What kind of rate will we get on our loan (mortgage)?

Hello,
This July we are closing on our condo. The condo is located in Chicago and we bought it for $ 370k. We make a little over $ 70k together a year. We pay our cc bills each month and in whole. We are putting more than 20% down to avoid PMI and to give us some equity if we choose in the future to buy more property once our salary increases. We will probably put down ~$ 90k. The only real debt we have is my $ 19k in student loans, which will go into deferment because I am back in school. We were preapproved for $ 250 or 280K (I am not able to locate the document at the moment) but had lower credit scores, a tab bit lower income and did not have as much saved up for a downpayment a year ago when it was done.

1 – What kind of interest rate could we expect?
2 – Do you think banks will offer better rates than a mortgage broker?
3 – When should we apply for a loan?

*Not bad for 2 – 25yr olds huh?
02/2006 Fico scores
EQ / EX / TU
Mine – 784 / 778/ 777
His – 771 / 780 / 781
Correction – Value of condo should be $ 360k. It should not be $ 370k. So we’re looking at a loan of ~$ 270k. Sorry about that!

I am buying a duplex and am trying to decide on financing. I have narrowed my choices down to two companies who are still accepting 10% on investment 2-unit properties. I would like to know which one to select and reasons for your opinions:

Option #1: 90/10 loan with 1.0 pts @ 6.875% on a 30 year fixed conventional; plus PMI monthly payments of ~$ 840.00

Option #2: 80/10/10 loan with 0 pts @ 7.0% on the 1st and 9.14% on the 2nd, both 30 year fixed rates; no PMI, monthly payments of ~$ 778.00.

With option #2 my cashflow will definitely be better and that is what I am trying to maximize. I know I am paying more in the long run but I know I can refinance in the future, as I am already buying this property at a 75-80% discount.
Cashflow has to be a big factor when looking at loans, however, with a good rate of 6.875% on the other, I just want to make sure I’m not overlooking anything, taking the 80/10/10 over the 90/10.

Please let me know your thoughts. Thanks!
The payment in Option #1 INCLUDES the monthly payment AND PMI ($ 755.00 + 85.00). Option #2 has not PMI and thus not factored in.

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