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.
On a standard 30 year fixed loan, right now, what is the best I can expect to get for a loan interest rate?
My fiancee and I are both in the excellent credit range - 750+
Is there other info needed to determine what we'd qualify for, rate-wise only? Obviously other things come into play on the amount we'd qualify, but I assume we'd qualify for the best rate out there, no?
What is that rate right now? How can I check this and know (When I've used Mortgage shopping tools, I get like 10 different rates, all different)
it depends...how much is the purchase price? what is the downpayment?
Quote:
Originally Posted by sneezecake
Question for y'all:
On a standard 30 year fixed loan, right now, what is the best I can expect to get for a loan interest rate?
My fiancee and I are both in the excellent credit range - 750+
Is there other info needed to determine what we'd qualify for, rate-wise only? Obviously other things come into play on the amount we'd qualify, but I assume we'd qualify for the best rate out there, no?
What is that rate right now? How can I check this and know (When I've used Mortgage shopping tools, I get like 10 different rates, all different)
On a standard 30 year fixed loan, right now, what is the best I can expect to get for a loan interest rate?
My fiancee and I are both in the excellent credit range - 750+
Is there other info needed to determine what we'd qualify for, rate-wise only? Obviously other things come into play on the amount we'd qualify, but I assume we'd qualify for the best rate out there, no?
What is that rate right now? How can I check this and know (When I've used Mortgage shopping tools, I get like 10 different rates, all different)
Our credit score is over 800 with no net debt and no mortgage. The best mortgage interest rate we're being offered right now is 5.6% (30-year fixed).
This, quite frankly, isn't good enough. The 30-year US Treasury is currently trading at 4.33%; and considering the US government's huge debt burden..... and they want to charge ME more in interest?
Prime borrowers, they need us more than we need them. Demand better rates from your financial institution. Otherwise, they can keep on charging-off those subprimes loans.
How do you expect them to make money by offering you 4.33%?
Remember....the worse the economy....the more money they will need to make. A lot of people hate to pay for someone else's fault but welcome to America!
If you're not paying it on your mortgage rate...you certainly are paying it at the gas pump.
You can't have everyone start demanding a lower this or lower that.
It's supply & demand. If you dont want it others will push you out the way to get it.
When you want a loan you're at the mercy of the lender.
When you want gas you're at the mercy of the gas station.
When you want a job you're at the mercy of the employer.
I'm not sure writing "Prime borrowers, they need us more than we need them." is a wise statement. A lot of 720+ borrowers are saying this....then they realize it's not the lender needing that loan.
Quote:
Originally Posted by islandFever
Our credit score is over 800 with no net debt and no mortgage. The best mortgage interest rate we're being offered right now is 5.6% (30-year fixed).
This, quite frankly, isn't good enough. The 30-year US Treasury is currently trading at 4.33%; and considering the US government's huge debt burden..... and they want to charge ME more in interest?
Prime borrowers, they need us more than we need them. Demand better rates from your financial institution. Otherwise, they can keep on charging-off those subprimes loans.
The best mortgage interest rate we're being offered right now is 5.6% (30-year fixed).
This, quite frankly, isn't good enough. The 30-year US Treasury is currently trading at 4.33%; and considering the US government's huge debt burden..... and they want to charge ME more in interest?
Prime borrowers, they need us more than we need them. Demand better rates from your financial institution. Otherwise, they can keep on charging-off those subprimes loans.
That's great for you. Looks like you will be paying cash for whatever you would like to purchase.
How do you expect them to make money by offering you 4.33%?
Remember....the worse the economy....the more money they will need to make. A lot of people hate to pay for someone else's fault but welcome to America!
If you're not paying it on your mortgage rate...you certainly are paying it at the gas pump.
You can't have everyone start demanding a lower this or lower that.
It's supply & demand. If you dont want it others will push you out the way to get it.
When you want a loan you're at the mercy of the lender.
When you want gas you're at the mercy of the gas station.
When you want a job you're at the mercy of the employer.
I'm not sure writing "Prime borrowers, they need us more than we need them." is a wise statement. A lot of 720+ borrowers are saying this....then they realize it's not the lender needing that loan.
When I wrote my comment, I didn't realize there were so many people in the profession here. Sorry if I offended. Regardless, taking the side of the borrower, I argue that Prime Borrowers deserve a lower rate and that there is still room for rates to fall- with or without the Fed.
Regarding the comment, "When you want a loan you're at the mercy of the lender." I hope that is not the attitude borrowers go in with. As Prime Borrowers, you have more power and option than you realize. I don't know of anyone whose life would literally be devastated if they didn't get a mortgage. The choice to get a mortgage, as opposed to renting and saving to pay cash at a later date, is really more of a lifestyle choice than one of survivability. On the other hand, how many banks would survive with a portfolio of just non-prime loans? See, they do need us; and that's where supply and demand comes in (as a poster noted above). We can control demand. Banks need us to sure up their portfolio of (bad) loans.
You can find attractive deals out there. How many people have been offered something like 1.9% on a credit card cash advance until the loan is paid off. I rejected offers of 5, 4, and 3% before receiving that one. Just be patient and certainly don't throw yourself at the mercy of the banks.
I dont literally mean at their mercy but you can't demand something that's not there.
Prime borrowers can get par or close to par.
One of the reason everyone is being treated the same 'lately'....it's because of how many prime borrowers are defaulting on their loans....almost as many as the subprime.
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.
