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As the title reads, I am a FIRST TIME home buyer and I think my Loan Officer on trying to take advantage of me. I have a credit score just above 750 and I am looking to get my first house. I was referred to a loan officer and when I first spoke he was estatic about how easy of a 'customer?' I was because my loan application was so quick or whatever... He gave me the impression that I was in a great position to buy a house, better than most my age (22...) and quite a few older... I get that is his job but.. idk.
Basically, he is offering me 30 yr fixed at a 5.25% interest rate. Isn't that kind of high? I am not to sure about debit to income ratio but I at 1:7 debt to income ratio ? ? idk how good or bad that is.
He said I qualify for taking out a second mortage that would cover the 20% down if I have $1000 up front, and he said 'would add only about $50 more monthly'... That way to buy now before prices in houses increase and to avoid mortgage insurance. House I am looking at now costs $235,000
As the title reads, I am a FIRST TIME home buyer and I think my Loan Officer on trying to take advantage of me. I have a credit score just above 750 and I am looking to get my first house. I was referred to a loan officer and when I first spoke he was estatic about how easy of a 'customer?' I was because my loan application was so quick or whatever... He gave me the impression that I was in a great position to buy a house, better than most my age (22...) and quite a few older... I get that is his job but.. idk.
Basically, he is offering me 30 yr fixed at a 5.25% interest rate. Isn't that kind of high? I am not to sure about debit to income ratio but I at 1:7 debt to income ratio ? ? idk how good or bad that is.
Live in Minnesota.
Need to know:
Single Family Residence, condo, townhouse, mobile home, what is it?
Price?
Down Payment?
Will you be living in the home as your primary residence?
Does the Lender's offer include Lender-Paid Mortgage Insurance?
The second mortgage would be 20% of the 235000, he asked for me to only put 1000 down towards the second mortgage, and my loan officer did not say what the rate was on the second mortgage, only that it would be an extra $50 bucks or so a month for a house in that range 180,000-240,000.
The 5.25% is the rate on the first mortgage..
@TimTheGuy, I can not send any more DM's because of the usage limit on new registered users.
Have you talked to any other mortgage brokers? Get a second opinion with same exact parameters.
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