Concerned-23 t1_iyd04ms wrote on November 30, 2022 at 2:18 PM

Well you didn’t say your interest rate, but rates are high right now ~6%. Not to mention your income is low and you have 27k debt.

Eldengames OP t1_iyd1caq wrote on November 30, 2022 at 2:28 PM

I had to go back to the cheat sheet I wrote down while on the phone haha! They hadn't given me an actual interest rate to go off of. When we talked about the price per month my agent had just said about the cost being 600-700 a month on the loan itself.

The other thing is I'm qualified for the loan forgiveness to erase up to 20k in my student loans. Financially it won't effect me either way since the payments are only 50 a month but will it adjust my rates enough to wait? My wife is in the same boat however her credit score is too low to be counted as a source of income.

Bama_Peach t1_iyd1xbh wrote on November 30, 2022 at 2:32 PM

You need to ask your loan officer for a loan estimate that will clearly state what the rate is along with other items such as what they charge for closing costs. Any reputable lender will provide you with this document with no issue (most provide it without you having to ask for it).

Eldengames OP t1_iyd2n4f wrote on November 30, 2022 at 2:38 PM

I'm going to send an email to see what the rate is that they have gotten for me, this is mainly why I made the post. I'm not exactly sure of all the workings with mortgage loans but I still feel like a fixed rate loan they should be able to give me an exact amount. For example if I borrow exactly 100k then I should pay an exact amount on the loan principle, not a range.

Concerned-23 t1_iyd1u86 wrote on November 30, 2022 at 2:32 PM

Well the federal loan forgiveness is on pause so don’t bank on that. Also, have you found a home for 100k?

With a loan amortization schedule on a 30 year mortgage my guess is your got an 8-9% rate.

Eldengames OP t1_iyd33g7 wrote on November 30, 2022 at 2:41 PM

I'm definitely not banking on that haha! I actually just paid off my private loans recently so my federal ones don't scare me too much any other time they just look scary on my credit reports.

My wife and I are just starting but in our area they won't show you a house until you have a prequalified rate. I was wondering though if I get a house that I want to put an offer on am I still able to shop around with other lenders or am I stuck with this one until it runs out?