What is the best rate that 1st time buyers can get with 30 year mortgage? Since I am very new at this, I want to get an idea and I don’t want to get ripped off on the rates!
Interest rates change daily. You should get 3 lender names from the realtor you are working with and contact each of them ON THE SAME DAY, with your credit score/income and a copy of your credit report. Get a quote from ALL OF THEM ON THE SAME DAY FOR A 30 day LOCKED RATE with zero points. Ask for a WRITTEN "Good Faith Estimate". Have your agent help you compare them and make a choice. In our current environment you should be asking for an FHA loan.
First time home buyers Mortgage?
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Interest rates change daily. You should get 3 lender names from the realtor you are working with and contact each of them ON THE SAME DAY, with your credit score/income and a copy of your credit report. Get a quote from ALL OF THEM ON THE SAME DAY FOR A 30 day LOCKED RATE with zero points. Ask for a WRITTEN "Good Faith Estimate". Have your agent help you compare them and make a choice. In our current environment you should be asking for an FHA loan.
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Realtor/Lender
FHA loans are good but not for everyone. If you have excellent credit and/or you are putting down a large down payment, FHA may not be the best deal
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