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Old 05-04-2015, 01:00 PM
 
360 posts, read 492,214 times
Reputation: 283

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I was quoted 4.125% for a 30-year conventional mortgage.

$445k sale price
$20% down
$356k loan

Credit: 787

I'm not sure on my DTI, but this would be my only debt, besides a credit card I pay in full every month.

Is this a good rate? I thought I could get under 4% in this climate?

Should I wait a few days to lock for bond rates to go back down?
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Old 05-04-2015, 02:06 PM
 
Location: Boise, ID
8,011 posts, read 22,499,039 times
Reputation: 9212
I'm not an agent, so I don't keep up on rates all that closely. But I do work in a real estate office, and I heard the broker talking to a lender this morning.

The broker's comment I heard was "Really, rates have gone up that much? That's a little uglier. Still fabulous, but uglier".

So I don't know what rate they were quoted...



Haha, while I was typing this, their loan commitment letter came in, at 4.25%. So there you go. Knowing who this buyer is, I would think they also would be an A credit buyer. So I don't think you are getting a "screwed" rate.
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Old 05-04-2015, 02:17 PM
 
Location: Somewhere in USA
537 posts, read 452,696 times
Reputation: 467
Your rate is as good as someone with excellent credit can get today, so 4.125% is a reasonable rate. If you keep waiting, it will be on the upward. Lock it in, pay at least a 1 year, if rate is much lower, refinance and save.
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Old 05-04-2015, 02:43 PM
 
Location: Southern California
4,350 posts, read 4,929,984 times
Reputation: 2129
Condo or SFR, how much and what are you including in closing cost, how many day lock, do you have a float down? Rates have been going up, don't expect anyone to give you an accurate prediction on rates, if they could, they would have told you to a few weeks ago.
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Old 05-04-2015, 02:56 PM
 
360 posts, read 492,214 times
Reputation: 283
Quote:
Originally Posted by thelopez2 View Post
Condo or SFR, how much and what are you including in closing cost, how many day lock, do you have a float down? Rates have been going up, don't expect anyone to give you an accurate prediction on rates, if they could, they would have told you to a few weeks ago.
Condo
not sure, i know the closing cost is around $12,850
30 day lock
not sure

Now i was just quoted 4.25% with a $890 credit or 4.125% with a $890 charge.

#*****%
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Old 05-04-2015, 03:59 PM
 
Location: Southern California
4,350 posts, read 4,929,984 times
Reputation: 2129
Quote:
Originally Posted by iama30something View Post
Condo
not sure, i know the closing cost is around $12,850
30 day lock
not sure

Now i was just quoted 4.25% with a $890 credit or 4.125% with a $890 charge.

#*****%
Sounds about right. If the HOA has issues, expect a higher rate.
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Old 05-04-2015, 04:50 PM
 
4 posts, read 3,533 times
Reputation: 10
Quote:
Originally Posted by iama30something View Post
I was quoted 4.125% for a 30-year conventional mortgage.

$445k sale price
$20% down
$356k loan

Credit: 787

I'm not sure on my DTI, but this would be my only debt, besides a credit card I pay in full every month.

Is this a good rate? I thought I could get under 4% in this climate?

Should I wait a few days to lock for bond rates to go back down?

My numbers (sale price, downpayment, loan and credit score) are very close to yours and the best I could do last week was 4.125%, or 4% for some points. This is for a single-family home.
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Old 05-04-2015, 06:30 PM
 
1,049 posts, read 2,397,636 times
Reputation: 1366
Wow, sounds like I picked a good point to lock. I locked around the end of the first week of april for 3.75% with no points or credits or anything. Good luck yall, I also expect rates only to climb through the summer.
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Old 05-04-2015, 06:58 PM
 
Location: Southern California
4,350 posts, read 4,929,984 times
Reputation: 2129
Quote:
Originally Posted by iama30something View Post
Condo
not sure, i know the closing cost is around $12,850
30 day lock
not sure

Now i was just quoted 4.25% with a $890 credit or 4.125% with a $890 charge.

#*****%
Even if you could get a 3.99 at $890 cost would you start all over with another lender? It is funny to see how many people don't like to save money.
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Old 05-04-2015, 07:45 PM
 
4,248 posts, read 10,227,025 times
Reputation: 3109
I just got a GFE from my credit union today on a loan amount for 260k on a Conventional loan @ 3.75% and APR at 4.15%. I also got one on Saturday through BOA on a loan amount for 232k on a Conventional loan @ 3.875%. Neither one required points.

My credit is average but my wife's is almost 800. This was from the BOA guy who told me what they were when he pulled the credit. Front DTI is 12% and back DTI is 25%.
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