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shiv
Twinsanity!!
Member since 5/07 4747 total posts
Name:
Shiv
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Re: *** IS THIS A GOOD MTG RATE??? update with info and question
I'm using a broker and I was quoted a rate of around 6% last week. I haven't locked yet because I don't want to have to pay for a longer lock. but when I do lock, if the rates go down I'll get the lower rate. Try to find something like this to protect you in the lock. Also- contact a no-fee broker, they work with 100's of banks and will get you the best rate, FM me if you want my brokers info.
How long will it be until you close?
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Posted 5/23/07 2:51 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
CityNYGirl
My everything!!!!!
Member since 5/05 2324 total posts
Name:
Betty
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Re: *** IS THIS A GOOD MTG RATE??? update with info and question
Posted by PotofLuck06
Posted by zuzuspetals
QUESTION: If I lock in this rate and find another one can I lock that one in too? or can you only do that once? I KNOW THAT IS PROB. A VERY STUPID QUESTION!
Once you lock in, you lock in and can't change it. Plus, you pay to lock in. With HSBC, it was a few hundred to confirm the application, and get the paperwork rolling.
Honestly shop around and get some better rates.
DH and I also had excellent credit in the 700s and we got 6.00%. The better your credit, the better your interest rate will be.
That is correct but it also depends on how much money you borrow...over $400K is considered jumbo and the rates are higher on a jumbo loan even if your credit score is 700-800...
Good luck
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| Posted 5/23/07 3:43 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: *** IS THIS A GOOD MTG RATE??? update with info and question
Posted by MrsGreek
Posted by PotofLuck06
Posted by zuzuspetals
QUESTION: If I lock in this rate and find another one can I lock that one in too? or can you only do that once? I KNOW THAT IS PROB. A VERY STUPID QUESTION!
Once you lock in, you lock in and can't change it. Plus, you pay to lock in. With HSBC, it was a few hundred to confirm the application, and get the paperwork rolling.
Honestly shop around and get some better rates.
DH and I also had excellent credit in the 700s and we got 6.00%. The better your credit, the better your interest rate will be.
That is correct but it also depends on how much money you borrow...over $400K is considered jumbo and the rates are higher on a jumbo loan even if your credit score is 700-800...
Good luck
I thought Jumbo was over $417? I think that is what the guy from Citibank said. I thought it sounded like an odd number 400K makes more sense.
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| Posted 5/23/07 5:35 PM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Re: *** IS THIS A GOOD MTG RATE??? update with info and question
Posted by mommy2Alex
Posted by christina-and-mike07
Posted by KvsGrl
It seems like it may be a little high (depending on your credit). Can you pay a point to get the rate down a bit?
hey there,
can someone tell me what this means "to pay a point"? thanks.. we're about to get pre-approved after memorial day weekend (we're going & no time to get pre-approved).
I feel like I am highjacking this thread but since no one answered your question, I will. A point = 1% of the value of your mortgage. Paying a point will reduce your interest rate. If you mortgage $388,000 and pay one point it will cost you $3880 at closing. Points are tax deductible. I paid one point and reduced my interest rate on my loan from 6.5% to 6.125%.
That's awsome. They want me to pay a point to go from 6.5 to 6.3 - doesn't that sound a bit crazy?
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| Posted 5/23/07 8:35 PM |
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maggie04
LIF Infant
Member since 10/06 151 total posts
Name:
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Re: *** IS THIS A GOOD MTG RATE??? update with info and question
Our rate was 6.00%. We locked in in mid april.
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| Posted 5/23/07 9:03 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: *** IS THIS A GOOD MTG RATE??? update with info and question
Posted by mommy2Alex
I thought Jumbo was over $417? I think that is what the guy from Citibank said. I thought it sounded like an odd number 400K makes more sense.
Jumbo loans are over $417,000. They raised the limit from $400,000.
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| Posted 5/24/07 8:40 AM |
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