We are buying 1.275M house. I am selling my existing. With the proceeds and everything I will have 500k cash. So I have the option to put 20% to 40%. Rates I am getting with 20% down: 7 year ARM - 3.625% 30 year Fixed - 4.25% With 40% down: 7 year ARM 3.25% 30 years fixed 3.875% Above is from BoA. They said my score is 696 but mint app is showing 740+. Not sure why big difference. Do you think I can get better offer?? If you got it recently please share your numbers. TC: 460k assuming 70B evaluation :)
Wells is eager and doing much lower rates with new account balances. Discounts at 250, 500, 1.5, and 3 flybys.
Shop around - don’t neglect local credit unions, banks, etc. Find a broker if you can’t be bothered to do the legwork yourself. DO NOT just take the first mortgage you’re offered!
Or just go to costco!
Yeah I have just contacted lenders from Costco ... let’s see
Wells. 7/1 is 2.75 if you have $1m to put in the bank with them including your downpay. Smaller discounts on smaller amounts but better than 3.25
Also credit karma and mint look at a different score than banks. Get a credit report from the actual agency. Might cost you some but it will probably show a collection notice. John Oliver did an episode about the fact that they are wrong all the time. In my case at&t place a collection notice. See if you have any collection notices that are wrong. If wrong dispute them and if not you can settle those accounts. It will bump up your credit score but may take a while.
Man I got FICO score from the agency also it is 761. But BoA is saying they calculate FICO differently. Their algorithm is different to calculate FICO
How much does your seller agent charge?
Wells Fargo offers recasting loans. Means you can pay down your loan and they will recast the monthly balance down to the new principle without having to refinance.
My current loan with Wells Fargo does not allow recasting but probably you have ask for it before you get loan.
Yes we got a jumbo recasting loan with them. After we sold our old home, we paid down the principle of our new home and recasted it.
1.275 in seattle? I thought bay area was high
Good luck buying a house for 1.275 in the bay that’s not older than 1900 and bigger than 1000 sq ft
Oh. It's now available in sunnyvale. Non schooling areas ofcourse
The mortgage credit score rating is different vs regular credit score reported by Trans union or other credit firms.
Yup you I right. I just learned that.
The worst I have seen hit the mortgage credit is a medical bill. I was moving between cities and missed a medical bill for $30 and that got my score down by 100 pts.
Just for FYI - Costco rates are the worst. Total waste of time.
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7 ARM looks awesome
Yeah I am thinking 7ARM with 40% down
Go for it! Which bank?