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Old 05-07-2015, 06:13 AM
 
Location: Texas
3,694 posts, read 2,839,253 times
Reputation: 6079

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Quote:
Originally Posted by iama30something View Post
This is exactly what I was quoted. It jumped that much in 2 days...

I didn't lock. I'm waiting one more day...
I actually misspoke before. 4.125% was the rate on Tuesday (not Mon as I originally said) and by last night (Wed), it was 4.25%. I think the reason my husband is pissed and wants me to look at other options is that the lender said she would watch it for us and if it was going up, she would go ahead and lock it. He wanted more proactive action on her part. Well, it's in their benefit for us to lock at a higher rate, Duh.....

Doesn't the Jobs report comes out Fri? That might have an effect.
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Old 05-07-2015, 10:09 AM
 
360 posts, read 492,689 times
Reputation: 283
Quote:
Originally Posted by Texas Ag 93 View Post
I actually misspoke before. 4.125% was the rate on Tuesday (not Mon as I originally said) and by last night (Wed), it was 4.25%. I think the reason my husband is pissed and wants me to look at other options is that the lender said she would watch it for us and if it was going up, she would go ahead and lock it. He wanted more proactive action on her part. Well, it's in their benefit for us to lock at a higher rate, Duh.....

Doesn't the Jobs report comes out Fri? That might have an effect.
Yes, but I'm afraid its going to make the rate jump higher. i think I may lock today.. it's down.

I could get 4.25% with $890 credit now or 4.125% and pay $890.
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Old 05-07-2015, 12:01 PM
 
Location: Texas
3,694 posts, read 2,839,253 times
Reputation: 6079
BOA just claimed they could get me a rate of 3.75%, but it could likely have had higher fees and closing costs. Gonna go back to my existing bank and see if she has a product that would match that. I honestly did not have all her info on fees and costs in front of me when I talked to BOA.

Starting all over 40 days out. Still not sure I want to do that.....but 3.75 versus 4.25. That's big if it turns out to be pretty much apples to apples.
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Old 05-07-2015, 03:20 PM
 
Location: Durham NC
1,126 posts, read 1,177,972 times
Reputation: 868
Quote:
Originally Posted by Texas Ag 93 View Post
BOA just claimed they could get me a rate of 3.75%, but it could likely have had higher fees and closing costs. Gonna go back to my existing bank and see if she has a product that would match that. I honestly did not have all her info on fees and costs in front of me when I talked to BOA.

Starting all over 40 days out. Still not sure I want to do that.....but 3.75 versus 4.25. That's big if it turns out to be pretty much apples to apples.

If you can't lock in right now the rate you were quoted is basically meaningless.
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Old 05-07-2015, 03:51 PM
 
176 posts, read 132,966 times
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I did not have patience to read the entire post but 3.75 looks far fetched for a conventional 30yrs loan. I have literally spoken to like 15 lenders the they are all above 4.0% for conventional 30yrs. If you are referring to 15yrs then its too high. If its FHA then please stay away from it, LPMI mortgage cannot be that low.

And yes no rate lock = no deal.
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Old 05-07-2015, 04:19 PM
 
Location: Texas
3,694 posts, read 2,839,253 times
Reputation: 6079
Quote:
Originally Posted by lancers View Post
If you can't lock in right now the rate you were quoted is basically meaningless.
I was told I can lock it in by ordering an appraisal. Of course, there is a cost to that of a few hundred dollars.

Quote:
Originally Posted by YelloJacket View Post
I did not have patience to read the entire post but 3.75 looks far fetched for a conventional 30yrs loan. I have literally spoken to like 15 lenders the they are all above 4.0% for conventional 30yrs. If you are referring to 15yrs then its too high. If its FHA then please stay away from it, LPMI mortgage cannot be that low.

And yes no rate lock = no deal.
It's a special Physician Loan program from BOA. But, I have bought enough houses to know that nothing comes without strings attached. A rate that low is probably front loaded with fees and origination costs.
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Old 05-08-2015, 09:57 AM
 
360 posts, read 492,689 times
Reputation: 283
Bonds are getting crushed today. Back down to 2.11... I think I'll lock today if I can get 4.125% with no points.
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Old 05-08-2015, 12:50 PM
 
360 posts, read 492,689 times
Reputation: 283
Just locked @ 4.25% with a $2225 credit toward closing.

I figured that was a better deal than the 4.125% with no credit... if I sell or refinance in the next 7 years, I'll come out ahead.
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Old 05-08-2015, 01:09 PM
 
Location: Southern California
4,350 posts, read 4,933,884 times
Reputation: 2129
Quote:
Originally Posted by iama30something View Post
Just locked @ 4.25% with a $2225 credit toward closing.

I figured that was a better deal than the 4.125% with no credit... if I sell or refinance in the next 7 years, I'll come out ahead.
I think closer to 5 years. Is this a big bank or broker?
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Old 05-08-2015, 03:58 PM
 
360 posts, read 492,689 times
Reputation: 283
Quote:
Originally Posted by thelopez2 View Post
I think closer to 5 years. Is this a big bank or broker?
Broker.

The difference in monthly payments was $29.

$2225 / $29 month = 76.72 months (6.4 years)
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