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Question by I’ll_Beat_U_At_Pacman: What’s the best way to find the lowest mortgage rate possible after getting an accepted offer?
What do I need to do to know I am getting the best mortgage rate possible (just got an offer on a house accepted) – I live in Indianapolis, about it likely will get a 30 yr fixed. Any ideas on what kind of rate I should be looking for
Best answer:
Answer by Not I
The rate is dependant on How much of a mortgage, erectile how much down payment you have, sickness Your credit score, your debt to income ration. Start with the bank where you have your checking and savings.
Look online what the National companies are offering. Wells Fargo and such
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Question by Bman: For a Making Home Affordable loan modification, cure is amount of equity considered in the approval process?
A representative at my lender mentioned if you have over 30% equity in your house, ampoule the modification can be denied based on that. But a counselor at the Making Home Affordable Hope Hot line told me that the equity should not be considered for approval.
Best answer:
Answer by godged
Ask the counselor to provide you with a link to the information that states the amount of equity is not to enter into the equation. SHOULD NOT is very weak footing though, if the information really says should not, the lender can deny you based on your equity.
Best of luck to you.
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No. The only “amount” that matters is the amount on the appraisal. It has to be high enuf to cover the loan or be within 125% of the existing loan.
If you really have 30% equity, you would have much better loans to choose from. You would not want a MHA “modification”.
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