Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm a first time buyer and recently got pre-approved for a 400k loan, 5% down, 1.23 buy-down points, at an intererst rate of 6.5% with very good credit. This was through Bank-of-America.
Is there anything better out there or is this the going rate?
I had received a 30 year fixed for 200K at 6.7% with 100% financing, 0 points. this was through first communuty. I have very good credit, and although I am a first time buyer, it was not under that program
BOA is currently offering me 6.375 with no points and no closing cost or pmi for a 300k home with 10% down. I guess it depend on the amount of the loan and down payment.
I locked at 6.75 for 215k (same loan type, 5% down, bought the points etc) with Boa but that was almost 2 months ago.
I just signed up thru BoA to draft the mortgage 2 times a month instead of 1 from my bank account also (they do it on the 2nd and the 16th). That helps us out a ton.
Its very hard to compare loans unless you know all the terms (down payment, points, credit score, loan fees, etc.) There is already a topic here on recent rates that people are getting: What Interest Rates are you getting these days
Most lenders just raised their rates last Friday after the Fed. speech. I am hoping they might come down a little before I have to lock at the end of this month.
That rate is rather high. especially because they are charging you points to buy it down.
Approximately 6.25% to 6.375 without you buying down any points.
I ran the scenario based on the information you provided. Assuming the fico was a 720 or > and you were not Self Employed and this was 30 Year FIXED Full doc loan.
Moderator cut: Solicitation & Signature Violations
Last edited by SunnyKayak; 09-06-2007 at 12:31 PM..
Someday the rates will go back down under 6% and I will be happy, lol. I was lucky to get 6.125 last year, no points, no origination fees, etc, but we put down 30% or so...
Today's rates are at 6% with maybe 1 point or less.
The more money down helps the rate out also.
6.5% isnt a bad rate if BofA is payin the PMI with only 5% down
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
