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Old 10-10-2013, 06:24 PM
 
580 posts, read 1,249,337 times
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I am thinking of purchasing a lot and building a new home.

Given thecurrent Default/Govt. shutdown scenario and possible short term solutions they are talking.

Please advice what would be the mortgage interest rate, when I close my home say after 6 months.

Regards!
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Old 10-10-2013, 06:42 PM
 
Location: Austin
7,083 posts, read 16,915,573 times
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Let me get out that crystal ball for you...
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Old 10-11-2013, 06:02 AM
 
1,263 posts, read 2,648,399 times
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Somewhere between 2% and 20%.
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Old 10-11-2013, 06:13 AM
 
Location: Martinsville, NJ
6,159 posts, read 10,903,330 times
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Quote:
Originally Posted by spalam01 View Post
I am thinking of purchasing a lot and building a new home.

Given thecurrent Default/Govt. shutdown scenario and possible short term solutions they are talking.

Please advice what would be the mortgage interest rate, when I close my home say after 6 months.

Regards!
Either more or less than it is right now, with at least a possibility of it remaining exactly the same.



Seriously though, no one can tell you what the interest rate will be. The generally accepted theory is that rates will start going up (there really isn't much room for them to fall) but no one I know can say when or at what rate.
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Old 10-11-2013, 09:59 AM
 
Location: MID ATLANTIC
7,604 posts, read 17,648,062 times
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My vote is not much different where we are now........Houston, we will still have a problem in 6 months. Maybe very big problems. Yellen has already stated publicly the Fed's participation in the market needs to continue through the end of 2016. Now, the big question is, will the rest of the Board of Governors vote along with her?

The ripple layoffs are happening, right now. Not Federal workers or subcontractors, but the services that depend on them. The mortgage industry is ripe with pink slips (but a lot of that has to do with refinances dwindling). Throw in a little Obamacare for the employers, with a dash of Federal shut down, and reaching the debt ceiling makes this recipe nuclear.

My favorite explanation of the debt ceiling:

DEBT LIMIT - A GUIDE TO AMERICAN FEDERAL DEBT MADE EASY. - YouTube
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Old 12-16-2013, 01:02 PM
 
315 posts, read 202,787 times
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Anymore thoughts on this subject?
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Old 12-16-2013, 08:20 PM
 
Location: Utah County
10 posts, read 22,472 times
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Before the market crash, people were happy with interest rates between 7-18%, and the loan officers were making 5% off each loan. Whatever the interest rates will be, they will be an accurate description of the state of the economy, and what people can afford (or have the illusion they can afford).
Most likely they will be the same, or slightly higher than now - slim chances that they will go back down to what they were previous to May of this year.

If you're thinking of building a new home, I would say you have a more pressing concern. A lot of times the appraisals value will come in lower than the cost of building the home. So plan on having enough downpayment, because lenders will use the appraisal value when offering you a loan. Just a heads up.
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Old 12-17-2013, 11:53 AM
 
Location: Southern California
4,350 posts, read 4,942,333 times
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Quote:
Originally Posted by Ranredd View Post
Anymore thoughts on this subject?
This thread was started two months ago, give two more months and I can tell you exactly what they would be 6 months from the original date.


Quote:
Originally Posted by Dana Anghel View Post
If you're thinking of building a new home, I would say you have a more pressing concern. A lot of times the appraisals value will come in lower than the cost of building the home. So plan on having enough downpayment, because lenders will use the appraisal value when offering you a loan. Just a heads up.
That would suck, would you be at risk of losing your initial deposit?
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Old 01-11-2014, 05:27 PM
 
580 posts, read 1,249,337 times
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Quote:
Originally Posted by Dana Anghel View Post

If you're thinking of building a new home, I would say you have a more pressing concern. A lot of times the appraisals value will come in lower than the cost of building the home. So plan on having enough downpayment, because lenders will use the appraisal value when offering you a loan. Just a heads up.
What would happen if the appraisal value comes higher than the cost of building + cost of lot?
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Old 01-11-2014, 05:38 PM
 
580 posts, read 1,249,337 times
Reputation: 150
At this point rates has increased approximately by 0.3% compared to Oct 2013

Mortgage News Daily - Mortgage And Real Estate News
Primary Mortgage Market Survey Archives - 30 Year Fixed Rate Mortgages - Freddie Mac

Any take on how it would be in next 3 months??
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