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r/MortgageBrokerRates

▲ 3 r/MortgageBrokerRates

First time home buyer

I’ve recently been pre approved 400k at 5.8% east TN the mortgage guy I went to said my best bet would be to go conventional. Is this true ? I was probably going to refinance later anyway to conventional from fha so I don’t have pmi for the life of the loan but he said I can just go right ahead with conventional to start… either 3 or 5% down. Thanks for any advice

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u/Training_Ad9211 — 12 hours ago
▲ 1 r/MortgageBrokerRates

I guess I cant get a 2nd house

I talked to a few lenders and they agree I have about 650k in equity in my multifamily. I was trying to get a single family that they are asking 550k but needs some work so I was gonna bid a little lower. The lenders are saying I cannot get another loan because my debt to income will be at 54% with the new house. They only count 75% of rents coming in. Is there any other way to get a loan with this I/d ratio? The lender said I need to be under 45%. thanks for the help. im in massachusetts if that matters

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u/No_Asparagus7243 — 7 hours ago
▲ 1 r/MortgageBrokerRates

Should I do this refinance?

Currently 1 year into a 15 year fixed at 6.125. Plan on paying principal aggressively, but like the extra cash flow if life happens, our payment would be about 700 lower on this refinance. Appraisal is not needed since we had one done with this institution less than 1 year ago.

u/Shot-Role-6042 — 8 hours ago
▲ 1 r/MortgageBrokerRates

First-time buyer – Is this loan estimate reasonable or am I being overcharged?

Hey everyone, I’m looking for some honest feedback on a mortgage loan estimate I received. I’ll attach the loan estimate below.

I’ve already done quite a bit of research to understand what to look for, but at this point I’d really appreciate input from people with real-world experience.

Here’s the situation:

• Purchase price: $485,000

• Down payment: $170,000 (\~35.1%)

• Seller credit: $10,000

• Property type: Condo

• Location: California

Credit score: 774

What I’m mainly trying to figure out:

• Does this loan estimate look reasonable overall?

• Are any of the fees higher than they should be?

• Where is there typically room to negotiate or reduce costs?

Any and all responses are greatly appreciated.

u/Resist_Embarrassed — 23 hours ago
▲ 1 r/MortgageBrokerRates

Paying $1200 for this rate. How’s it looking?

Got a 4.375% but some lender credit would be under utilized as it exceeded the closing costs. Loan officer suggested I could fully utilize the lender credit if I go with 4.25% but will cost me $1200. This is being added to the loan amount.

The rate is with a relationship discount. Was super lucky to lock this rate in late Feb, right before rates went to shit.

Refinancing from 5.375% 30 year fixed. Will be closing soon but can still back out if this is a bad idea.

What do you guys think?

u/Glittering-Heron-158 — 23 hours ago
Week