Let me start by asking for help this Is my first time purchasing a home .
The purchase price Is $120,000 / Appraised at $150,000 Owner owe’s $100,000
I have been shopping for Mortgages for the past three months & credit pulled four times within those three months . My score has been averaging 620 / 623 going stated / with 100% approved financing & a 3 or 2yr ARM .
My dahlima Is the Balloon part when Its Due & worried because I would be loosing $$$ money $1000 amonth mortgage. I started thinking about maybe going to a Bank because of the Equity alone & going Stated would this be a better way for me to get Financed or Maybe do a Lease option & have the contract giving me the rites to lease to another FAMILY , or Owner Finacing ?.
God knows I have done my research for years & I know Its time for me to Florish
I dont want to loose this home & would like to see my Mortgage lower than $1000 amonth this home belongs to my Boss at work she Is basically helping me by lowering the price on the home so I can get started on becoming an Investor this does not come very often my way at all but I know a good Deal when its being handed to me .
I do appreciate any help at all also If you would like to contact me Cell no# 727-364-6886 By the way I am trying to do this as quickly as possible but I feel like I am being restricted by the Broker’s saying they are trying to FIT me In a Program at a higher rate & closing cost about $6 or $7000 ?
Anyway like I said the Ballon part of It worried me I should know better from what I have Read yrs ago about Balloons when they are Due but the broker’s tell me this would be best for me Instead of a 30yr or 15yr fixed ?
As you can tell I dont know wich way to go like a Human with his head missing very embarrissing I wish some one can guide me In the right direction thank you & God bless you guys for sharing yrs of hard work knowlegde
You’re in quite a dilema. It sounds if the broker is using a nonconforming lender to get your loan through. Nonconforming simply means that your overall criteria does not fit in with standard underwriting guidelines.
First off, the closing costs are too HIGH! Some brokers will blame your credit and income on these high fees. If you look at the origination, discount, and broker fees, these all go to the loan officer who will split up in some capacity with the owner of the company. In addition to these funds he may be receiving a nice size premium directly from the lender. The higher the rate, the higher the premium.
If your score is at least 620 then there may be other programs avaialbe to you that this individual has no idea of. These would include fixed rates and lower costs.
A mortgage consultant should be able to have multiple programs available for you to consider.
Fixed rates are definatly available, as well as multiple programs. Does sound like the broker you are working with is charging alot of points up front, and on the back end from the lender. What are your exact goals with the property? Using the house as a primary residence or investment prop?
Ben thank you very much but I still need some guidance I just dont trust these guys because what they are offering & everytime i ask for a good faith estimate they will write one up at the end they wood say they need to pull my credit to get a better idea where i stand ? can i go to a bank {stated} because of the Equity on the home?
with a 620 credit rating and stated you can get 103% financing and a fixed or adjustable rate . if ytou already havea credit report shoot it over and well get you a commitment. End of story.
