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Old 10-02-2007, 07:56 AM
 
Location: St Augustine
604 posts, read 4,250,202 times
Reputation: 350

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I bought a new home last year for $400k, thinking may be worth only $350 now, but put $215 down and have mortgage for $185k. I took the builders mortgage offer w/o comparing much b/c of the closing cost deal they made. I'm now thinking I should have shopped around but have a 30 year loan with 10year adjustable rate of 6.75% We have great credit, one small car loan, but I am a
stay at home mom last 8 years and plan to go back to teacher by next year....question is could I get a better deal? Should I wait until I have income? I originally got the loan for full amount but payed off big chunck with proceeds from sale of 1st, would I get a better rate for only mortgaging smaller amount. I am in no rush but don't know if these things affect my rate
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Old 10-02-2007, 02:31 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,105,251 times
Reputation: 1008
If the LTV is 80% or less....then you should get the best rate with a good credit score.

are you the only person in the household?
If the LTV is under 80% they usually dont require income verification with a good credit score...

Quote:
Originally Posted by tamcim72 View Post
I bought a new home last year for $400k, thinking may be worth only $350 now, but put $215 down and have mortgage for $185k. I took the builders mortgage offer w/o comparing much b/c of the closing cost deal they made. I'm now thinking I should have shopped around but have a 30 year loan with 10year adjustable rate of 6.75% We have great credit, one small car loan, but I am a
stay at home mom last 8 years and plan to go back to teacher by next year....question is could I get a better deal? Should I wait until I have income? I originally got the loan for full amount but payed off big chunck with proceeds from sale of 1st, would I get a better rate for only mortgaging smaller amount. I am in no rush but don't know if these things affect my rate
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