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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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where to look online for mortgage rates?
We should be getting our mortgage commitment this week, and locking in a rate??
so, does anyone know a good place to look for rates online? (we are using Continental).
Mazz - where was that mortgage rate blog?
Message edited 11/17/2009 8:11:01 AM.
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Posted 11/17/09 7:52 AM  |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: where to look online for mortgage rates?
Are you still shopping for a Motgage? or you just want to get an idea of the national rates that are out there now?
If so, I just usually type in google National Mortgage Rates and a ton of sites comes up.
They did not give you any idea on what rate you were getting yet?
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| Posted 11/17/09 8:38 AM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: where to look online for mortgage rates?
They have on my GFE 5.375% however, i am not locked in. my mortgage consultatnt said that he heard some news yesterday that leads him to believe that we should lock in earlier in the week rather than later.
i looked up some news reports stating FHA rates are a little under 5%.
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| Posted 11/17/09 8:42 AM |
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Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
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Re: where to look online for mortgage rates?
I used bankrate.com On the top left click on Mortgages, then fill in state "New York", and city "Long Island", plus the amount of the loan and 30-year fixed and it brings up what the rate is for each bank, plus if that includes any fees including buying points ....
Message edited 11/17/2009 8:44:55 AM.
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| Posted 11/17/09 8:44 AM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: where to look online for mortgage rates?
Posted by rkoenke
They have on my GFE 5.375% however, i am not locked in. my mortgage consultatnt said that he heard some news yesterday that leads him to believe that we should lock in earlier in the week rather than later.
i looked up some news reports stating FHA rates are a little under 5%.
I would just make sure that you have the option if you lock in and rates lower, you can amend it and get the better rate.
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| Posted 11/17/09 8:49 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: where to look online for mortgage rates?
Continental's policy is that if rates are lower within 10 days before you close you get the lower rate, we just locked late last week with them for 5% with 1 point
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| Posted 11/17/09 12:02 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: where to look online for mortgage rates?
Posted by rkoenke
We should be getting our mortgage commitment this week, and locking in a rate??
so, does anyone know a good place to look for rates online? (we are using Continental).
Mazz - where was that mortgage rate blog?
here ya go!
I only hear about rates that have been dropping so you prob afford to lock up right now... im ****** i locked at 5.375... if it pays (like dropped to 5 for us), i'll buy a point right before we close
Message edited 11/17/2009 12:09:14 PM.
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| Posted 11/17/09 12:08 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: where to look online for mortgage rates?
are FHA rates typically higher than conventional?
Thanks everyone for your info!
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| Posted 11/17/09 12:17 PM |
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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
Name:
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Re: where to look online for mortgage rates?
Posted by rkoenke
are FHA rates typically higher than conventional?
Thanks everyone for your info!
The best FHA rate is definitely higher than the best conventional rate. You pay for the privilege of not needing as much money down to qualify. You also have to pay Mortgage Insurance (an extra $100-$150 a month) even if you put 20% down for the life of the loan, all 30 years. With a conventional loan you don't pay it at all if you put down 20%, and if you do start out paying it you can drop the PMI once your Loan-to-Value ratio reaches 78%. Basically what you're doing is paying into the system - you pay more money every month so that there's more money in the program so that future homeowners can borrow with less down, and on and on.
However, FHA rates don't vary from bank to bank, and they don't go up or down depending on your credit. It's a fixed rate and you either qualify for it or you don't. This is unlike a conventional, where if you have higher credit you get a lower rate. So if your credit is, say 660, you'd probably get a BETTER rate FHA than you would conventional.
Message edited 11/17/2009 5:03:02 PM.
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| Posted 11/17/09 4:59 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: where to look online for mortgage rates?
Posted by DavaDay
Posted by rkoenke
are FHA rates typically higher than conventional?
Thanks everyone for your info!
Yes they are. You pay for the privilege of not needing as much money down to qualify. You also have to pay Mortgage Insurance (an extra $100-$150 a month) even if you put 20% down for the life of the loan, all 30 years. With a conventional loan you don't pay it at all if you put down 20%, and if you do start out paying it you can drop the PMI once your Loan-to-Value ratio reaches 78%.
However, you need much less money down and only a credit score somewhere in the 600's (I forget exactly) to qualify. So if your credit is, say 690, and you're putting 10% down you'd probably get a BETTER rate FHA than you would conventional.
Not true... maybe our case is the exception... but our rate was lower on FHA, as was our MIP/PMI... in the end, after all our calculations, we would have spent more doing the conventional route... We have high credit scores and put down just over 7%... so this may have affected "the norm"
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| Posted 11/17/09 5:03 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: where to look online for mortgage rates?
i thought that FHA you MUST have mortgage insurance for five years, not the life of the loan.
i better get clarification on that!
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| Posted 11/17/09 5:03 PM |
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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
Name:
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Re: where to look online for mortgage rates?
Posted by MaZz
Posted by DavaDay
Posted by rkoenke
are FHA rates typically higher than conventional?
Thanks everyone for your info!
