Login

r/MortgageRateCheck

Image 1 — First-time home buyers (27F & 27F): Are we getting a good mortgage? Loan Estimate attached
Image 2 — First-time home buyers (27F & 27F): Are we getting a good mortgage? Loan Estimate attached
▲ 1 r/MortgageRateCheck+1 crossposts

First-time home buyers (27F & 27F): Are we getting a good mortgage? Loan Estimate attached

My fiancée and I (27F & 27F) are first time home buyers in Georgia, and we’d really appreciate an honest review of our Loan Estimate before we move forward.

We’ve never bought a home before, so we’re trying to figure out: Is this a competitive interest rate? Are the lender fees reasonable? Is there anything on here that’s a red flag? Would you shop around more if you were us? Is there anything you would negotiate before closing?

Some additional details: This is new construction. 30 year, conventional loan. My credit score is 790, hers is a 690 (thought it was 770 when we started but student loans happened). Purchase price is $608K, we’re putting 20% down, and using preferred lender as they gave incentive. Right now we’re thinking of doing a 2/1 buydown in hopes of refinancing. Is that smart?

I’ve attached the entire Loan Estimate and want your opinions. Please don’t hold back, we’d much rather hear the hard truth now than regret something later.
If you were in our shoes, would you sign this loan today?

u/Anxious-Mud-7115 — 8 hours ago
▲ 3 r/MortgageRateCheck+1 crossposts

Wondering if it's possible to get a better loan estimate than this one?

It seems pretty good, I don't know if it can get better? Looking to refi my existing condo mortgage, which is at 7.125%. I can afford to pay up to $1100, I pay $950 currently with PITI. Credit score came in at 797. Located in Nevada.

u/HerFabulousness — 2 days ago
▲ 0 r/MortgageRateCheck

First time home buyer, is this good or bad?

30 year conventional loan. This would be our first home, wanted to see if this was good or bad deal. Builder covers the PMI so we would have none. Thanks in advance!!

u/minimalist-le — 4 days ago
▲ 14 r/MortgageRateCheck

First time homeowner, how did we do ?

Buying a new construction home. Sale price is $764k, putting 25% down. The builder is giving a $15k lender credit with their preferred lender, which can be applied toward closing costs and/or a rate buydown. The lender is offering 6.125% with 2.25 points (about $12.9k in discount points). Both my partner and I have a credit score of above 790
Does this Loan Estimate look reasonable? Would you pay 2.25 points for this rate, or try to negotiate for a higher rate with fewer/no points? Any other fees that stand out or look unusually high?
Thanks

u/Gamergem0124 — 5 days ago
▲ 0 r/MortgageRateCheck

Who has the best interest rates?

Looking to build a new home and shopping rates. Best I’ve found right now is better.com at 5.375 with 4.548% points.

Surely there has to be better. Located in Texas and build price is likely going to be around 825-850k.

Any help greatly appreciated.

reddit.com
u/Mln3d — 5 days ago
▲ 2 r/MortgageRateCheck+1 crossposts

Locking in rates

Looking for some advice from anyone who’s been through this.

We’re currently in escrow on a home and are scheduled to close in early August.

Our current mortgage broker is offering a 1-0 buydown, but that offer expires tomorrow, so we’d need to lock it in today. We’ve also learned that other mortgage brokers are offering 2-1 buydowns, which would lower the payment for the first two years instead of just the first.

We’re not asking whether a 2-1 results in a lower payment—we understand that it does.

What we’re really trying to figure out is whether it’s worth switching mortgage brokers while we’re already in escrow.
For those who’ve been in a similar situation:
-Did you switch lenders or brokers after escrow had already started?
-Were there any unexpected downsides, such as delays, additional paperwork, or issues with closing?
-Is there any real benefit to staying with the original broker/lender if another broker can offer a better overall deal?

We’re trying to balance saving money with avoiding unnecessary risk or complications this close to closing. We’d really appreciate hearing about your experiences or anything we should be considering before making a decision.

For context, this is a VA loan if that makes any difference.

reddit.com
u/Tough-War4900 — 6 days ago
▲ 7 r/MortgageRateCheck+1 crossposts

FTHB in AL - Is this a good rate?

First time home buyer here - do these rate/terms seem reasonable? Rate and terms both seem a bit high to me but would like to get other's opinions. This is from a mortgage broker in the area (Alabama)

Home price is 485k

Putting 20% down

800+ credit score

30 year conventional loan

u/Safe-Fisherman2510 — 9 days ago
▲ 2 r/MortgageRateCheck

FHA loan in Athens, AL. Does this look alright?

First time home buyer and feel like I have no idea what I am doing. Want to know if this seems reasonable. FHA loan, $319k purchase price, 3.5% down, credit scores 753 and 654.

Thanks!

u/Few-Awareness-2497 — 9 days ago
▲ 8 r/MortgageRateCheck+1 crossposts

Bank statements

Hello I would just like a bit of advise if possible or if anyone has been in a similar situation.

Me (35k) and my partner (19k) have combined 54k annually income. I have a very recent loan (20k) showing coming in on my June statement to pay off my existing credit cards, overdrafts, car so it’s all on one monthly payment and they were all cleared to £0. We both are clear on credit cards and overdrafts payment now and don’t intend to use them again other than monthly use and then clear them each payday.

My partner bank statements should be ok but mine have always been in my £800 overdraft limit but cleared by payday.

Aprils statement started in -£421 and got to -£756 just before payday then ended -£424

Mays statement started -£424 went to -574 just before payday was cleared but ended the month -£777

Junes statement started- £777 cleared on payday and loan hit my account and cleared everything and ended the month +£129

Julys statement is meant to hit on the 12th but should be £1000 left over.

Long story short we have had a AIP for £240k. Found a house and have offer accepted for £200k house this weekend. Deposit £21k (LISA) + £45k (gifted). Typical monthly income between us will be £3900

Monthly outgoings:
Loan: £513
Phones contracts between us: £60
Car insurance and tax: £100
Rent including bill between us £680

We are going to try and apply for mortgage but won’t be able to speak to our broker until next week but will my bank statements be a problem? More concerned about being in my arranged overdraft. I know it’s cleared on payday but doesn’t look good when I go back into it. Will they also not like the loan on my statements? Sorry for the long read

reddit.com
u/Sea_Annual1700 — 10 days ago