Several years ago my husband and I bought a new van and traded in the old car. At the financial part, we were told our credit was excellent. BUT the most we'd ever borrowed was a small amount (9,000), so we had to pay a higher interest rate. Our van was around 18,000. So now we are moving and hoping to buy a house after our move. Will the same frustration happen with a house mortgage? We've tried really hard to build and keep excellent credit. It makes me sick to know we could be penalized yet again. So what do you think? Should the morgage interest rate reflect our good credit or will we get a lower rating yet again because we've not borrowed thousands upon thousands of dollars (looking to buy a house that is 90k-130k).
2007-01-07 22:06:31 · 4 answers · asked by Velken 7 in Business & Finance ➔ Renting & Real Estate
If your credit is what you say it is (good), don't even think about going to a Mortgage Company. Call your local bank or credit union, you will get a much better interest rate and financing plan.
Just take the information that you have given here to a banker in the area you are moving to.
You'll thank me.....:-)
Good Luck!
2007-01-07 22:13:31 · answer #1 · answered by Barbara 5 · 2⤊ 0⤋
The credit you've earned with your van and your other loans is a good start.
One of the ways to get the best mortgage rate is to make sure you have the 20% down already saved.
Mortgages will slam you if you borrow 100% of the money.
Not only will you pay a little more interest, but you will also pay extra for insurance.
Good luck and congratulations
2007-01-07 22:18:42 · answer #2 · answered by Gem 7 · 1⤊ 0⤋
Your best bet is to speak with a mortgage loan officer. If your credit is good and you have been making payments on time, you should get a decent loan. If you are going to work with a real estate agent to purchase you new home, they should be able to give you the name of 2 or 3 loan officers for you to work with. If you have good credit and money to put down, you should be ok. If you are not going to work with an agent, speak with someone at your bank or a reputable mortgage lending institution. Also, it does not hurt to shop around for a good rate.
Good Luck
2007-01-08 01:36:40 · answer #3 · answered by c21bucks 2 · 1⤊ 0⤋
you can get the general property value of your house in relation to your area but going to http://www.doiop.com/realestate and inputting your zip code.
2007-01-08 10:06:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