When someone calls up a loan officer for an "interest rate quote" there are several questions that need to be answered, including some of the most basic:
1. Loan amount
3. Credit score (which you provided)
4. Purpose (purchase, refinance, cash out refinance, etc.)
5. Occupancy (owner occupied, second home, non-owner occupied)
6. Property type (single family residence, 2-units, condo, mobile home, etc.)
7. Loan product (ARM, fixed rate, etc.)
8. Financing type (FHA, VA, conforming - which may be tough for a consumer to know, but if you do, it's helpful)
9. Loan term (30-year fixed, 15-year fixed, 5-year ARM, etc.)
10. How many points you want to pay (you may have not known, but all interest rates are available pretty much all of the time, but it is the price, as in how much that interest rate costs in points, that varies on a day-to-day basis)
So when you are asking about rates, if you come into the conversation prepared with as much of that information as possible, you'll have a really good chance at getting an accurate quote.
Interest rates & fees are important, but when you are buying a home THE most important thing is being able to qualify and close on time. If it means .125% higher interest rate, or a few hundred more in fees vs. having a horrible experience with a lender, a delayed closing, etc. then it's usually worth it. But don't get me wrong, you don't have to have higher rates and/or fees in order to get excellent service - but typically the lenders who market "price" instead of "service" you don't get much of the latter.
Shane Milne | Lending in all 50 states | NMLS #81195... more
If you want to purchase a home 100%, then getting a USDA loan in rural areas--southeast Hillborough, western pasco, hernando county, eastern hillsbourough--is the way to go. This is the only program I know now that offers it. Contact a mortgage broker experienced in them that is a great resource and great guy: Al Eastburn 813-229-0700 firstname.lastname@example.org who does a lot of these. He can talk to you about your rolling in your credit debt...doubt it but doesn't hurt to ask...good luck and let me know if I can help you further.... more