Anybody know what bank or lender that give a low interest for a first time home buyer? ?

Question

I have an excellent credit score 765.

Answer 1

You can get a decent loan anywhere.

Answer 2

.   They will all give you 6.5% interest for 30 years.  If that is ok, buy a house today.  Go to any bank.  Start where you do your banking already, then interview more.

Answer 3

There are no preferential rates for first time home buyers.  You can only shop around at various mortgage brokerages and lenders, assessing the rate offered, as well as analyzing the costs involved with procuring the loan.

Many times, lenders offering more attractive rates have excessive origination costs.

Answer 4

That can vary from day to day.

Also, you have not specified a loan program, and though I think I can guess based on the preferred program of the moment, I will not assume.

For the most part, the rate available, and Closing Costs, are largely determined by what you qualify for, and what you want.

Bear in mind that verbal quotes mean nothing, and Good Faith Estimates are non-binding. Don't kid yourself that that is the way to shop for a loan.

Get pre-approved with more than one lender or mortgage broker. E-mail me if you would like a pre-approval worksheet, which will help you to organize your objectives, and any lender or broker you speak with needs that information anyway.

By the way ... your credit score IS excellent. You will also need to document income, assets, and 2 years' history of employment and residence.

For information on 1st-time home buying, take a look at www.hud.gov, and learn about the FHA program. There is also a program (not HUD) that goes to 102% (2% goes to upfront mortgage insurance, and there is no monthly MI).