I am 23 years old, I have a credit score 795 Exact, I have no debt whatsoever, I have 5 credit cards limits totaling around 80,000+, all installment loans have been paid and all credit cards are zeroed out, but yet for a 675000 mortgage for a 835000 home (20% down) of a why am I gettin quoted a 12.325% APR, imma mortgage officer (as policy I can not request a loan from the company) but what is going on I am even putting a good enough downpayment down, by my standard at my company (can't releave name) I should be getting a below prime rate of around 4.875%, but that rate is almost 3 times that anybody have any insight? (wierd im the mortgage officer and im asking the questions)
2007-09-19 18:04:12 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
Yes I know of jumbo (417,000+ for Va) and super jumbos ($1,000,000) but my point is that even at my bank a subprime jumbo buyer still gets around a 10%, in the mortgage world 0.250 % is a lot, in reality what you heard is wrong, jumbo loans are not defaulting a majority of the loans that are defaulting are that of $250,000 or less
2007-09-19 18:22:22 · update #1
4.875%???? yea right....i work with over 440 lenders...and never even seen the rates this low in about 4-5yrs!
the loan amount with 20% down is 668k
You can still get a jumbos for less than 8.5%
2007-09-20 03:21:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Did you ask an underwriter at your own company why you aren't being offered good rates? Seems that even though you can't apply through your own company, an underwriter could help you understand why. Maybe you don't have enough employment history. Maybe they feel your job is not secure. Maybe they don't think your credit history is long enough. Maybe they are having trouble with non-conforming loans. FICO isn't the only factor.
Why do you think your credit cards matter that much? Since you are in the mortgage business, certainly you know that debt-to-income ratio is more important than credit card utilization. You didn't mention your DTI number.
If that's the best rate your mortgage broker could get for you, then instead of asking here you should be asking your broker to find out why none of the offered rates are competitive. The broker is the person who can talk directly to the lenders and give you insight into what the real issue is.
2007-09-19 23:59:44 · answer #2 · answered by likepepsi 7 · 0⤊ 0⤋
It is not only the sub prime market that is getting squeezed buy the credit crunch but also the Jumbo loans. More money more risk that investors do not at this time want to take. Even with 20% down the market right now is in depreciation especially with the jumbo homes. Look to see at least a 10% market correction within the next year thus rendering your down payment to 10% not acceptable in todays financial risk market
2007-09-20 11:27:14 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋
As I've heard it ,
$675K is a Jumbo which are Not insurable under the Fannie Mae limits .
And more jumbos are defaulting . . .
At which bank does the mortgage officer not know about Jumbos ?
>
2007-09-19 18:12:21 · answer #4 · answered by kate 7 · 0⤊ 0⤋
To find out specifically what you must do to raise your score, you can order your score report from all three national credit bureaus. In addition to your scoreyou still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs.
2007-09-20 00:52:09 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Check out http://www.mortgagefigure.com there is lots of information about refinancing, consolidation, bad credit mortgages and more.
2007-09-22 19:02:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Hi,
Checkout http://mortgage.creditmortgagepro.com for some useful info related to your query. Good luck!
2007-09-20 03:40:21 · answer #7 · answered by Anonymous · 0⤊ 0⤋