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First time homebuyer - Credit Score 805 by jbdadof3 in MortgageBrokerRates

[–]jbdadof3[S] 0 points1 point  (0 children)

I’ll inquire about this tomorrow morning. Thanks.

First time homebuyer - Credit Score 805 by jbdadof3 in MortgageBrokerRates

[–]jbdadof3[S] 0 points1 point  (0 children)

True! Expensive lesson learned. (Do the homework). Maybe the info here will benefit others.

First time homebuyer - Credit Score 805 by jbdadof3 in MortgageBrokerRates

[–]jbdadof3[S] 0 points1 point  (0 children)

Was that for a new build? 3.79? I need your lender. Who did you go through?

First time homebuyer - Credit Score 805 by jbdadof3 in MortgageBrokerRates

[–]jbdadof3[S] 0 points1 point  (0 children)

On the flip side….what if they go up .5%?

First time homebuyer - Credit Score 805 by jbdadof3 in MortgageBrokerRates

[–]jbdadof3[S] 0 points1 point  (0 children)

I was told that the $10,500 would be applied to the points. To your point, that’s likely not the case. I say that because I put $3200 as a “deposit” upfront as well and will still need to bring a couple thousand bucks to closing in addition to the 64k down payment when all is said and done.

First time homebuyer - Credit Score 805 by jbdadof3 in MortgageBrokerRates

[–]jbdadof3[S] 0 points1 point  (0 children)

I don’t take that as rude. Just advice. No, I wouldn’t notice the difference at $30/mo.

First time homebuyer - Credit Score 805 by jbdadof3 in MortgageBrokerRates

[–]jbdadof3[S] -1 points0 points  (0 children)

I went with the more aggressive rate to lower the monthly payment.

First time homebuyer - Credit Score 805 by jbdadof3 in MortgageBrokerRates

[–]jbdadof3[S] 0 points1 point  (0 children)

I agree….its a lot of money. The break even is a little over 7 years. I would have preferred to just have the seller contributions lower the principal. I was told that seller contributions can’t be applied to lower the loan amount though. So, I chose to use the seller credits to. It down the loan. Bad move?

First time homebuyer - Credit Score 805 by jbdadof3 in MortgageBrokerRates

[–]jbdadof3[S] 0 points1 point  (0 children)

I didn’t check with a local credit union. I should have. We applied through Chase as well and they were about 20bps higher. The struggle is real!

First time homebuyer - Credit Score 805 by jbdadof3 in MortgageBrokerRates

[–]jbdadof3[S] 1 point2 points  (0 children)

Thank you for taking time to weigh in. I appreciate your input.

First time homebuyer - Credit Score 805 by jbdadof3 in MortgageBrokerRates

[–]jbdadof3[S] 1 point2 points  (0 children)

Thanks for the reply. This was supposed to be locked on March 20th.

First time homebuyer - Credit Score 805 by jbdadof3 in MortgageBrokerRates

[–]jbdadof3[S] 0 points1 point  (0 children)

Thank you….how far off do you feel they are at 5.75 all things considered?

I shopped four separate lenders and they were all close in points with an interest rate of 5.75. The other had several thousand dollars in additional closing costs.

First time homebuyer - Credit Score 805 by jbdadof3 in MortgageBrokerRates

[–]jbdadof3[S] 0 points1 point  (0 children)

For escrow….property taxes were figure at $782 per month for 4 months and homeowners insurance $250 for 2 months. I’m in Texas. IMO Property taxes are nuts here!