girls who bought houses or apartments recently

Original post by Espo22

Dec 11, 2007 01:51 PM

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 Posted: Dec 11, 2007 06:43 PM

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

WOOO HOOO good news lol, fh is gonna look into it tonight

Espo22 Posted: Dec 11, 2007 06:43 PM

Re: girls who bought houses or apartments recently

Posted by trojo1521

We just locked in a rate of 5.5% but that is through the SONYMA program.

whats sonyma?

MeaganAndJoeC Posted: Dec 11, 2007 06:46 PM

Re: girls who bought houses or apartments recently

We got 7% for a fixed for 15 yrs... good luck.. buying house or evn looking is soo stressful and the process is too

Espo22 Posted: Dec 11, 2007 07:01 PM

Re: girls who bought houses or apartments recently

Posted by Nc82

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

yeah i told fh to expect something like 6.25%.

Well fh is putting it in his name, bc i own an apartment already so its better for him to do this and get it as a first time buyer

thank you so much...yeah i am actually optimistic with the fact that prices are going down, its fh but hes always mister glass is half empty lol so its expected...i was hoping to get answers from ppl who did it now to show FH so he can see since he doesn't believe me lol...i appreciate everyones help, alot of helpful advice

Miblove Posted: Dec 11, 2007 07:20 PM

Re: girls who bought houses or apartments recently

I'm glad we could help!

Oh and Sony Mae - It's a type of loan

Like Sally Mae

Feel free to fm me

autumnbride08 Posted: Dec 11, 2007 08:02 PM

Re: girls who bought houses or apartments recently

We bought our place over the summer, and when we went to contract the rates were at 5.875, by the time we closed (3 months later) we had to lock in at 6.5% (and if we didn't lock in that day, it would have been 6.75% if not higher!!!)

That is for a 30 year fixed.

and both FH and I have amazing credit.

trojo1521 Posted: Dec 11, 2007 08:10 PM

Re: girls who bought houses or apartments recently

SONYMA stands for the State of New York Mortgage Association. They do loans for first time home buyers. You can either have them pay your closing costs and have an interst rate aroun 6% (but you have to live in your house for a certain amount of time) or pay your own closing costs and get an even lower interest rate. There are some salary requirements and you have to jump through so many hoops, but it is well worth it.