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FHA Mortgage loan help please?
My wife and I are trying to refinance our home. We have a mortgage lender here in the Atlanta area that is handling the refi. He said that with good credit over the last 12 months we will qualify for a fixed rate loan of 5.75% for 30 yrs. Is there a big difference in FHA lenders? Should we continue to shop around?
He said that were approved at that rate
2 Answers
- Jaclyn&DaveLv 51 decade agoFavorite Answer
Shopping around can't hurt. Look at smaller local banks and credit unions, they often offer better rates because they are in for the long haul on the loan, not just looking to sell the loan as part of a mortgage-backed security.
Did he quote you that rate, or was the lender just making a general statement?
5.75% isn't bad, really.
- sextonLv 45 years ago
it could make a distinction- you will could supply the lender with 2 years w'2 varieties & cutting-edge paystubs. in case you earnings isn't sufficient to qualify then you definately won't get the non-public loan. you're able to call him & tell him of his errors. you do no longer decide on fake documents on the non-public loan ap because of the fact then as quickly as the loan processor verifies much less your pre-authorized quantity ought to bypass down. probably an truthful mistake.
