interest and downpayments

gpsyeyes Posted: Apr 21, 2004 01:01 PM

interest and downpayments

For everyone who is locking in under 6 or low 6's, did you have a large downpayment and perfect credit?? I just got a final quote from my bank and since we are putting 5% down, we are doing a two morgage deal so no mip, but the rate is not too great. We didn't have any alternative. My score is 705 (not putting my husband on loan because he has past problems) which i was told was very good. Is it the low downpayment issue???

Valentinegirl Posted: Apr 21, 2004 01:25 PM

Re: interest and downpayments

We put 5% down and locked in 2 weeks ago at 5.8%. The rates are up to 6.1% this week though. We did the 2 loans to avoid PMI also.

MrsTC Posted: Apr 21, 2004 02:11 PM

Re: interest and downpayments

Posted by gpsyeyes

For everyone who is locking in under 6 or low 6's, did you have a large downpayment and perfect credit?? I just got a final quote from my bank and since we are putting 5% down, we are doing a two morgage deal so no mip, but the rate is not too great. We didn't have any alternative. My score is 705 (not putting my husband on loan because he has past problems) which i was told was very good. Is it the low downpayment issue???

We did almost exactly the same as you, and my credit score is same as yours. We got a rate of 6.125. We are using First Mutual.

LIPrincess00 Posted: Apr 21, 2004 02:14 PM

Re: interest and downpayments

Our scores were fine (mine being hirer) but because he and his ex-wife owned a house less than two years ago and there were a couple of late pays while she was living there we couldnt qualify for the two loans, so we are stuck with PMI. The only good thing is as soon as we do a little work to the house, I can have it re-appaised and drop the PMI.

swags1016 Posted: Apr 21, 2004 06:26 PM

Re: interest and downpayments

We had perfect credit, piggyback loans also and I think DH told me last night we are getting 5 3/4

gpsyeyes Posted: Apr 22, 2004 08:55 PM

Re: interest and downpayments

i don't get it - we got 6 & 7/8% on the first 85% and 10+ on the second 15%. This was the best that could be done (maybe because my income alone wouldn't support the mortgage so we are doing a 'no income check' mortgage) I really trust the broker, he is the president and a friend of my sisters, and he works directly with his own bank, but I have to wonder why it is so high.