My credit scores from 3 bureaus average just over 800. I am looking for a house in the Vancouver-WA area. Can anyone advice me on the best source for securing a loan (I plan on putting 20% down; mortgage required ~$250,000) as well as a desired interest rate? Also, is it preferable to wait a few months (i.e. are housing prices likely to drop)? My realter suggest I buy something now since he thinks prices will continue to go up. thanks.
2006-10-29 14:26:58 · 5 answers · asked by inpoetry1 3 in Business & Finance ➔ Renting & Real Estate
First good rates on a 30 year fixed would be close to 6% - the closer to 6% the better - Fees to the bank - broker should be 1% or less. Don't listen to people advising you to avoid "brokers" - in every case I have seen "brokers" have offered me better deals - rate and fees than more "traditional" banks.
Second - buy what moves you - don't try to time buying a purchase as big as a home by what you hope will happen with local market prices - I doubt that the prices will move enough to make any real difference in six months - how much MORE would you like a particular house if it were actually $10,000 less?
2006-10-29 14:53:33 · answer #1 · answered by downsouthfunster 1 · 1⤊ 0⤋
Great scores and you should have absolutely no problems getting a low 6% or even a 6% rate. Please do not give your information to lending tree as they will sell your info to 5 different Mortgage Brokers and everyone of them will pull it and thus knock your score down slightly. I highly recommend contacting a couple Mortgage Brokers on your own but only give them the scores and not the ability to pull your credit. Work with who you feel the most comfortable with and tells you like it is rather than sugar coating it as every loan has quirks. As far as your Realtor, I can't answer that as they are the local expert and prices may very well go up in a few months but ask around the other professionals and get their opinion. I hope this helps you but if you need any further help or just have a question please feel free to email.
2006-10-30 00:52:20 · answer #2 · answered by Dan 3 · 1⤊ 0⤋
Good credit scores! I suggest you try Lending Tree online. They have some good rates. Shop around, try a mortgage broker too, they carry several lending institutions products, however, sometimes their fees or points can be steep. It just depends on the broker. Ask lots of questions. Rates vary from region to region. I think your realtor is just trying to make a buck, all signs and experts point to the drastic foreclosure rates taking place now. I'd wait till January, sellers will be very hungry by then. Winter months are slow for selling, couple that with foreclosures, you may pick up a good deal. Remember, buyers are in the drivers seat now, so get what you want.
2006-10-29 22:33:19 · answer #3 · answered by MadforMAC 7 · 1⤊ 0⤋
Yes, the previous answers were right. You should expect a rate in the low 6's. From the information you give, it sounds like a very easy loan to do.
As for WHEN to buy, it's usually good to buy in the winter...springtime brings a bunch of new buyers and the prices start going back up (in general).
One place I WOULDN'T use for getting the loan is the real estate agent's company. They often try to steer you towards one of their in-house people, but you can almost always get a better deal through a mortgage lender or broker. It's just like getting a car loan: get the loan first, then you are in a great bargaining position once you have your pre-approval letter.
2006-10-29 23:30:19 · answer #4 · answered by Anonymous · 1⤊ 0⤋
What ever you do don't try the lending tree. BAD idea. They send your information to a lot of lender's. They all will pull a credit report. This will drop your credit score. You can try by calling different lender's and telling them your situation. They will give you a rate quote. The national average for you would be between 6.% and 6.25%.
2006-10-29 22:56:42 · answer #5 · answered by karrie r 2 · 1⤊ 0⤋