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Possible rate scenarios

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irondoll



Joined: 11 Aug 2006
Posts: 5

PostPosted: Thu Jan 18, 2007 5:19 am    Post subject: Possible rate scenariosReply with quote

I am curious what I might be looking at for a rate this time around in a new mortgage before I actually go through the process.

My situation; Will list current home in March and once sold will relocate to different state new job in same field for 20 years. Had forclosure in 2001, BK in 2003. Had some of this removed on credit file with a few of the CRA's and zero lates since BK.

We have had two home loans since BK, last loan was 1st at 7% and 2nd at 9%. Zero lates, almost 2yrs into loan now but will sell.

Don't really know score right now but speculate it is between 620 and 650 ish. Would like to see a 100%, first off is this possible? I speculate rate to be around 8%, is this about right with this scenario???

What do you think about what I might expect?

Thanks.
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The Mortgage-Pro
Site Admin


Joined: 19 Jan 2005
Posts: 2248

PostPosted: Tue Jan 23, 2007 4:28 am    Post subject: Reply with quote

Which state are you looking to buy in? How much will you be putting down?
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irondoll



Joined: 11 Aug 2006
Posts: 5

PostPosted: Tue Jan 23, 2007 4:53 am    Post subject: Reply with quote

We are moving to AZ. We will put down about $12,000 on a possible 275K to 300K home.

I don't know if it helps but we owe about $10,000 without our current mortgage (car and credit cards). Some balances are between 20-80% of limit right now. Our goal is to get as much of balances paid down to help with score. I know the mortgage companies take FICO into consideration but use some other score system so I have been told. I know LTV also helps decide if someone goes Prime or Sub Prime.

Thank you.
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The Mortgage-Pro
Site Admin


Joined: 19 Jan 2005
Posts: 2248

PostPosted: Fri Jan 26, 2007 4:44 am    Post subject: Reply with quote

It is best you hook up with a good mortgage broker when you get to AZ.
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