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Looking for some rate advice!


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Ok, mortgage Guru's here is one for you. If it isn't much work for someone, I'de wonder what I'de be looking at with a 3-1 ARM or a 5-1 ARM interest rate wise.

Married, I'm the PWE at 63K yearly.

My credit

1 Mortgage - 135K Payment of 1300 monthly ( Leased/ pays entire payment)

10 revolving accounts- about 200$ used of 14K limits

3 Installment - 1 Closed with a few lates- Lates over 3 years ago

1 Closed after 1 and 1/2 Never late

1 Open for 25K no lates, about 6 months old

No collections, but I have 2 Charge off/ Paid over 3 years ago, and have a a student loan that defaulted, but was paid off over 3 years ago as well.

Basically, perfect history for the last 3 years give or take.

My debt each month consists of $500 car payment, the mortgage is paid for by the leasee.

So here are my questions after all that mess.

I've got scores that should be in the 650's - 700's, and I'm looking to get a loan for a primary residence of with the house value of 195K.

If I add my wife to the loan she brings a $400 car payment, but credit scores of 800.

We have about 25K in saving/401k etc.

Go with the wife or just add her to the title, and with that info, what do you think I'de be able to look at rate wise.

Thanks in advance!

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You can probably start with a base rate of 3% on the 3/1 ARM, and around 4 1/4% on a 5/1 ARM.

From there you will have adjustments for prepay penalties, interest only, cash out, escrow waivers, loan to value, loan amount, stated income, sing type of property, owner occupied?,credit score, etc., etc, and etc, one more time. Some of these can make a low teaser interest rate get rather expensive.

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