Question: Loan underwriting for this scenario?
Just running some numbers by you all & seeing if you can check behind me for logic & accuracy.
$525K = Cost of house
$108K or 20% = Down Pmt
$417K = Loan (conforming not high balance conforming ie FNMA HBL program)
$10K = Closing costs into a 2nd Piggyback HELOC.
1) Will the lender charge me a higher rate on the 1st because I am financing the closing cost & effectively borrowing more than 80% (CLTV vs. LTV)?
2) Will lender be charging me a higher 1st mortgage rate (say 4.0% vs. 3.625%) because I am right at the 20% down payment & in this environment more cash & low LTV means better rates?