Knowing what the interest rate is probably one of the critical pieces of information you need to know when deciding on a mortgage. Be sure to find out that information and make sure you completely understand the consequences of whatever interest rate is part of this mortgage.
It's good that they cover 1% for the first 12 months, but what happens after that?
Also while your credit score is great, you have $27k in debt and $40k in annual income so that debt to income ratio isn't good. That's another reason why your interest rate might not be favorable.
Skinder506 t1_iyd3mp3 wrote
Reply to comment by Eldengames in Trying to Buy First House But Feel Like My Loan Just Isn't Right by Eldengames
Knowing what the interest rate is probably one of the critical pieces of information you need to know when deciding on a mortgage. Be sure to find out that information and make sure you completely understand the consequences of whatever interest rate is part of this mortgage.
It's good that they cover 1% for the first 12 months, but what happens after that?
Also while your credit score is great, you have $27k in debt and $40k in annual income so that debt to income ratio isn't good. That's another reason why your interest rate might not be favorable.