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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Yup I have another Q.. Mortgage Rate.
hey y'all!
question:
What was your mortgage rate when you closed on your house?
e.g. Did you apply for a mortgage and got approved for 6.5% and locked into a lower rate? If so, how were you able to get a lower rate?
I hope that I am making some sorta sense here... cause even I'm confused! lol
TIA!
christina
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Posted 7/12/07 2:29 PM  |
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MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: Yup I have another Q.. Mortgage Rate.
When you get pre-approved it is for an amount. They will figure the numbers for you based on the interest rate at the time.
But you can lock in a rate later on.
For example, with us we had a long time from finding the house until closing. So we were approved for our mortgage and then locked in the rate within the last 30 days before closing.
HTH
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| Posted 7/12/07 2:39 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Yup I have another Q.. Mortgage Rate.
Ours was 5.875%. We closed at the end of March.
Since the house we were buying was vacant, we did a 30 day lock at 6%. We used a broker so he was able to re-lock us in with another lender to get a lower rate which was great.
Right after our offer was accepted, the rates were at 6.25%.
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| Posted 7/12/07 2:48 PM |
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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: Yup I have another Q.. Mortgage Rate.
Posted by MrsPowers
When you get pre-approved it is for an amount. They will figure the numbers for you based on the interest rate at the time.
But you can lock in a rate later on.
For example, with us we had a long time from finding the house until closing. So we were approved for our mortgage and then locked in the rate within the last 30 days before closing.
HTH
oh so you applied for the mortgage first and then found a home? I never knew that you could do that...hmmmm... now you have me thinking!
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| Posted 7/12/07 2:50 PM |
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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: Yup I have another Q.. Mortgage Rate.
Posted by ali120206
Ours was 5.875%. We closed at the end of March.
Since the house we were buying was vacant, we did a 30 day lock at 6%. We used a broker so he was able to re-lock us in with another lender to get a lower rate which was great.
Right after our offer was accepted, the rates were at 6.25%.
wow that's a great rate! i wish if we could get something like that.. we have great credit.. but I don't know.. I guess once we apply for the mortgage.. we'll know what to do. Until then I will be questioning everything.
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| Posted 7/12/07 2:52 PM |
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MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: Yup I have another Q.. Mortgage Rate.
Posted by christina-and-mike07
Posted by MrsPowers
When you get pre-approved it is for an amount. They will figure the numbers for you based on the interest rate at the time.
But you can lock in a rate later on.
For example, with us we had a long time from finding the house until closing. So we were approved for our mortgage and then locked in the rate within the last 30 days before closing.
HTH
oh so you applied for the mortgage first and then found a home? I never knew that you could do that...hmmmm... now you have me thinking!
No we found the house. Then applied for the mortgage. They ran all the numbers based on the interest rate at the time. Then the numbers were adjusted later on closer to closing.
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| Posted 7/12/07 2:52 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Yup I have another Q.. Mortgage Rate.
our rate was 6.175 at the beginning of may.
we locked in for 30 days a few days before our "on or about" date. we actually wound up closing after those 30 days were up, but it was the bank's fault so we didn't pay for an extension. our broker was great, if you need a rec, FM me!
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| Posted 7/12/07 4:00 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Yup I have another Q.. Mortgage Rate.
Posted by christina-and-mike07
Posted by MrsPowers
When you get pre-approved it is for an amount. They will figure the numbers for you based on the interest rate at the time.
But you can lock in a rate later on.
For example, with us we had a long time from finding the house until closing. So we were approved for our mortgage and then locked in the rate within the last 30 days before closing.
HTH
oh so you applied for the mortgage first and then found a home? I never knew that you could do that...hmmmm... now you have me thinking!
you should get pre-approved before looking for houses. it will make things easier for you if you know a price range. it will also make things move faster if you do find a house you want to make an offer on.
we house hunted for a LONG time! FM me if you have any questions!!
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| Posted 7/12/07 4:02 PM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: Yup I have another Q.. Mortgage Rate.
Also, pre-approvals "expire" after 90 days. So if you're ready to look, you should probably start shopping around.
Don't forget about Long Island Housing Partnership. If you search this forum for LIHP, you'll find a lot of information about them and people who have gone to them. 
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| Posted 7/12/07 6:07 PM |
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
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Re: Yup I have another Q.. Mortgage Rate.
We locked about 60 days before closing (it was a 30 day lock originally though), and the rate was 6 percent. We locked in early May I believe.
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| Posted 7/12/07 6:35 PM |
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counselor74
LIF Adolescent
Member since 5/07 806 total posts
Name:
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Re: Yup I have another Q.. Mortgage Rate.
Rates right now are running in the 6.6 range. Lock in's are good when interest rates are unstable and on the rise. Otherwise they are unnecessary and just a way for the bank to make some money on you. It is impossible to guarantee what the interest rate will be on the day of your closing so banks try to make you feel that locking in 30-60 days before is important. You are better off buying points to reduce your rate than locking in.
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| Posted 7/12/07 9:22 PM |
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