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is this mortgage rate good right now?
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Re: is this mortgage rate good right now?
Posted by Rooster
Are you putting down less than 20%? That can increase the lowest rate you get.
Is it a jumbo mortgage? those rates are higher.
Are there points? etc. etc. etc.
Good luck!! 
we are putting down slightly mor than 20% to try to make the monthly payment as low as possible for us.
it is not a jumbo mortgage and we were not looking to use points, although now after reading these posts, we are going to look into it more
thanks again
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Posted 3/1/07 10:19 AM  |
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Long Island Weddings
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
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Re: is this mortgage rate good right now?
You also want to get a good faith estimate and find out what fees are involved. The person you are working with mentioned there are no points, but is there an origination fee, application fee, processing fee etc. and what are those fees? You will want to consider those as well. There are probably some addtl. fees involved.
6.2 doesn't sound bad to me right now.
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| Posted 3/1/07 7:00 PM |
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ali120206
2 Boys
Member since 7/06 17790 total posts
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Re: is this mortgage rate good right now?
Posted by Beth1210
this just in from the desk of my husband
No 5.875 is par at all a paper banks
( when asked if 6.2% is the best rate at 800 credit score)
however- that does not take into consideration loan to value (how much of a down payment)
but again- he is banker- not a broker
That's what our broker locked us in at yesterday, for 30 days.
ETA: We are putting down 20%, have excellent credit and are paying 1/2 pt in "broker fees".
Message edited 3/1/2007 7:49:08 PM.
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| Posted 3/1/07 7:43 PM |
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