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What is my best option?

I would like to buy a 600K house with the following mortgages what would the rates be for somebody with a credit score of 750+ Here are my various options:Option 1: 450K mortgage, 15% down payment Option 2: 390k mortgage, 25% downor Option 3: 240K mortgage, 50% down. Please help! by khjsd65274 from Seattle, Washington. Feb 2nd 2018 Reply


Dave Skow (daveskow)
#2 ranked lender in Washington - 148 contributions

what type of loan program ? 30 yr fixed ?1) 450K loan is a 75% ltv and is just under the " conforming loan limit in King county ...30 yr fixed rate range is 4-4.5% 2) 390K loan amount is a 65% ltv and 3) 240K loan amount is a 40% ltv and both will have rates in the same range as above ..the higher the loan fees - the lower the available rates

Feb 2nd 2018
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Rob McAllister (Rob McAllister)
#9 ranked lender in Washington - 48 contributions

given your scenarios the first option would have some sort of either borrower paid or lender paid mortgage insurance...it would be ideal to put at least 20% down if you are in a situation where you could possibly put down as much as 50%. There is no real advantage to put more than 20% down unless you go all the way to 40% down. You do get a few incentives at a 60% loan to value (40% down) that may be worth considering...You would just want to weigh the cost of pulling that much money out of an investment to use toward your house down payment and what is the best use of those funds. I would be happy to help you look at those options in more detail if you want to give me a call. Thanks! Rob 206-935-1625

Feb 2nd 2018
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Dalibor Vavrek (Dalibor)
#1 ranked lender in Washington - 27 contributions

To answer your questions:OPTION 1: 450K mortgage is actually 25% down so your rate would be 3.500% (4.394 APR). OPTION 2 would be the same rate. OPTION 3: 3.375% (4.387 APR).With 15% down your loan amount would be 510K so that is a Jumbo loan. We could do rateof 3.750% (4.481 APR)These are 5/1 ARM programs that would give you lower rates than 30 year fixed. Let me know if you want also 30 year fixed quotes. You can contact me directly at 425-956-3833 or daliborv@wfmtg.com

Feb 2nd 2018
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Robert Hardy (robdabeliever@gmail.com)
#108 ranked lender in Washington - 2 contributions

Hello,As a Licensed Mortgage Professional, it would be unethical to quote you an interest rate without examining your entire situation. If you're interested in having a complete loan analysis & Pre-Approval feel free to contact me directly. It's free & takes less than 20 min to apply online below.Robert HardyLic# 1069254Alterra Home Loans206.973.6394 Cell428.999.3113 x103rhardy@goalterra.comhttp://roberthardy.goalterra.com

Feb 5th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,414 contributions

Unfortunately, it's not that easy.. you didn't provide nearly enough info to properly answer your question.. Is this a primary residence? 2nd home? Investment? Each occupancy type has different rates.. What about property type? Single family home? Condo? MFH? duplex or multi housing? Each of these property types have different rates. Fixed or ARM? 15Yr, 20YR, 30YR? Each of these loan types have different rates.. What about credit scores.. lenders look at all 3 major bureaus for all borrowers and use the LOWEST MID score to determine loan rates.. I could go on, but i'm sure you get it by now.. do yourself a favor.. get off the computer, and pick up the phone and call a local mortgage professional.. give them the necessary info to properly answer your questions.. a pro will all 3 offers in writing so there's no misunderstanding.. On a side note,,, any lender willing to quote you based on the limited info you provided, you should avoid using,, for obvious reasons!! I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Feb 5th 2018
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