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
Espo22
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Member since
Re: girls who bought houses or apartments recently
Posted by TheFutureMrsM
We got the rate of 6.375% In August 2006 We also got a no income check mortgage, im pretty sure.
yeah im just curious how it is right now bc of the way the market is...the last few months have changed drastically. 3 years ago i got around 6%. But interest rates went up at the moment so i am curious at this VERY moment what its like lol, i think they are changing again soon like someone mentioned in here so thats good to know.
but house prices are definitely going down...its crazy bc a few days ago i saw a condo online that was GORGEOUS and it was a 1 bedroom for $400k, and i saw it again last night and they said it was marked down and now its about $265, so a big difference.
gabbie83
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Re: girls who bought houses or apartments recently
we got 6.25% for a 30 yr fixed morgage (i have great credit, FH has average) I thought I was getting a good deal but I guess I'm not. I should look around more.
Espo22
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Re: girls who bought houses or apartments recently
Posted by gabbie83
we got 6.25% for a 30 yr fixed morgage (i have great credit, FH has average) I thought I was getting a good deal but I guess I'm not. I should look around more.
did you just get it? interest rates went up...prices on houses went down but the interest rate goes up
smplynluv
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by Espo22
Posted by DeeluvsVinny
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
But remember that a Good Faith Estimate is just that.... an estimate. its very possible that they'll change the actual from the estimate. But, when you get to the closing table, just fight to get your fees reduced even more. The loan officer will want to get the deal closed and will try to do what they can. Also, fight with the title company fees... they're a pain too.
gabbie83
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by Espo22
Posted by gabbie83
we got 6.25% for a 30 yr fixed morgage (i have great credit, FH has average) I thought I was getting a good deal but I guess I'm not. I should look around more.
did you just get it? interest rates went up...prices on houses went down but the interest rate goes up
Yeah we are in the process of getting approved. I just spoke with my Mortgage lady and she said we need more documentation. Sooooo annooying.
Mici n KC
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by Espo22
Posted by TheFutureMrsM
We got the rate of 6.375% In August 2006 We also got a no income check mortgage, im pretty sure.
yeah im just curious how it is right now bc of the way the market is...the last few months have changed drastically. 3 years ago i got around 6%. But interest rates went up at the moment so i am curious at this VERY moment what its like lol, i think they are changing again soon like someone mentioned in here so thats good to know.
but house prices are definitely going down...its crazy bc a few days ago i saw a condo online that was GORGEOUS and it was a 1 bedroom for $400k, and i saw it again last night and they said it was marked down and now its about $265, so a big difference.
What a difference in price! I work with a realtor now to get listings in specific areas and get emails everyday. So many houses have been on the market for almost a year and I just see the prices still coming down.
Espo22
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by smplynluv
Posted by Espo22
Posted by DeeluvsVinny
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
But remember that a Good Faith Estimate is just that.... an estimate. its very possible that they'll change the actual from the estimate. But, when you get to the closing table, just fight to get your fees reduced even more. The loan officer will want to get the deal closed and will try to do what they can. Also, fight with the title company fees... they're a pain too.
Ok will definitely do, thank you so much. When i get home i am gonna write all this down lol
Espo22
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by gabbie83
Posted by Espo22
Posted by gabbie83
we got 6.25% for a 30 yr fixed morgage (i have great credit, FH has average) I thought I was getting a good deal but I guess I'm not. I should look around more.
did you just get it? interest rates went up...prices on houses went down but the interest rate goes up
Yeah we are in the process of getting approved. I just spoke with my Mortgage lady and she said we need more documentation. Sooooo annooying.
oh the process is a pain, just be prepared...he lady who worked for my broker kept forgetting to tell me documentation i needed and she kept making me come back to bring things in...it was like why cant you tell me at once instead of all this
toniscott
Posted:
Member since
Re: girls who bought houses or apartments recently
we got 6.25% for a 30 yr fixed morgage..Shop the rate and keep copies of everything..Good Luck once it's all said and done, homeownership is the greatest feeling :)
Espo22
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by MiciB115
Posted by Espo22
Posted by TheFutureMrsM
We got the rate of 6.375% In August 2006 We also got a no income check mortgage, im pretty sure.
yeah im just curious how it is right now bc of the way the market is...the last few months have changed drastically. 3 years ago i got around 6%. But interest rates went up at the moment so i am curious at this VERY moment what its like lol, i think they are changing again soon like someone mentioned in here so thats good to know.
but house prices are definitely going down...its crazy bc a few days ago i saw a condo online that was GORGEOUS and it was a 1 bedroom for $400k, and i saw it again last night and they said it was marked down and now its about $265, so a big difference.
What a difference in price! I work with a realtor now to get listings in specific areas and get emails everyday. So many houses have been on the market for almost a year and I just see the prices still coming down.
yeah i was shocked, i seriously kept looking to see i was seeing the right price lol. Well i really hope the places we're interested in will still be on the market in a few short months if it wasn't for the wedding i would definitely get it now, but with 5 months left and basically having to pay most of our wedding off right now its just hard
Espo22
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by toniscott
we got 6.25% for a 30 yr fixed morgage..Shop the rate and keep copies of everything..Good Luck once it's all said and done, homeownership is the greatest feeling :)
yeah if i get an insane rate i wont just take it, ill keep shopping around...congrats to you and thank you...i am glad though that fh is doing most of the work bc i went through this already and it was such a pain
toniscott
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by Espo22
Posted by toniscott
we got 6.25% for a 30 yr fixed morgage..Shop the rate and keep copies of everything..Good Luck once it's all said and done, homeownership is the greatest feeling :)
yeah if i get an insane rate i wont just take it, ill keep shopping around...congrats to you and thank you...i am glad though that fh is doing most of the work bc i went through this already and it was such a pain
Yeah, I did alot of the leg work but when it got to be too much I turned FH loose, and got ppl back in line...The unresponsive people are the ones that make the process difficult...Keep us posted
KarinAmanda
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by gabbie83
Posted by Espo22
Posted by gabbie83
we got 6.25% for a 30 yr fixed morgage (i have great credit, FH has average) I thought I was getting a good deal but I guess I'm not. I should look around more.
