Was told by a mortgage broker that I would qualify for a 100% 2/1 buydown mortgage starting at 4.5% for first year, 5.5% for 2nd year and 6.6% for years 3-30. My credit score is 627 with good income and good debt/income ratio. The interest rate seems too good to be true for my credit score. Should I be skeptical? (The mortgage broker is the preferred lender of many new subdivisions in my area and nothing derogatory with bbb.org)
2007-02-26 07:53:10 · 3 answers · asked by da_red12 2 in Business & Finance ➔ Renting & Real Estate
It is called a temporary buy down. Just go with the standard loan and do an 80% first and a 20% second to avoid PMI.
I am a mortgage banker in TN & KY
2007-02-26 08:00:05 · answer #1 · answered by golferwhoworks 7 · 0⤊ 0⤋
Try and see what you can get online by comparison-shopping and compare the offers to your current one. You can start below
2007-02-26 21:38:59 · answer #2 · answered by Alex K 2 · 0⤊ 0⤋
I may be able to help with this loan. Contact me whenever possible.
msmith@premierloangroup.com
513-860-2940 ext 10
Martin Smith
2007-03-02 12:04:48 · answer #3 · answered by Martin S 1 · 0⤊ 1⤋