Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Houston
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-12-2016, 09:13 PM
 
Location: Katy, TX
130 posts, read 134,141 times
Reputation: 49

Advertisements

First time homebuyer here.

I'm getting a 30-year fixed conventional loan. Credit score is 780, no debts (if that matters). I've asked 3 lenders for a quote and the best rate I was given so far is 3.625%. Do you think I should shop for more? They say every time someone runs your credit it dings your score. If that's true, is it worth asking more lenders, or am I just gonna be wasting my time because I most likely won't find a better rate?
Reply With Quote Quick reply to this message

 
Old 07-12-2016, 09:16 PM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 13,702,921 times
Reputation: 4189
Multiple checks in a short period only count as one credit hit to allow rate shopping.
Reply With Quote Quick reply to this message
 
Old 07-12-2016, 09:18 PM
 
150 posts, read 217,308 times
Reputation: 134
Chase & bankrate.com have advertised lower
Rates
Reply With Quote Quick reply to this message
 
Old 07-12-2016, 09:19 PM
 
1,237 posts, read 2,009,889 times
Reputation: 1089
The inquiries won't affect your score and therefore rate. Keep shopping.
Reply With Quote Quick reply to this message
 
Old 07-12-2016, 10:12 PM
 
Location: Katy, TX
130 posts, read 134,141 times
Reputation: 49
Thank you everyone. Looks like I'll keep shopping.

I've read on here some people recommend Credit Unions. I know nothing about CUs, but from what I understand I have to be a member (?). How hard is it to join a credit union and which ones do you recommend?
Reply With Quote Quick reply to this message
 
Old 07-12-2016, 10:51 PM
 
Location: Katy, TX
214 posts, read 305,156 times
Reputation: 281
3.625% is a great rate. I don't see how rates could go any further down. Isn't the Feds long-term goal to start raising interest rates (which would spur a rise in mortgage rates).
Remember to consider the price that the given lenders will charge to generate the loan (i.e. origination fee).
Reply With Quote Quick reply to this message
 
Old 07-13-2016, 07:00 AM
 
26 posts, read 34,270 times
Reputation: 11
Quote:
Originally Posted by Zoo2000 View Post
3.625% is a great rate. I don't see how rates could go any further down. Isn't the Feds long-term goal to start raising interest rates (which would spur a rise in mortgage rates).
Remember to consider the price that the given lenders will charge to generate the loan (i.e. origination fee).
Rates aren't going up significantly anytime soon. Especially with negative deposit rates becoming more and more commonplace around the world. .

I was recently quoted 3.375 on 800K total house. Good credit score but no real credit history other htan our vehicles. Keep shopping and make sure you have 20% down.
Reply With Quote Quick reply to this message
 
Old 07-13-2016, 07:27 AM
 
958 posts, read 2,567,615 times
Reputation: 827
Rates are doubtful to go up or down significantly for a long time. Years by my estimation.

I suggest is that you compare fees, not rates. Have you checked the payment difference between 3.675 and 3.825 for example? It's like 20 bucks or so a month on a $250k loan. Chicken feed in my book.

I'd compare fees, and how the lender reaches that point. Some charges higher origination or discount points that you may or may not ever recoup.

Fees not rates is what I'd compare first then rates.
Reply With Quote Quick reply to this message
 
Old 07-13-2016, 07:30 AM
 
1,501 posts, read 1,760,523 times
Reputation: 1320
Why?

Quote:
Originally Posted by Kingslayer View Post
Rates aren't going up significantly anytime soon. Especially with negative deposit rates becoming more and more commonplace around the world. .

I was recently quoted 3.375 on 800K total house. Good credit score but no real credit history other htan our vehicles. Keep shopping and make sure you have 20% down.
Reply With Quote Quick reply to this message
 
Old 07-13-2016, 07:40 AM
 
958 posts, read 2,567,615 times
Reputation: 827
Quote:
Originally Posted by hendersj31 View Post
Why?
You get the best rates and avoid PMI with 20% down.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Houston
View detailed profiles of:

All times are GMT -6. The time now is 03:00 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top