Mortgage loan with Stated income, lender fees.?
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
The Broker looks to be making under 2% to do your loan not a bad deal. You could probably get the broker to waive the processing fee and credit/or lower a portion of the YSP back to you.
Remember when you lock an interest rate in you lock the day-not the rate. Have you Broker go over the rates from the day you locked and you should be fine. The rate they are offering for a stated income 95% ltv is low; Even for weeks ago. Get the commitment if they "Bait and Switch" the rate or program
or commit any other RESPA Violations you don't have to close with them and can have civil and criminal recourse against them.
PMI is based on the LTV of the 1st Mtg and your credit profile. The lower the LTV and higher your credit scores the better you PMI rate. Remember any 1st mtg under 80% of the value of the home does not require mtg insurance.
With your combined credit scores and the right documentation: Bank statments (show your ability to save and reserves), Business Licenses for last 2 yrs or a CPA letter (proves self epmloyeed income). You should have no problem getting the loan of your choice.
Mortgage loan with Stated income, lender fees.?Your broker is never going to be able to deliver this loan. They gave you a GFE and later they will change the terms on you and tell you the program is not available. I guarantee it. 95% stated is not going to happen.
And yes, the fees are too high!
Mortgage loan with Stated income, lender fees.?More Related Questions and Answers ...
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