Ok i am curious, what is the interest rate some of you have been getting with the way the market is now...prices are down but interest rates are up. I know it depends on the credit score so if you can say you have good, great, amazing, decent credit to give us an idea, or if any dont mind say their score or the range that would be great lol. FH has good credit and he was saying last night that despite this he thinks he is going to get a very high interest rate, infact he told me the number he thinks, but i dont think so or im hoping not.
So anybody who went through this process RECENTLY, or going through it now just curious. I am sure others are interested too
cmjd
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Re: girls who bought houses or apartments recently
hey, i do this for a living. it depends on more than the credit score. Can he show enough income to cover the loan and his debt ? that might be the issue with the interest rates. As of today, 6.125% is really the best rate in the market without paying points. FM if you want more detailed info. good luck!!
KarinAmanda
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Re: girls who bought houses or apartments recently
we just locked in 5.875 (originally it was 6.3 - this lowers our mortgage by almost 200 a month )
cmjd
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Re: girls who bought houses or apartments recently
Oh, and thats on a 30 yr fixed.
DeeluvsVinny
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Re: girls who bought houses or apartments recently
Posted by cmjd
hey, i do this for a living. it depends on more than the credit score. Can he show enough income to cover the loan and his debt ? that might be the issue with the interest rates. As of today, 6.125% is really the best rate in the market without paying points. FM if you want more detailed info. good luck!!
Yea interest rate really depends on a lot more than credit scores.. and rates seem to dropping right now. I work for a bank attorney, so I do this all the time too and the rates are always different depending on so many different facotrs. SHOP AROUND!
cmjd
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Re: girls who bought houses or apartments recently
Karin, your so lucky you locked when you did! Congrats! Rates came back up a bit today.
Espo22
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Re: girls who bought houses or apartments recently
Posted by cmjd
hey, i do this for a living. it depends on more than the credit score. Can he show enough income to cover the loan and his debt ? that might be the issue with the interest rates. As of today, 6.125% is really the best rate in the market without paying points. FM if you want more detailed info. good luck!!
yeah i was telling fh this and what he will need for pre-approval. Thank you so much, i might just fm you tonight, thanks for the offer
KarinAmanda
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Re: girls who bought houses or apartments recently
Posted by cmjd
Karin, your so lucky you locked when you did! Congrats! Rates came back up a bit today.
thanks i cannot believe how they flucuate... everyday is different and everyday can change a mortgage by several hundred per month ... this new rate will lower our interest over 30 years by almost 80k
cmjd
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Re: girls who bought houses or apartments recently
Posted by Espo22
Posted by cmjd
hey, i do this for a living. it depends on more than the credit score. Can he show enough income to cover the loan and his debt ? that might be the issue with the interest rates. As of today, 6.125% is really the best rate in the market without paying points. FM if you want more detailed info. good luck!!
yeah i was telling fh this and what he will need for pre-approval. Thank you so much, i might just fm you tonight, thanks for the offer
No problem. Fm me later if you have questions. Just be careful, people quote lower rates , but then they charge alot of money at closing thats not necessary. Work with someone that was recommended or that you trust.
Espo22
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Re: girls who bought houses or apartments recently
Posted by KarinAmanda
we just locked in 5.875 (originally it was 6.3 - this lowers our mortgage by almost 200 a month )
OMG that is great, and you JUST got your apartment so that is real good...yeah im hoping that somehow we'll get something close to that but theres just no way to know with how things are now.
Do you have like amazing credit lol
Espo22
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by cmjd
Posted by Espo22
Posted by cmjd
hey, i do this for a living. it depends on more than the credit score. Can he show enough income to cover the loan and his debt ? that might be the issue with the interest rates. As of today, 6.125% is really the best rate in the market without paying points. FM if you want more detailed info. good luck!!
yeah i was telling fh this and what he will need for pre-approval. Thank you so much, i might just fm you tonight, thanks for the offer
No problem. Fm me later if you have questions. Just be careful, people quote lower rates , but then they charge alot of money at closing thats not necessary. Work with someone that was recommended or that you trust.
thank you for the tip...yeah i am gonna use the same ppl i used when i bought the apartment i live in now
DeeluvsVinny
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by cmjd
Posted by Espo22
Posted by cmjd
hey, i do this for a living. it depends on more than the credit score. Can he show enough income to cover the loan and his debt ? that might be the issue with the interest rates. As of today, 6.125% is really the best rate in the market without paying points. FM if you want more detailed info. good luck!!
yeah i was telling fh this and what he will need for pre-approval. Thank you so much, i might just fm you tonight, thanks for the offer
No problem. Fm me later if you have questions. Just be careful, people quote lower rates , but then they charge alot of money at closing thats not necessary. Work with someone that was recommended or that you trust.
yea and usually pre-approval means nothing. make sure you're not paying crazy points or origination fees...get a Goof Faith Estimate of Costs up front so you can make sure they honor that!