did you just get it? interest rates went up...prices on houses went down but the interest rate goes up
Yeah we are in the process of getting approved. I just spoke with my Mortgage lady and she said we need more documentation. Sooooo annooying.
we are in the same boat, just approved though and our adjusted good faith estimate has a interest rate of 5.875 so we jumped on it. if you have questions, please let me know. we are just about where you are in the process, just a little further along
Espo22
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by toniscott
Posted by Espo22
Posted by toniscott
we got 6.25% for a 30 yr fixed morgage..Shop the rate and keep copies of everything..Good Luck once it's all said and done, homeownership is the greatest feeling :)
yeah if i get an insane rate i wont just take it, ill keep shopping around...congrats to you and thank you...i am glad though that fh is doing most of the work bc i went through this already and it was such a pain
Yeah, I did alot of the leg work but when it got to be too much I turned FH loose, and got ppl back in line...The unresponsive people are the ones that make the process difficult...Keep us posted
well when i bought an apartment a few years ago i had to do it alone, it was aggrevating because it was just so much going back and forth. The closing isn't bad though
TheFutureMrsM
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by Espo22
Posted by TheFutureMrsM
We got the rate of 6.375% In August 2006 We also got a no income check mortgage, im pretty sure.
yeah im just curious how it is right now bc of the way the market is...the last few months have changed drastically. 3 years ago i got around 6%. But interest rates went up at the moment so i am curious at this VERY moment what its like lol, i think they are changing again soon like someone mentioned in here so thats good to know.
but house prices are definitely going down...its crazy bc a few days ago i saw a condo online that was GORGEOUS and it was a 1 bedroom for $400k, and i saw it again last night and they said it was marked down and now its about $265, so a big difference.
At that time last year, that was a pretty good rate, i havnt paid much attention to rates lately and what they are. Also wanted to add, that is for a 30 year mortgage. FH mentioned he wants to pay off the mortgage completely next year. So the rate doesnt really matter, cause we wont be paying the interest for the next 28 years. If you put extra money each month towards ur mortgage payment it goes to the principal, and takes years of your mortgage. So you can get done paying it alot sooner than 30 years.
Espo22
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by TheFutureMrsM
Posted by Espo22
Posted by TheFutureMrsM
We got the rate of 6.375% In August 2006 We also got a no income check mortgage, im pretty sure.
yeah im just curious how it is right now bc of the way the market is...the last few months have changed drastically. 3 years ago i got around 6%. But interest rates went up at the moment so i am curious at this VERY moment what its like lol, i think they are changing again soon like someone mentioned in here so thats good to know.
but house prices are definitely going down...its crazy bc a few days ago i saw a condo online that was GORGEOUS and it was a 1 bedroom for $400k, and i saw it again last night and they said it was marked down and now its about $265, so a big difference.
At that time last year, that was a pretty good rate, i havnt paid much attention to rates lately and what they are. Also wanted to add, that is for a 30 year mortgage. FH mentioned he wants to pay off the mortgage completely next year. So the rate doesnt really matter, cause we wont be paying the interest for the next 28 years. If you put extra money each month towards ur mortgage payment it goes to the principal, and takes years of your mortgage. So you can get done paying it alot sooner than 30 years.
yeah rates went up recently so thats why i asked, i think theyre gonna go down soon though or somewhat at least.
I think i actually have a 20 year mortgage on my apartment, cant remember lol
yeah paying extra makes a huge difference
snwb08
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by toniscott
we got 6.25% for a 30 yr fixed morgage..Shop the rate and keep copies of everything..Good Luck once it's all said and done, homeownership is the greatest feeling :)
that's what i got. in June 2006.
fed cut the rate today so they should go down
trojo1521
Posted:
Member since
Re: girls who bought houses or apartments recently
We just locked in a rate of 5.5% but that is through the SONYMA program.
Miblove
Posted:
Member since
Re: girls who bought houses or apartments recently
My fiancee and I bought our home over a year ago - interest rates were low then....
Howeverrrrr, interest rates arent as high as you think....if fact, my fh still gets ppl rates of like 6.25%....I dont know the specifics of their credit scores and stuff
Also, there are GREAT options for first-time home buyers, which I'm assuming you guys would be....
So, I wouldnt get discouraged - you could always get pre-approved by a mortgage consultant just to see...and you definitely want to do that before you start looking at houses/apts...
HTH
Miblove
Posted:
Member since
Re: girls who bought houses or apartments recently
Posted by snwb08
Posted by toniscott
we got 6.25% for a 30 yr fixed morgage..Shop the rate and keep copies of everything..Good Luck once it's all said and done, homeownership is the greatest feeling :)
that's what i got. in June 2006.
fed cut the rate today so they should go down
The rate cut, for the most part is only affecting those already w/ existing loans - adjustable in particular - freezing them, so can continue to make payments & afford it