Yes they are. You pay for the privilege of not needing as much money down to qualify. You also have to pay Mortgage Insurance (an extra $100-$150 a month) even if you put 20% down for the life of the loan, all 30 years. With a conventional loan you don't pay it at all if you put down 20%, and if you do start out paying it you can drop the PMI once your Loan-to-Value ratio reaches 78%.
However, you need much less money down and only a credit score somewhere in the 600's (I forget exactly) to qualify. So if your credit is, say 690, and you're putting 10% down you'd probably get a BETTER rate FHA than you would conventional.
Not true... maybe our case is the exception... but our rate was lower on FHA, as was our MIP/PMI... in the end, after all our calculations, we would have spent more doing the conventional route... We have high credit scores and put down just over 7%... so this may have affected "the norm"
I actually just edited my post but you commented on it before I got to it! 
I'm very surprised that with good credit your FHA rate was lower than conventional. In any case, I'm glad you got a rate you're happy with! I'm starting the process this week and it's really scary.
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| Posted 11/17/09 5:04 PM |
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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
Name:
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Re: where to look online for mortgage rates?
Posted by rkoenke
i thought that FHA you MUST have mortgage insurance for five years, not the life of the loan.
i better get clarification on that!
I read on LIF from so many people that it's only for 5 years. So I was convinced of that too. But I've been through the pre-approval process at 2 banks (Chase and HSBC) and both mortgage bankers told me that PMI on an FHA is always for the life of the loan. What they do is actually include the mortgage insurance in your loan amount. So they don't call it "mortgage insurance" on a separate line on your statement, but your payment is $100-$150 higher than it would be with a comparable interest rate on a conventional loan. I believe there are fees on TOP of that which you can drop after your LTV ratio reaches 78%.
Here, maybe this site explains it better than I do:
FHA Loans
Message edited 11/17/2009 5:14:40 PM.
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| Posted 11/17/09 5:12 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: where to look online for mortgage rates?
I was under the impression that on FHA's yes, we do pay an upfront fee... for us its about $4400 that is added onto our loan amt... Im also going to be paying only about $100 in monthly MIP fees (whereas on the conventional it was almost double that for us)... and I believe on BOTH types of loans, once 80% is reached, the PMI/MIP fee can be dropped...
 Can anyone confirm?
ETA: Found this info:
Removal: Unlike PMI, the FHA MIP is mandatory for the first five years of loans with terms of more than 15 years, even if your loan balance reaches 78% of the original home value or sales price. PMI premiums can often be removed if the loan balance is below 80% of the current market value. Conventional lenders are required to automatically remove PMI when the loan balance falls to 78% of the original loan amount.
Message edited 11/17/2009 5:40:47 PM.
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| Posted 11/17/09 5:31 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: where to look online for mortgage rates?
Also, take a look at this re: eliminating FHA MIP
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| Posted 11/17/09 5:45 PM |
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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
Name:
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Re: where to look online for mortgage rates?
I think that for a lot of people, the higher upfront fee is rolled into the loan's premium is paid out through the life of the loan, and that's what the bankers are referring to? Both bankers I talked to were very emphatic and very short with me when I brought it up, like they're sick of answering the question. I wonder if their banks charge more fees associated with the FHA loan and that's where the extra money comes from?
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| Posted 11/17/09 5:50 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: where to look online for mortgage rates?
Posted by DavaDay
I think that for a lot of people, the higher upfront fee is rolled into the loan's premium is paid out through the life of the loan, and that's what the bankers are referring to? Both bankers I talked to were very emphatic and very short with me when I brought it up, like they're sick of answering the question. I wonder if their banks charge more fees associated with the FHA loan and that's where the extra money comes from?
WHen we first started working with someone over at citibank, she didnt even give us the FHA option... like seriously, didnt even want to discuss it with us... she was very much set in her ways of doing conventionals....
Switched over to WF and told loan officer about this woman and what she had told us, and she litterally FLIPPED out and said that woman just doesnt want to do the extra work associated with FHA's... WF sat down with us and compared BOTH loans and showed us the differences and what would make sense for us... Loan officer happened to be younger as well and def seemed more up to date and flexible than the one at citibank...
Bottom line: if they refuse to do an FHA and you think this type of loan would benefit you, go to a different bank!!!!!
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| Posted 11/17/09 5:56 PM |
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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
Name:
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Re: where to look online for mortgage rates?
Agreed. Definitely take the loan that ends up suiting your needs the best, no matter who it's from- that's what I plan to do (next week! Aaaahhhhhh!!!!)
That's funny about Citibank - I had the opposite experience at Chase. We went to chase to ask about conventional loans because I have great credit, and the guy sat with us for 2 hours (literally, 2 hours - he went over EVERYTHING) convincing us to go FHA. We walked out of there floating on air, so excited that we could put 10% down and have so much left in the bank to redecorate. Then we got home and really looked at the numbers and saw how our monthly payment would be about $550 higher if we did that, and reality hit. We can't afford an extra $550 a month! We'd use all our extra savings to pay just that.
At least it's good to have options, right?
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| Posted 11/17/09 6:07 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: where to look online for mortgage rates?
With the FHA loan you pay an upfront fee of I belive 1.5% of the mortgage amount, You can compare APR of FHA and conventional and that should allow you to compare apples to apples...
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| Posted 11/17/09 10:18 PM |
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