loans with credit score below 600
Did I get taken?
I recently refinanced my house.
My loan amount was $600,000 and my appraised value was only $770,000 although I paid $935,000 for my house several years ago.
I got an adjustable rate loan to buy the house but I wanted to get into a 30 year fixed as soon as possible.
I have a FICO score of 787 which is supposed to be perfect credit.
I got a 6.75% rate although I had seen advertised rates as low as 5.375% for a 30 year fixed.
My loan officer said those rates that I was looking at were for conforming loans under $417,000.
Because my loan is $600,000 she said that is a “Jumbo” loan which is much more expensive.
She said also the rates they advertise are for Loan to Value ratios below 65%, however because my house has dropped so much in value my loan to value is now78% although it was below 65% when I bought the house.
I always had doubts whether 6.75% was a good rate when I have perfect credit and I was seeing advertised rates at 5.375%.
Did she screw me?
If she was in the mtg business she prolly did screw you!!! they’re sleazier than a politician at lection time…..
New conforming loan limits were just announced…they are up to $729k if she even had an inkling, and if she’s been paying attention she should have known, that this was on its way…. A real honorable person wouldve suggested you wait ’til the new limits put your loan in the new “Conforming” category. But hey, a gals gotta eat too right?
Loans are just like the HEALTH INSURANCE INDUSTRY, THE MORE THEY SCREW YOU THE BETTER THEIR YEAR END BONUS…. hell of a country NO?
