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What can I do to get more (or better) quotes for my loan request ZR-HHYLCKF?

Mid score 794
Have 12,000 for down payment and closing
Looking in the 100k-130k range because I am not interested in FHA.

Interest rates make it juicy to strike now. How much more should I have on hand for down payment and closing to make get the best rate (right now 3.5) vs the one commonly offered for good credit 5% down (3.75)?
  • March 12 2013 - Pittsburgh
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Answers (2)

Don't focus so much on rate. I used to as a loan officer when talking to potential buyers. After interviewing with several companies, my questions during the hiring process were: Can you close loans? How long does it take? What are your fees?  I don't ask what the rates are. Rate is irrelevant if you can't close on your loan.

Another thing to consider is the time frame to close. A loan officer can quote anything you want to hear. The time frame to close affects the rate. The longer the rate must be locked, the higher the rate. If I quote you 3% for 30 days but it takes me 40 days to close, your rate is not going to be 3% unless I change the fee structure. 

Now, your question needs to be, "what is your rate on a 60 day lock, a 45 day lock and a 30 day lock?" Use that to compare while asking, "seriously Johnny loan officer, tell me how long it takes to close, worse case scenario?" Some banks take 90 days!

The best thing to do is ask a Realtor to represent you and ask to use his/her Lender of choice. The Realtor can put pressure on the bank to close faster if possible. Some things are beyond the lender's capability: appraisal issues, title issues, seller issues (divorce involvement) etc.
  • March 16 2013
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Talk to a loan officer and look at your options. This is definitely the time to make a move. If you are even slightly considering an FHA loan, you will want to move now. There are major changes coming up with the annual mortgage insurance premiums and the upfront mortgage insurance premiums.
  • March 13 2013
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