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Old 10-21-2008, 07:45 AM
 
57 posts, read 292,754 times
Reputation: 50

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Anyone is in the market for new home like me here ( HOUSTON TX )

My Target:
I am looking for new home with at least 2500 Sq ft - 4 bed room - 2+ bath - 2 Car garage - 2 Stories
Location Katy, Richmond, sugar land & pearland - as of my reasearch Sugar land is too higher for my budget, somewhat same for pearland.

Question

* I would like to know whats the current mortgage rate going on in Houston. My friend closed home with Royce builders 6 months before for 5.5% APR. Can I get that or get better?
I am trying to find out how much APR going on now.
* I reduced all my debts to Zero and only having the car loan about 15K - and i am ready for new home. If i run a credit line for new home now and how long it will be valid?
* Is it better to Mortgage loan with the builder or someone else outside.
* Is it better to go to Realtor and get 2-3% cash back from them or go directly to builders for negotiation.
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Old 10-21-2008, 08:06 AM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 13,679,555 times
Reputation: 4187
"Is it better to Mortgage loan with the builder or someone else outside."

Often the builder will offer you incentives like free upgrades in return for using their mortgage company. However they will of course recoup these costs by charging you junk fees and a higher rate. Its best to get a quote from an outside lender to compare to the builders lender to see if its worth it to you to pay more on the loan for the upgrades. Usually it will not be. Often if you do not use their lender the builder will throw a fit since this is a big portion of their profits (upgrades are their other main profit center). I used my builders lender but only because I was eligible for a VA loan and that prevented them from charging me any junk fees.
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Old 10-21-2008, 08:24 AM
 
84 posts, read 341,676 times
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Pearland - Homes in Shadow Creek Ranch are lot cheaper than Katy(Cinco Ranch).
Bankrate.com will show you the current mortgage rate. Its like 6.125 % with 1 point in Wellsfargo
If they check your credit score, its usually valid for 90 days I think.
If you know some realtor friends, you can get some % from them and use that for closing
Bank Of America has no closing costs, I am going to go with them next month.
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Old 10-21-2008, 11:35 AM
 
Location: Houston, Texas
469 posts, read 1,481,386 times
Reputation: 295
Right now today rates have pulled back because investors have been cashing out of the stock market to reep their gains and moving into bonds. My mortgage guy told me that just 2 hours ago rates were at 5.75% at par on a 30 year loan.

Most agents can get you a better deal with builders than you can yourself.

UT is right about using a builders lender they make up every bit of the free upgrades on the back end and fees. What ever you do right now you need to look at rates and fee schedules from one of each of the following avenues, a credit union, one of the now super banks, and a mortgage broker. With how crazy the lending market is right now there is a suprising amount of variance at any given time between the different lenders. There is not one that consistently has better over all rates. In conclusion always compare the A.P.R. as this take into account fees and the interest rate.

If you would like any further help feel free to private message me.
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Old 10-22-2008, 09:27 AM
 
Location: Sugar Land, TX, USA
759 posts, read 3,174,530 times
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what is your budget? a new home in a starter home priced neighborhood is always a high risk. A better choice would be a home in an established neighborhood.
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Old 10-22-2008, 10:29 AM
 
Location: Sugar Land, Texas
530 posts, read 2,029,626 times
Reputation: 197
I closed at 6.125 fixed/30 a few weeks ago, but things are crazy now and I stopped keeping track of it. When they dip into the low 4's, I'll look at a refinance. Can't help you w/ builder questions as I've only ever bought older homes.
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Old 10-28-2008, 08:58 PM
 
57 posts, read 292,754 times
Reputation: 50
thanks firsthome...3 of my friends are living in Shadow creek ranch..yes ..cinco ranch is over priced..

jamesww...thats a gr8 information about the APR...5.75% is better than what i am hearing around 2 months ago...I hope rates will go down..again i am not sure ...if it goes up.screwed..

icon7 - my initial budget was 150..then i started looking for good areas..increased my budget to 200 around...so i will stick to that..i am looking for around 2600sqft atleast..2 story..4+ bedroom, 2+ bath...
everyone says its better to go with agent(realtor)..i have to find a good reliable( ofcoz its all about business)..lets see..

thanks for help guys...
we should start new thread about the Mortgage rates in houston area..
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