Tuesday, December 22, 2009

What kind of interest rate can spouse and I get for home loan?

My husband has really good credit. He has a 780. Mine is not good. I made some mistakes when I was younger. Everything is paid for now but my credit is still suffering from it. We are getting ready to purchase our first home and I was curious as to what percentage interst rate we can get. The difference of interest rates is a big factor as to how much 'house' we can afford.

Thanks for any help.What kind of interest rate can spouse and I get for home loan?
gee, it's so easy! just open up your sunday real estate section and look for the section on mortgage interest rates. find 3 local lenders that have the same or very, very close rates and the same charge (points). then call them.

i don't think they will hold your old credit problems against you since you have in fact paid your bills.

then get qualified for a mortgage, get yourself a reputable, experienced (no, not the one that makes a trillion each year in commissions, since she will really have no time to care about YOU) buyer's broker/agent that can explain this to you: ';AGENCY.'; it won't cost you to hire a buyer broker--she will get paid out of the total commission paid by the seller when the sale is closed (and please, be loyal to the one you choose)! agency means that your interests are placed way above her interests (making money). that means that she acts something like an attorney, who cannot and will not discuss your case with anyone else. a good buyer's broker would never tell the seller/selling agent that you want ';that'; house so much that you will pay x more for it than what your offer states, or make any other concessions, even if you will, just to buy it. your buyer broker will always try to eke out private negotiating tactics from the dummy listing agents/brokers in this industry that do not give a hoot, so cannot, practice AGENCY.

also, ask your buyer's broker to pull up the 2007 Code of Ethics of the national association of realtors (r). ask her to explain them to you, as they apply to you.

go ahead now, get that house! it helps build wealth. if you are old and need money, you can also take it out of your equity in a ';reverse mortgage.'; and, this is the hugest buyer's market i have ever seen as well as what the folks that trained me ever saw!!!What kind of interest rate can spouse and I get for home loan?
You are asking the wrong people. You should contact a local bank, They will be able to tell you what you qualify for.

Good luck,

Any advise here will just be a guess.
sounds like you have many options that would be available to you. if you have troubles in the past but have straightened everything out your credit may not be as bad as you think.

if you need to buy it in your husbands name alone that could be done too. if he has the income to qualify on his own you can get a loan (assuming you are putting down some money) in the low low 6%'s

if you are going to do it as a no income check loan or with no down payment most likely low 7%'s.

you can call 1-877-OK-MONEY to get the exact rates and get pre-qualified for a mortgage with no cost or obligation

in the meantime, i wish you the best of luck
If shopping for a loan/home, find out all of the details. Unfortunately, most consumers only know to ask about interest rate/APR. Interest rates are all over the place...you should ask if I pay X amount of dollars what will my interest rate be?

APR is another worthless question to ask...reason being, APR takes into account that the value of a dollar today, will be worth the same 30 years from now. If you think your income will not increase and inflation will not occur, then ask away with APR.
If you would like, email me for a pricing. It looks like you'll get a decent rate because of your spouse.
Maybe it would be best if your husband has the financial income on his own for him to just finance the house. Your financing company will tell you what's best. Hopefully they can look at your credit and realize it was something from a long time ago. GOOD LUCK
You can get preapproved with some Brokers and they will tell you.

No one here will be able to tell you for sure.
Going rate for a 30 year fixed is 6.00-6.25% right now.

You didn't mention if you have any down payment, which will affect what you can get for rates as well, financing 100% of the purchase will give you a rate .25-.75% higher.

Alot depends on what your credit really looks like now too. Are there still unpaid collections or chargeoffs? Was it just some late payments a few years ago? If your past is really past, it's likely you can go on the financing together and get normal rates still.

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