. He wants to roll debt into a new loan.

I've been offered this option before when buying a car so, fuck off.

 

I have a car used as collateral on a loan I never drive. I have to keep insurance on it too. SUcks bad. I'm not buying a new car cuz I have a company vehicle.

Freak, credit is good, just lots of credit debt, but I've never defaulted on anything. I bank at FCB, that is where I got the quote. I imagine they charge normal stuff for the loan. I am a first time homebuyer so I qualify for 100% and plan to use it.

You got anything where you at I'd be interested in?

 

I never drive a loan either.

 

You can always get a second mortgage to payoff the other debt. It wont be at a rate as nice as your base mortgage but it will probably be better than your credit card rates.

 

Gutter...is there PMI on that loan? You may want to look at an 80/20...or if you make under a certain amount you can qualify for 100% deals with very low PMI.

The key is the fees. Higher the fees...the lower the rate SHOULD be. IMO, keep the fees low as possible. It usually takes 5+ years to make up 1 point of origination. This being your first home and all...

I can't throw out a rate without your income, price of the home, credit score, and debt to income ratio.

 

I did an ARM with my credit union a couple of years ago. It was for 90% of the value of my home (it was a refinance) and it has no PMI. The rate started at 3.75 and can grow by 1 point every two years. It is currently at 4.75. I thought that was an awesome deal. They do not offer rates that low now but they still have the no PMI ARMs though.