What's the best approach given my situation?
I am currently in the market for a single-family home in Colorado and am wondering what kind of interest rates I can expect with my impressive financial standing. With a FICO score of over 830, no outstanding debts, and a healthy $150k in savings, I am hoping to secure a $750k loan for the property. Additionally, I am considering the possibility of taking out two mortgages for the property or transferring the existing mortgage to a lower interest rate. However, with only 20% saved up for a downpayment, I am unsure of the best course of action to take. What would be the best approach to take given my financial situation? by paoloisgreat408 from Arlington, Colorado. May 17th 2023
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
My best answer here is to simply reach out to a mortgage broker. Give them a full application, then have a conversation about your long-tern, and short-term objectives. Next, understand that different programs have different rates, you can buy points to lower the rate, you can maybe get the seller to pay some towards a lower rate, or even take a higher rate in exchange for lower closing costs. Of course then rates change, sometimes multiple times in one day. So 'quoting' a rate here is simply not anything any quality Loan Officer would do. Finally, with a least 20% down on a $750k home, I see no reason for needing two loans. Our company lends in CO, TX, FL, MN, WI, IA, ND, and SD. | Cambria Mortgage, NMLS 274132 | https://www.cambriamortgage.com/mortgage-member/joemetzler/
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
get a loan pre approval started tomake sure you qualify and to review the loan options that are avaiable ...Dave Skow | Loan Officer Movement Mortgage NMLS 278613 Dave.skow@movement.com Mobile (206) 714-9745
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