Attorney in Houston looking for a home in Memorial area, $1 to $1.2 million. 10% down. Looking for no PMI and no escrow. Good credit. Have a couple of options on 10/1 ARM with two liens, blended rate seems to be about 5.15% but looking to see if there is anything out there sub 5% and/or any other options that may be available.

Ccag12 said:

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Attorney in Houston looking for a home in Memorial area, $1 to $1.2 million. 10% down. Looking for no PMI and no escrow. Good credit. Have a couple of options on 10/1 ARM with two liens, blended rate seems to be about 5.15% but looking to see if there is anything out there sub 5% and/or any other options that may be available.

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Not sure if there are any blended sub-5% options at those loan amounts out there right now. If there isn't and you're that close, maybe consider buying down (even if temporarily) to get sub-5%, especially if you can somehow get some seller concessions to use towards said buydown. Good luck with the process!

Ccag12 said:

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Attorney in Houston looking for a home in Memorial area, $1 to $1.2 million. 10% down. Looking for no PMI and no escrow. Good credit. Have a couple of options on 10/1 ARM with two liens, blended rate seems to be about 5.15% but looking to see if there is anything out there sub 5% and/or any other options that may be available.

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In this market, with that rate and combo DP and size - that still looks to me like a very solid option. Any options to pay down the note a bit to help on the rate?

Prob not going to find anything lower but Schwab typically has some good rates others will match.

Your challenge will be in order to get another rate break you will either need to put more down or have a certain amount of money in an account during the mortgage approval process.

For instance.. put $250k w/ schwab for 30 days and get another .25 off your rate.
Schwab also has very good interest only loans if you think you will see appreciation

Relationship pricing is a big thing now. We just lowered the 0.25% rate improvement tier to $50K deposits.