600k house best scenario
Here is the scenario:I would like to buy a 600K house with the following mortgages what would the rates be for somebody with a credit score of 750+ Here are my various options:Option 1: 450K mortgage, 15% down payment Option 2: 390k mortgage, 25% downor Option 3: 240K mortgage, 50% down Please let me know which option would be the best option- by washingtonwizard99 from Seattle, Washington. Sep 22nd 2009
Joshua Crater (Rate1st.com)
#203 ranked lender in California - 47 contributions
Thanks for your question. Your BEST case scenario would be to put enough down to get the new loan amount at 417,000 or less. If the purchase price is 600,000 and the new loan amount is 417K or less, you're putting approx 30-31% down; which means you will NOT have mortgage insurance! Ex, if you put less than 20% down, you will have mortgage insurance and your pricing will not be quite as good. Your 30 yr fixed rate range with 30+% down and a 750+ score is 4.75%- 5.25% depending on your selection on pricing. Please call me direct at the number below so I can explain more. I hope this helps! Respectfully, Brock R. Hicks, C.M.P.S. Financial Planner / Loan SpecialistToll Free: 1-877-RATE-1ST Office: 949-243-7989 ext 102 Direct: 949-287-4058 Website: www.Rate1st.com Email: brock.hicks@rate1st.com
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