Interest rate

Financing, Hard Money Lenders, Private Money
1

Hi,

I have 3 questions:

  1. does your DTI affect your interest rate?

  2. What is an estimate interest rate for a 630 fico, on a $40,000 loan
    a. first time buyer with 3% down
    b. first time buyer, with no money down.

the state is Pennsylvania.

  1. What can I expect in fees?
2

First, DTI can effect rate with some lenders. As for the rest, there are more factors to look at then just FICO - what sort of program are you looking for? ARMS and Option ARMS will have different Rates than fixed loans for example. The best thing to do is contact a mortgage consultant and have him price your scenario. It won’t cost you anything as we make our money on the actual loans, not on consultation fees.

3

Thank you, Brian. I spoke with someone, but he would not give me even a ballpark withouth pulling the credit. That’s why I came here.

30 year fixed, 1st time buyer.

4

If you go to www.freecreditreport.com and get your free annual report, they should be able to price you several scenarios. We can give you a good estimate based on that or even if you just happen to know your credit. If you decide to do a full app, then yes they will have to pull your official credit.

If you can get a FICO score I’d be happy to…

Oops, it’s against the rules to offer my services!

5

Yes, it’s against the rules. I posted the question with all of the information in the FIRST post ABOVE.