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All Forum Posts by: Brandi Lamb

Brandi Lamb has started 1 posts and replied 2 times.

Post: Interest rate with cosigners

Brandi LambPosted
  • Flagstaff, AZ
  • Posts 2
  • Votes 0

Thank you. This does clarify some things for me. The lender never offered any alternative ways to figure the financing. I guess I've got some lender shopping to do. Thanks again. 

Post: Interest rate with cosigners

Brandi LambPosted
  • Flagstaff, AZ
  • Posts 2
  • Votes 0

Hi BP! I'm excited to finally have my first question after a few months of poking around BP and trying to educate myself! 

SO, we are trying to get into the RE market in Flagstaff, Arizona. This is a very small market with little to offer in our modest price rage and average credit scores. 

Our parents offered to help us get started by including themselves on the loan. They have great credit and little debt to income ratio. Even including them the lender is offering us a 5.125% interest rate.. I was under the impression that the interest rate is affected by a median of the combined credit scores? The lender is telling me that we are unable to get a better interest rate due to the lowest credit score that would be included on the loan. Something about that isn't clicking for me. Could anyone fill me in on either what bit of the puzzle I'm not seeing, or if I just need to shop other lenders? 

I'm also wondering if it would make sense then to just remove the person with the lowest credit score from the loan? 

Thanks so much!