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Prime Rate Mortgage

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How do I go about getting a prime rate mortgage?
I have a 780 FICO, 100k available in CC with 1% utilization. My credit history is 3 years old. I currently make roughly 50k a month and can prove it with tax returns, also have assets. Can I walk into Wells Fargo and get a prime rate mortgage loan for a house worth in the 250k-350k region? Or will they tell me to fuck off?
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>>1396905
>50k a month
kek, meant to say per year. 50k income per year.
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>>1396905
Also, this is all assuming that I have the 20% down payment.
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>>1396905
You shouldn't have any issues if your DTI is fine and if the home will be owner-occupied.
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>>1396924
Basically this.

Worth hiring a real estate attorney to go over stuff for you though so that you don't get shafted on the mortgage with some bullshit clause about being required to carry excessive insurance.

As an example, a house on a high hill on a floodplain is going to frequently get lumped in as being on a floodplain, and that can easily be 150-200 dollars a month. Good real estate attorney will run you a couple hundred, maybe a couple thousand, and could easily save you 20-30 thousand over the life of your mortgage if you aren't going to refinance.

You very well may not refinance because interest rates are still very low, so take advantage of that fixed rate mortgage.
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>>1396905
Interesting, I only have 6 months of credit history and my FICO is 769. How slow does it grow?
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>>1396905
the banks do give loans out close to or @ cost to highly valued customers, but you are small time and likely won't be able to get anything better than average. most people applying for mortgages make more money than you.
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>>1396905
My sister just took out a 15 year fixed at 2.5% and wanted me to go with her. Here's what I remember:

She makes about the same (50K/year), had 20% down, 721 FICO and low credit utilization <10%. Mortgage she applied for was 190K and was approved but just barely because her income was so low.

And this >>1396924

Owner-occupied is the only reason she got approved. It would have been denied without that.

According to one of the mortgage brokers we talked to though most borrowers now can barely get enough for 5% down and closing costs. So banks aren't going to let someone walk out the door who's got 20% down. You might not get exactly what you want out of the deal but they'll get you close.
Thread posts: 8
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