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PM Manager, early 40s, married and ENM (Ethical Non Monogamous) AMA
Hi, I am buying a single family home in prosper, Texas. Zipcode : 75078. My purchase price is 670k and i have only 6% downpayment with me and closing costs. Due to some reasons and me being new to US, my credit score is low i.e, 688. Due to lesser down payment and low credit score, no lender is able to offer me rate buydown or rats lock with no points charged. But i found a good deal with morgan Stanley where they are offering 6.5% on 30 yr fixed with 90 day rate lock and no points charged. They are considering my amazon stocks portfoilio of 150k as a collateral and offering this rates. Before i make a call and proceed with them, i wanted to know if any other lender offers me a better deal due to low credit and low down payment. I believe any asset management companies who manages stocks and offers mortgage loan can offer better deal by letting me transfer my stocks portfolio to their company. But i am unable to find much. Let me know if you have any suggestions. NOTE :- i cannot sell my stocks and use it as downpayment because, only 33k of it is vested currently and rest 120k is unvested. #mortgage #housing #dallas #texas #financialanalyst #financialtimes #assets #stock #homeadvisor #loandepot #investment #softwareengineer #amazon
6.5% seems high, but I don’t know if you’re gonna find any lower in this market. You can always refinance later
This is a good deal op
You might be able to get below 6%. Check https://www.bankrate.com/mortgages/mortgage-rates/?mortgageType=Purchase&partnerId=br3&pid=br3&pointsChanged=false&purchaseDownPayment=96000&purchaseLoanTerms=30yr%2C15yr&purchasePoints=All&purchasePrice=480000&purchasePropertyType=SingleFamily&purchasePropertyUse=PrimaryResidence&searchChanged=false&showingStacked=true&ttcid&userCreditScore=740&userFha=false&userVeteranStatus=NoMilitaryService&zipCode=75078 Remember to keep checking within the same period of time to ensure its all one credit check and you don’t drive your score lower. Good luck
How many days i can keep checking 14 or 30 ?
You can’t afford it, and 688 is way too low
Bro you’re not getting any lower rates if u check in 14 days. They’re raising rates again today so…
I was you 14 years ago. I wanted that house desperately. And I got it. Then the market crashed. I was underwater. Moved out and rented it to an elderly couple and subsidized them to the tune of $1000/month. It sucked. The second you sign those papers you are underwater and locked in. Unless you are absolutely sure that this is the house and job for you, I’d walk away. You aren’t getting a deal and you’re taking on a lot of risk. Give it a year. Lot 1/4 of that AMZN stock vest and then reconsider. I’ll bet you $100 that a year from now you won’t regret it.
This is good advice. 6% down is too low.
Why did you rented your house when it was underwater?
Is this for primary home or investment property?
Can you actually put such small down payment for an investment property?
Bro, just wait
I wouldn't put down less than 20 percent. PMI is a factor which could make your payments higher. I'm not sure if you can remove PMI or not for every loan once you have 20 percent equity.
Bruh, just save your money and rent another year if you can’t afford the downpayment and you need to build credit This is not the type of housing market you need to rush into. When interest rates were lower, sure, but now is a bad time
Listen to this guy
What about bidding challenges when interest rates are low ? by the way, i have already signed the contract