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Started By
Message
VA loan
Posted on 10/28/15 at 7:49 pm
Posted on 10/28/15 at 7:49 pm
so i'm getting stationed back in LA in february and the wife and i are starting the process of buying a house.
we got pre-approved for $180k, but the loan officer told me that'd make my monthly payment something like $1200/month which must mean i have an interest rate around 7%. that seems astronomical. i have average credit and the wife and i make $85k a year. obviously i'm going to call the loan officer tomorrow and find out more, but why is my interest rate so high?
this is through NOLA lending, FWIW.
we got pre-approved for $180k, but the loan officer told me that'd make my monthly payment something like $1200/month which must mean i have an interest rate around 7%. that seems astronomical. i have average credit and the wife and i make $85k a year. obviously i'm going to call the loan officer tomorrow and find out more, but why is my interest rate so high?
this is through NOLA lending, FWIW.
4
Posted on 10/28/15 at 7:57 pm to IPlayedGreatTonight
quote:
i have average credit and the wife and i make $85k a year.
Your income shouldn't affect your rate, only qualification. Sometimes, VA rates can be a little higher, more like 1/8 or 1/4, but this sounds like you're tier 3. I would almost suggest you get into an ARM and refinance in 4 to 6 years - rather than pay 7% fixed - especially if you can get an ARM under 5.
When you say "average" do you mean 680ish or 640ish? Because that's a big difference.
Your credit score is the 600 pound gorilla in this room, IMHO.
This post was edited on 10/28/15 at 8:00 pm
Posted on 10/28/15 at 8:24 pm to IPlayedGreatTonight
Are you just assuming a 7% interest rate or was it quoted?
He is prob including escrow and or PMI (not sure if va loans have PMI),
This post was edited on 10/28/15 at 8:26 pm
Posted on 10/29/15 at 12:15 am to IPlayedGreatTonight
quote:
$1200/month
Does that include your escrow for taxes and insurance?
Posted on 10/29/15 at 10:48 am to IPlayedGreatTonight
that's a accurate payment estimate. and your VA 30yr fixed rate should be 3.625% at the highest right now no matter what your credit score. With the VA your rate is the same no matter what your score is as long as its over 640
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