patrick.net

i don't think thats a good scenario. you should really try to do 3x income at your range.

when interest rates go up and they will, you'll be really screwed since your property will drop in value a lot and what you pay will not be negotiable down.

your credit shouldn't be affected by you getting another opinion. your credit is based on your ability to pay the money back, it does not go down with a few checks like that. lowest i've seen interest rate lately is 3.25%. They advertise it on KFI all the time.

Dan80 says

I will be putting 20% down on a house that is 300k. My question to all you is this If I don't like the term of the loan am hoping to get 4.25% rate based on 719 credit score if its possible. If I go to another lender to get a better rate will that effect my credit. Also is it possible to get 4.25 based on my credit, I make $ 44.000 a year income and am sinlge.

Of course you're free too, though your mortgage broker will probably drag his feet, and string you along. Since the finance reform, they wait keep you on the hook for as much as three weeks or more, before you'll get a legitimate GFE. You have a few weeks to shop, after that, the Reporting agencies, ding you for all of the other credit inquiries. Then lenders wont look at you favorably, with the lapsed time. It will appear that the broker did a lot of work for you then you bailed.

My broker was dragging his feet when the rates were at 4.75, he was tyring to time the rates to rebound to 5.00 or more. But with those three weeks, the rate went to 4.25. He then sent me the GFE at 4.75. Like he was doing me a solid, I told him I was going to walk he went down to 4.50 so I went with it. He told me, 4.25 was prime with optimal credit, and 20% down. This was after the broker talked me into only putting 3.5 down because that was all that was required.

My suggestion to you, is to get all of your mortgage rate shopping done at the same time. Hit up as many lenders as you want up front, then wait from them to get back. If you deal with just one and ride his long train of excuses out, you'll end up in position of walking away and having to wait a few months, and starting the whole process over.

Because they are going to want a ton of paper work from you.
You should print up all of your tax returns, and three months of Pay Stubs, and make multiple copies one for each lender you plan on applying to.

But definitely don't just put your eggs in just that one basket, and wait for them before your next move. They are masters at out waiting you.

Dan80 says

I make $ 44.000 a year income and am sinlge.

And you want to borrow 300K...

Get back in line!!!!

Hey guys I appreciate all the feed back . I am new here and I just learn so much from all your replies. I will take all those good point but now after reading all this am having a second thought. I will think it over again.
Thanks all.

Dan80 says

ey guys I appreciate all the feed back . I am new here and I just learn so much from all your replies. I will take all those good point but now after reading all this

Clearly the high debt to income ratio raised some eyebrows around here...the main thing that I noticed was that you evidently have $60k+ saved, but your credit score is only 719. 719 isn't a bad score by any stretch, but for someone who has been able to save $60k on a $44k income I would have expected a 800+ credit score....just my observation.

I'm comfortably borrowing $200k with around your income. Just watch out for property tax.

swebb says

Clearly the high debt to income ratio raised some eyebrows around here...the main thing that I noticed was that you evidently have $60k+ saved, but your credit score is only 719. 719 isn't a bad score by any stretch, but for someone who has been able to save $60k on a $44k income I would have expected a 800+ credit score....just my observation.

I was able to save that much because I was making more in my previous job and I am not married nor do I have kids. The low credit score was due to some late payment and dispute about some bills that wasn't resolved in my favor.