Espo22
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by DeeluvsVinny
Posted by cmjd
hey, i do this for a living. it depends on more than the credit score. Can he show enough income to cover the loan and his debt ? that might be the issue with the interest rates. As of today, 6.125% is really the best rate in the market without paying points. FM if you want more detailed info. good luck!!
Yea interest rate really depends on a lot more than credit scores.. and rates seem to dropping right now. I work for a bank attorney, so I do this all the time too and the rates are always different depending on so many different facotrs. SHOP AROUND!
yeah we're not looking to get RIGHT NOW, although theres 2 duplex apartments I LOVE and theres not tons of duplex apartments in the area we're looking in but we still are gonna have to wait a bit and maybe hopefully it'll still be on the market lol but right now we want to shop around bc we know how long this process can take, and always check out different buildings we're interested in see which would be better, which has better apartments and all that.
If we found something at a very high interest rate then i dont think we would take it, we'll definitely shop around more
Espo22
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by DeeluvsVinny
Posted by cmjd
Posted by Espo22
Posted by cmjd
hey, i do this for a living. it depends on more than the credit score. Can he show enough income to cover the loan and his debt ? that might be the issue with the interest rates. As of today, 6.125% is really the best rate in the market without paying points. FM if you want more detailed info. good luck!!
yeah i was telling fh this and what he will need for pre-approval. Thank you so much, i might just fm you tonight, thanks for the offer
No problem. Fm me later if you have questions. Just be careful, people quote lower rates , but then they charge alot of money at closing thats not necessary. Work with someone that was recommended or that you trust.
yea and usually pre-approval means nothing. make sure you're not paying crazy points or origination fees...get a Goof Faith Estimate of Costs up front so you can make sure they honor that!
Thank you...i am trying to remember the whole process, i bought my apartment 3 years ago...i remember the closing and all that well but the whole process before i dont remember perfectly. I appreciate the advice
Espo22
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Re: girls who bought houses or apartments recently
FH thinks hes gonna get 9%, no real reason for him to think this, just his guess
KarinAmanda
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Re: girls who bought houses or apartments recently
Posted by Espo22
Posted by KarinAmanda
we just locked in 5.875 (originally it was 6.3 - this lowers our mortgage by almost 200 a month )
OMG that is great, and you JUST got your apartment so that is real good...yeah im hoping that somehow we'll get something close to that but theres just no way to know with how things are now.
Do you have like amazing credit lol
not really amazing but its good, mine is low 700's, FH is mid 700's... really it just depend on the market ... we were first quoted 6.3 but then when our disclosures were redone (for other reasons) it came back at 5.875 so we locked in there...
there is word now that the government is going to again (for the third time) lower interest rates to help the market... we will see
KarinAmanda
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Re: girls who bought houses or apartments recently
Posted by Espo22
FH thinks hes gonna get 9%, no real reason for him to think this, just his guess
no way, i havent even ever heard of that high? how is your/his credit?
Espo22
Posted:
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Re: girls who bought houses or apartments recently
Posted by KarinAmanda
Posted by Espo22
Posted by KarinAmanda
we just locked in 5.875 (originally it was 6.3 - this lowers our mortgage by almost 200 a month )
OMG that is great, and you JUST got your apartment so that is real good...yeah im hoping that somehow we'll get something close to that but theres just no way to know with how things are now.
Do you have like amazing credit lol
not really amazing but its good, mine is low 700's, FH is mid 700's... really it just depend on the market ... we were first quoted 6.3 but then when our disclosures were redone (for other reasons) it came back at 5.875 so we locked in there...
there is word now that the government is going to again (for the third time) lower interest rates to help the market... we will see
wow well good for you, happy you got it at that rate and yeah it really makes a difference.
Hey in the 700's is great, i would do anything to be back in the 700's, i remember when i was mid 700's, not anymore lol.
Hopefully
Espo22
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Re: girls who bought houses or apartments recently
Posted by KarinAmanda
Posted by Espo22
FH thinks hes gonna get 9%, no real reason for him to think this, just his guess
no way, i havent even ever heard of that high? how is your/his credit?
thats what i am trying to tell him, honestly when he said that i started laughing...hes like hey i think the lowest ill get is 8 or 9 percent, i was like the lowest? W** he doesn't believe me. His credit is good, not like amazing or anything but close to 700...i know for mortgages they look for ppl to be 610 and above. well at least i can say that he'll be pleasantly surprised when he sees what rate he would get lol if he thinks 8 or 9 is the lowest
TheFutureMrsM
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Re: girls who bought houses or apartments recently
We got the rate of 6.375% In August 2006 We also got a no income check mortgage, im pretty sure.
