Mortgage Question

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17 years ago 05/08/2007 7:00pm EDT

I am closing on my home in approx 45 days. I have yet to lock in on a rate. The sale price is $335,000, I have 20% for down ($67,000) so I would need to borrow $268,000. The builder is offering 6% with 1-1.25 points but I get a $5000 incentive to use in upgrades or towards my down which would lower it to $62,000.

How do I find the loan for me? I want a 30 year conventional, stated income, excellent credit (right at 800) and 20% down and prefer not to pay points but am open on that.

There are too many outlets and banks and mortgage companies to shop so I was going to just give up and go with the builder but I'm thinking I can do better. Is there a broker that can shop for the best rate for me?

17 years ago 05/08/2007 7:41pm EDT

re: bloodsport

try bankrate.com for starters to get a sense of what is theoretically out there. i would try to do it online for the most part. and make sure you read the fine print. oh, and make use of online calculators when considering points. they'll do the work for you to determine whether the points are worth it depending on how long you stay in the house. i like the variety of calculators at dinkytown.net personally.

a broker might be helpful, but keep in mind that they make money by charging you more than the lender is willing to charge you directly.

also, why do you need stated income? you could probably get a better rate with a fully conventional loan.

and it's not too late to change your mind - cancellation rates are at all-time highs. i'll be the one on this thread to give a plug to

www.thehousingbubbleblog.com

. search for articles on your metro area/state to see how things are generally going in your area. some areas are fine, others are a disaster. make sure you are as informed as possible.

17 years ago 05/08/2007 7:46pm EDT

re: bloodsport

I have had good luck working with a credit union (if you are a member of one). They tend to offer good rates on low-frills typical loans like a 30-year fixed.

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