Just got off the phone with my mortage broker and I'm trying to figure out if our rate is good or not or if I should look into some other lending institutions...
We are getting 5.5 with one point paid at closing on our 30 year. We are doing an 80-15-5, so the other part is a home equity which is around 4.75, I think.
Annemarie13
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Re: Rates??
We got 5 1/2% on a 30 yr.mortgage recently with no points down
070502
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Re: Rates??
I think so far we got a 5 .5 rate with no down payment.
But I'm not sure how to handle this points thing, we shouldn't need PMI because of the VA loan and bankrate says I should buy points because of PMI.. but since I don't need PMI anyone have any input or do I not even worry about that since I'm not really putting much down at all??
Kelly9904
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Re: Rates??
Posted by lullabella
Posted by yabbobay
we got 4.3 for a 5/1 ARM
What type of mortgage is this?
Thanks!
For 5 years your interest rate is locked in but then it changes every year, based on what the current rate is at that time. However (I am not sure about this) I think that after the 5 years most banks have a max amount it can go at in each year, like 2% or something.
So Erika's rate will not change for the next 5 years but in I guess 2009 if they are still in that home her interest rate will change (most likely go up) and it will be adjusted every year. (Similar to college loans really)
the rate is much lower and fixed for 5 years (they also have 1 and 3 year options)
after 5 years- it becomes a variable rate and it can go up as much as 2% (depending on the rates) a year (which would have us even out by year 7)
since we are not planning to live in our place for more than 3-5 years...its the best option...If it is a long term buy 30 year fixed is best right now...b/c rates are pretty low...
after 5 years you can always refinance also...
MarcellaBella
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Re: Rates??
Posted by lullabella
Posted by yabbobay
we got 4.3 for a 5/1 ARM
What type of mortgage is this?
Thanks!
ARM mort. is a mort. where you get that fixed %, in this case 4.3 for only a certain period of time.. like 1 year, 2, 3 years or 5 years.. after that, then you go to a diff negotiated rate which is usually higher than the norm.. but you can refinance your mort. to 30-year with just as low rate after a year with the ARM
MarcellaBella
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Re: Rates??
Posted by yabbobay
Posted by lullabella
Posted by yabbobay
we got 4.3 for a 5/1 ARM
What type of mortgage is this?
Thanks!
the rate is much lower and fixed for 5 years (they also have 1 and 3 year options)
after 5 years- it becomes a variable rate and it can go up as much as 2% (depending on the rates) a year (which would have us even out by year 7)
since we are not planning to live in our place for more than 3-5 years...its the best option...If it is a long term buy 30 year fixed is best right now...b/c rates are pretty low...
after 5 years you can always refinance also...
You can refi after 1 year..
lullabella
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Re: Rates??
Thanks for the info GIRLS!!!!
shelzyp
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Bethpage Federal Credit Union is offering 5.375 no points as low as 5.00 with 2 points.
the rate is much lower and fixed for 5 years (they also have 1 and 3 year options)
after 5 years- it becomes a variable rate and it can go up as much as 2% (depending on the rates) a year (which would have us even out by year 7)
since we are not planning to live in our place for more than 3-5 years...its the best option...If it is a long term buy 30 year fixed is best right now...b/c rates are pretty low...
after 5 years you can always refinance also...
You can refi after 1 year..
right - I was just thinking that if anyone was worried about getting higher rates after the 5 years...
Charly
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Re: Rates??
right - I was just thinking that if anyone was worried about getting higher rates after the 5 years...
We got a 4.62% 5/1 ARM
Well I guess I'm a little worried what's going to happen in 5 years - but we really need to keep the payments down now with the wedding, but from what I understand - the rates are capped and I'll just have to be attentive to the market for the next few years. They could go down (wishful thinking!!)
palebride
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Re: Rates??
We got 4.25% on our co-op 30 year fixed with no points
LIPrincess00
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I am getting 5.87 30yr fixed - no points.
AtticaQT
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Posted by palebride
We got 4.25% on our co-op 30 year fixed with no points
Which bank did you mortgage through?
palebride
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bank of NY - it was a SONYMA loan for first time buyers which is why it was so low
