She wouldn’t lock ours until closer to closing. 100% financing with seller assist. 6.875 is high, but not that bad for not having a down payment.
Forgive me if I’m being nosy, but what kind of rates does everyone else have?
I am @ 4.25%…I did a 5 year ARM. Fixed I THINK was like 5.25% or so. We did a ARM b/c our plans were to stay there for 5 years or so. Have a family and upgrade.
5.5%
5.65% on an FHA loan(First Time Home Buyer Program). We did 6% sellers assist and the only down payment we had was the mandatory 3% cash. It did not make sense for use to put a down payment on a property that makes it own income.
Our rate would have been 6.875 on a $72,900 mortgage with 6% seller assist and less than 3% to cover whatever would have been left of the closing costs. Perhaps your credit is better and you have a better debt to income ratio, but the difference between your apr and ours is ridiculous Whitey.
It could have been when he got the Loan. I know in 2004 rates were a little lower.
Hopefully we can get a better rate out of this mess.
if not bbb would be the next person i call…thats :bsflag:
This is why I want to buy a house with a bag full of money with a dollar sign on it.
Me too, now tell me where to find the bag o’ money 
Which credit reporting company do lenders normally use? The broker mentioned something earlier about them using the middle credit score instead of the highest one. The figure she told me is a bit lower than what my score was last time I checked it.
Well, I checked my credit report and score at Experian. I used the VantageScore system. It was 656. That is 64 points higher than what the new mortgage broker told me today. She said they use the middle number for credit scores (I assume this means they get the scores from all three companies and take the middle one). I just think that’s a big difference between two companies. Does this seem right?
6.87% is crap…my wife and I have crappy credit; our mortage is fixed APR of 6.0%, with 2.25% downpayment at closing and 6% of the sale price of the house back to us.
You’re really being f’d around here.
wow I missed a lot today!
Watch out comparing apples to oranges, it’s a whole different mortgage world right now…
The problem for Dom and Maggie lie completely with the Rep from the Mortgage broker. She never gave anyone any sign that there could be any kind of issues. Down to Mortgage committment letters, which should not have been given without the loan behind them. Not once, but twice she issued commitment letters that couldn’t be followed through with.
The closing company is ready to go, and just awaiting final docs… so is everyone really. This delay is only causing problems for everyone involved.
the worst part is that she is supposed to be a friend of the family of Dom and Maggie, and even told me at one point not to worry because they are friends and she would take good care of them.
go to s&p mortgage in warrendale.
Foz, I e-mailed you earlier. Dina never called me back today. Did you talk to her anymore?
heh, I was sleeping thru this whole ordeal today with her calling the bank :kekegay:
Compairing anyone elses rates unless they locked their rate this week is pointless. The rate is all over the place now, i hear its going down, hopefully that helps us.
Going with another company is only going to make things worse for us, it will push back closing 2 weeks, and I am sure the seller is pissed off enough. Its even more of a kick in the nuts that I have all the utilities turned on over there. I would like to get into the place to ensure the heat isnt jacked the fuck up and theres no water leaks.
5.1% with PNC mortage, and paid 30% down. PNC worked with us every step of the way…seller paid 1/2 of closing.
yeah, sorry I added that post, and was going to e-mail you back… but fell asleep on the couch within 5 minutes!
Check your e-mail… details inside