Personally, I would target working with three of the most competitive lenders, and include aimloan as one of them if their quote are still lining up with the bankrate offers. Among the three, I just go with the loan officer person that I mesh best with in terms of communication and response times. The quotes are going to be similar. I would consider a local lender and rocket mortgage a waste of time.Thanks for the reply. Yeah I was toying with a calculator while making the post and figured out the options were 30 years or about 200k down (to account for taxes and such). I do plan on discussing with the agent on figuring out a local lender for prequalification, and would completely understand if they want to have me prequalified or preapproved prior to entering into an agreement. I only plan to coordinate it so the credit checks hit during the same week, and don't hit my credit score more than they should. Planning on a local lender, rocket mortgage, because it a preferred lender with the holder of my brokerage account, and a credit union I still do business with if they will lend in this state. to get a spread on offers.The realtor should be able to recommend local lenders who can review your stats. I don't think it matters which lender does the pre-qual.
How much is your annual income?
Does your desired monthly mortgage budget of $2k include taxes and insurance? If you want to keep mortgage (principal and interest only) to around $2k, then you're probably looking at a principal balance of around $275-$300k.
I would put at least 20% down and would get a 30-year mortgage. I don't think the rates for 15-year vs. 30-year are different enough nowadays to make the 15-year appealing. You would have to put a lot more down on a 15-year to get it within your desired budget.
Annual income is $138k pretax. puts my safe mortgage at about $2900, but previous mortgage was 1900/month, and current lease is 2300 month. I am familiar with the cost of owning a house. the 2k does not include insurance, I consider that a separate expense, and budget accordingly. It does include taxes, and thus the waffle on how much to put down. 20% down is my floor.
Statistics: Posted by Wwwdotcom — Tue Jan 21, 2025 8:01 pm — Replies 10 — Views 902