totally assuming. like i said, i'm going underway for 2 weeks tomorrow and she called while i was in the middle of getting a brand new sailor prepared to go underway with me for his first time on a ship and finding out what ship we're going on, etc.

i just wasn't positive if that $1200 monthly payment she mentioned was including taxes & insurance. my buddy's mom is a big shot at latter and blum so i have help with any questions i have, i just was checking the boards so i figured i'd ask.

quote:
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.

i think she said my middle score was around 645, my wife's middle score was around 680.

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Posted by Ace Midnight

Between sanity and madness

Member since Dec 2006

89618 posts

Posted on 10/28/15 at 9:13 pm to IPlayedGreatTonight

quote:
i think she said my middle score was around 645, my wife's middle score was around 680.

Y'all are straddlin' the line - if they go with her score as primary, you might get Tier 2 - I'm not sure how that works, exactly, but you still shouldn't be paying 7% on the principal. I would get clarification on what your P&I is going to be, your rate, and your estimated escrow - just so you don't get sticker shock at the closing. I wouldn't think you would even pay 5% if you qualify - I think you should be between 3 1/2 or 3 5/8 at the bottom, up to, at most 4 3/8 or 4 1/2.

Not 7 by a long shot, unless you're borrowing from a guy with the same first name as a city or lots of vowels in his last name.

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