Posted on: 06th Apr, 2012 01:08 am
I want to buy my first home this year. I have an annual income about $52K and a credit score of around 663. My credit report has two open small credit cards with $700 limits. There were certain other small delinquent debts which have fallen off my credit report. Well, I was recently pre approved loan that was recommended to me through a Realtor. Should I go for this or should I shop around for a credit union and take out a loan from them.
Hi Korneli,
Shopping around for a loan is always a very good option. This will help you know what type of rates and terms are available in the market. Before you sign on the dotted lines, I will suggest you to have a word with the other local lenders and also with your credit union to find out what type of rates and terms they might offer you.
Take care
Shopping around for a loan is always a very good option. This will help you know what type of rates and terms are available in the market. Before you sign on the dotted lines, I will suggest you to have a word with the other local lenders and also with your credit union to find out what type of rates and terms they might offer you.
Take care
Welcome Korneli,
Yes, it is true that shopping around is definitely a good option before you sign the dotted lines for a mortgage. As you have a credit score of 663, it will be difficult for you to qualify for a conventional loan. You should search for FHA loans.
Yes, it is true that shopping around is definitely a good option before you sign the dotted lines for a mortgage. As you have a credit score of 663, it will be difficult for you to qualify for a conventional loan. You should search for FHA loans.
Of course you can and should shop around.
We have no idea what the terms are of the mortgage and the mortgage company that the Realtor referred you to. Therefore, we have no idea if the terms are decent or not.
As of today, April 9, 2012 the FHA loans became more expensive. For that reason, you can compare conventional and FHA mortgage terms for whatveer your middle credit score is.
We have no idea what the terms are of the mortgage and the mortgage company that the Realtor referred you to. Therefore, we have no idea if the terms are decent or not.
As of today, April 9, 2012 the FHA loans became more expensive. For that reason, you can compare conventional and FHA mortgage terms for whatveer your middle credit score is.
