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What can a first-time homebuyer do to secure the best possible interest rate for their loan?

Asked by Trulia Jacksonville, Jacksonville, FL Mon Apr 8, 2013

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5
OK I have tried to help you, my phone must ring for that to happen. CRA loans are currently almost 2% under market rates. Are you a real buyer or a Trulia employee posting fake questions which they are known for doing. If your for real I will help you.

Best Regards

Doug Casteel C.S.A.
Broker Owner Castle Realty

904-463-4264
0 votes Thank Flag Link Fri Apr 12, 2013
I believe a buyer should spend as much time shopping a loan as they do shopping a house. It all begins 90 days before your home search begins by pulling your credit report, paying off small bills, and fixing mistakes on the credit report.

30 days prior to beginning your home search, you need to pull your credit score again to know your score as you begin to shop loans verbally. If you have an existing banking relationship, start there. High asset borrowers can often get below average rates and great terms with a portfolio loan. Most borrowers will benefit from also speaking with a mortgage broker who represents many different lenders. Based on your own strengths and weaknesses, a mortgage broker can find the best loan for you and at the most favorable terms you qualify for.

Once you are comfortable with the terms of the loan based on your conversation with the loan officer, then, you may submit supporting documentation including tax returns, income documentation, asset statements and actually consent to the credit pull by the lender.

Buying a house is a complicated transaction with many, many pitfalls. Trust a knowledgable realtor to guide you through the obstacle course when a mistake could cost you thousands of dollars.
0 votes Thank Flag Link Thu Apr 11, 2013
First , find out what their credit score is, and if it is good, then shopping around is a good idea for the best program the lender is offering, the rates can float and the lender can inform the buyer as it is going higher or lower.
0 votes Thank Flag Link Wed Apr 10, 2013
I have 25 yrs experience working with first time buyers. Your best choice is to use a CRA ( Community Reinvestment Act) program loan, best interest rates , many with no Mortgage insurance required . Big savings ! plus you can get down payment assistance of 2,500 to 15,000 depending on the program. Give me a call and I will go through the details wit you . Lets go find you a home !

Best Regards

Doug Casteel C.S.A.
Broker Owner / Castle Realty

904-463-4264
0 votes Thank Flag Link Tue Apr 9, 2013
Hello Trulia Jacksonville,

Having a credit score of 740 or more should qualify for the best mortgage rates from most lenders.

You can also buy points to lower your interest rate.

I hope this helps!
0 votes Thank Flag Link Mon Apr 8, 2013
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