Where can I get the cheapest rate for a new home mortgage?
I have a home in mind, $220,000ish in mind. I have about 20-25k flexible down payment available with some savings after that. I've had no debt, still using the same car my parents gave me in high school, but I did open some credit cards two and a half years ago because I heard you needed some open credit lines, they're paid off every month. I'm currently making a salary of 45k with a commission range of 20-40k a year with my job. I've got a phone bill and my rent/utilities bill that I've been paying for roughly the last 3 years. My FICO scores are roughly 740, 750, and 765. Looking to move in beginning of February, and I want to take advantage of these rates. I'm a big Ron Paul fan, so Ron Paul supporters will get first calls haha, and if you donated to the money bomb today, my respect for you will be exponential. Thank you very much for reading this and I hope I didn't leave anything out. by eagle4_439_953 from Carson City, Nevada. Dec 16th 2011
Al McGhee (Al.McGhee)
#542 ranked lender in California - 18 contributions
3.75% 30yr FIXED FHA...need 2 years employment history. only need 3.5% down payment..you can put down more if your looking to lower your monthly payment but i would advise against it. Do you currently pay rent? Call me I can help you close fast!
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Ron Paul for President... Probably the one that makes the most sense. However I don't lend in NV... none the less here is my advice.. based on the limited amount of information you provided, you would qualify.. FHA is a good alternative... 3.5% down, however there is mortgage insurance. Conventional is available where you can pay your mortgage insurance upfront, and although the rate would be higher, your total payment would be lower... Best advice I can give you is to contact a local mortgage broker, not a bank, and apply with them... they have access to numerous lenders and can match you to the right one for your particular scenario... WilliamAcres.com
Blake Kleckner (BlakeK)
#391 ranked lender in California - 261 contributions
A savvy mortgage broker is the best place to get the lowest interest rate. Stay away from the banks or you will pay more for you loan. I consistently write loans for my clients with interest rates .25% to .75% less than the banks. To put this into proper perspective, on a $220,000 loan you would save about $35 to $100 monthly. For a low down payment and the lowest interest rates, an FHA loan is your best bet. You're light on credit history. It would be good if you had an installment debt, e.g, auto, furniture, appliances, etc., but you should probably be able to qualify for a loan without it considering your FICO scores and income. I only do loans in CA but I'm certain you should be able to find a good loan officer in Carson City.
Brian Allen (ballen)
#43 ranked lender in Maryland - 193 contributions
Money is cheap wilth 20% dp you will avoid MI but pay a higher with a conventional loan. FHA loan where you have to have MI regardless if you put 20% down unless you obtain a 15 year mortgage with 10% down. Conventional 3.875% FHA 3.75%. I can be reaced at ballen@accessnational.com or 888-354-3299
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