I am sorta in a soup and so stressed out. I closed on a home last month have have been shopping for home loans, Wells Fargo offered a great rate but suddenly said I need to do a 20 down instead of 15 and I am not comfortable to go that route. I have spent so much time with them and in the last minute they came back saying my income isn't enough to quality for 15% down. US Bank is not offering a competitive rate either who is my other bank I am talking with. I didn't shop enough and not it's too late to close anything right? At this point I am so stressed out to close this loan on time to avoid penalty. I am almost regretting getting this far on the home shopping all by myself. Can someone offer any advice on now can I stay sane and work out things?
Find a local mortgage broker with good reviews, or ask anyone you know that bought a house who they used. I can't imagine getting a loan without a broker. The broker does charge a commission but that is generally paid by the lender (it's like a finder's fee). Generally you'll get a way better rate with a broker too. My brother just bought a house at 5.1% with better credit and more down while I just got mine at 3.1%. albeit that same broker is now advertising rates up to 4.2%.
Preapproval is your friend!
Go with Wells and put 20% down if you can manage. It’s not like that 5% is going to waste - it’ll be in equity. Just make sure you satisfy their reserves.
1. Purchase price 2. Loan amount 3. Base salary 4. Other income that you used to qualify for mortgage 5. Current monthly obligations such as car loans 6. Your total available cash for down payment If you could provide these numbers I can do some quick calculations and might be able to refer a mortgage person to you.
Good guy LinkedIn.
Cna I DM you seperatelu
You can take a personal loan to fulfill a large down payment. Then you can consolidate that debt into a HELOC or Heloan to roll that debt into a much lower interest rate (~5%) since that debt is secured by the home.
No you can’t. Underwriters need to see the source of your down payment. If it’s a personal loan they won’t approve your mortgage. They also run a credit check before closing and if there is a new personal loan that comes up it’s game over.
Interesting. I consult for a fintech thing that often comes by scenarios like this. Perhaps it’s situational? I mean Wells Fargo probably treats it like what you’re saying so I guess that’s all that matters.
I ended up with a 80/10/10 thing at not the best rate then refinanced with much better terms a year or so later.
Try SoFi Mortgage.
Go with a broker mark@victoriafunding.com - very transparent and competent
He is in the Bay area.
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How did you close on a home without closing the loan?
I haven't yet, I signed the contract.
OK, so your offer was accepted. Is your offer contingent?