How's this OO mortgage?

We are moving soon and getting financing in place for a new personal residence. We had a BK about 18 months ago, credit scores are in the low 600s. I am six mos. at current employer, 15 years in same field. Wife works part time. We have a good amt of equity in our current home which we will be putting down on the new home (over 35% down).

My mtg broker got us a preapproval for a stated income 2/28 at 6.95-7.25 w/ 2yr prepay. Is this a decent deal? It sounds good to me considering but I would like some feedback and/or suggestions.

Based on the rough information that you have posted it would appear that the rate quoted is pretty fair.

When you consider that the conforming 30 rate right now is hovering about 6%, then you add on the bk ,the income, the credit etc.

The rate seems reasonable for your parameters. It is not always about rate though. It is more about what you can afford. Remember, it is only for 2 years. Hopefully enough time for you to get back on your feet :slight_smile:

I agree with mark. No usury going on with your loan.

I plan on refinancing at the 2 yr mark and agree this sounds pretty good for my situation.

Thanks for the replies.