Re: HOUSE OFFER

[robert <http://dummy.us.eu.org/robert>]

 > From: TOM LOVETT <http://www.yahoo.com/~tomlovettjr>
 > Date: Fri, 1 Aug 2003 21:10:31 -0700 (PDT)
 >
 > Robert,
 > I have been pre-approved for conventional financing and I am prepared for PMI. 

You might be interested in looking at:

http://www.mortgage-calc.com/mortgage/howmuch.html

It will tell you how much your PMI payments will be.

 > As I have said, and I believe the lenders have told you as well, I have the 
 > means and I am ready to exercise them to make this loan and transaction 
 > happen. I understand that you do not want to get involved in owner financing 
 > and I would not expect it. As soon as we can come to an agreement I will be 
 > able to lock an interest rate and move forward.

Just a tangent: there was a story on
http://www.marketplace.org/shows/2003/08/01_mpp.html about exactly this --
how interest rates are never really "locked".

 > If you would like letters from 
 > the other two lenders that you have spoken with i can try to get them but i do 
 > not believe that will happen before Monday, although I will try.

I don't know what the value of that would be, anyway.  When it comes down
to brass tacks, the only mortgage anyone can qualify for is the one
present at closing.

 > I know that 
 > you are not interested in my going for an FHA loan and i have plenty of other 
 > options. I would be able to put down more than 3% down for the mortgage 
 > however I want to make sure that I have options and am able to do what makes 
 > the most sense.

Is 10% down ($25K) out of the question?  That would give you a great deal
of options.  20% down ($50K) would provide even more.

 > I appreciate your time and concern. If you would like we could discuss adding 
 > a mortgage commitment date to the purchase and sale agreement that would be 
 > prior to the closing to try to shorten the time period.
 > Thank you for getting back to me, 
 > I look forward to hearing from you, 
 > tom