Would we Qualify? Thanks! (loan, interest rate, credit card, fees)
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My wife and I are interested in purchasing a short sale home in NY. We are previous home owners and sold our place almost a year ago.
My Fico middle score is 733
My wife's is 811
Our gross monthly income is $13750
Our monthly financial obligations are
$159 in credit card payments
$535 in car loan
$353 in personal loan
$550 in student loan
$644 403b loan
We are looking at home that is $400k at a 2% tax rate with $200 in HOA month.
We have about $120k in savings with about $15k of that in a college fund for my daughter. Since she is only 2 can we claim that as an asset.? No plans on using it.
My wife is set on going to chase but I believe we'd get better terms elsewhere. She insists since we bank there it'll be the easiest way to get the loan. I think she's wrong.
Also my wife's middle fico is so high would it be better if she got the loan herself?
Her monthly income without me is 7950
Her debt obligation is about $1000
Any help or insight for our best options would be great. We have an excellent financial history with no late payments etc. Is it true that my 403b loan will not be a factor in DTI?
Sounds like you can afford it. Forget working with a single bank, work with a mortgage broker who works with tons of banks. You will get a better rate and lower fees. The broker will tell you the best options.
It used to be it was better to get a mortgage from your bank, but now banks dont care because they are going to sell your loan the moment you sign, and banks like Chase certainly dont care about anyone.
As for the college savings, is it a normal savings account? or a some kind of college fund?
As for all your loans, you guys make $165,000 a year. And your giving away money in interest. Isn't there any bills you can just pay off? Credit cards, car, personal, etc...? Add up all the interest your paying per year on all that stuff. If you didn't have those bills anymore, it would be like getting an instant raise. Interest is for the poor and uneducated.
As for all your loans, you guys make $165,000 a year. And your giving away money in interest. Isn't there any bills you can just pay off? Credit cards, car, personal, etc...? Add up all the interest your paying per year on all that stuff. If you didn't have those bills anymore, it would be like getting an instant raise. Interest is for the poor and uneducated.
Agreed - what are the balances and interest rates on those loans? You may want to consider just paying some of them off now.
Sounds like you can afford it. Forget working with a single bank, work with a mortgage broker who works with tons of banks. You will get a better rate and lower fees. The broker will tell you the best options.
It used to be it was better to get a mortgage from your bank, but now banks dont care because they are going to sell your loan the moment you sign, and banks like Chase certainly dont care about anyone.
As for the college savings, is it a normal savings account? or a some kind of college fund?
As for all your loans, you guys make $165,000 a year. And your giving away money in interest. Isn't there any bills you can just pay off? Credit cards, car, personal, etc...? Add up all the interest your paying per year on all that stuff. If you didn't have those bills anymore, it would be like getting an instant raise. Interest is for the poor and uneducated.
A mortgage broker will pass your loan file to another company, and then you will go through absolute Hell trying to get updates and information.
Mortgage brokers are, by definition, slimy. Seek an FDIC-insured mortgage bank, where you will work with someone who will shepherd your loan, personally, throughout the entire process.
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