Financing in 18960>Question Details

Homeforus, Home Buyer in 19040

Excellent credit history/score, still need to buy down the rate(from 3.75-3.5)? does this sound accurate?

Asked by Homeforus, 19040 Mon Jun 4, 2012

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Why do you need to buy down the mortgage rate? Did the mortgage officer go over all your options? If not find another one.
0 votes Thank Flag Link Mon Jun 4, 2012
Possibly - did your lender explain the reasoning behind that? Do you know what your debt to income ratio is? Perhaps you are borderline on the amount you can pay monthly and therefore buying down the rate allows you to qualify for a certain payment.
0 votes Thank Flag Link Mon Jun 4, 2012
Hello Homeforus,

it is possible that you need to be at a certain rate to qualify. There may also be other ways for you to qualify.
Since the rate is based on the monthly payment, getting a lower priced insurance policy can make a difference, or paying off a small credit card.

Give me a call 267 992 7276 and I will crunch some numbers for you.

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
NMLS ID 143960
0 votes Thank Flag Link Mon Jun 4, 2012
My recommendation is to contact 2-3 Mortgage companies to see if there are like answers to your question. i am not a mortgage person, but many factors are taken into consideration when a rate is quouted. What does your mortgage person say?
0 votes Thank Flag Link Mon Jun 4, 2012
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