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I just bought a home (close on 14th) already got everything done, appraisals, inspections, all ready to close. I locked in a rate of 3.25% @ 3.318apr from usaa 30 year fixed va loan. On trulia.com, found a mortage tab and put my info in, and shows. I paid 750 origination fee, but that doesnt matter much.
Trulia's mortage company called Erates quote
Loan purpose Purchase
Loan product 30 year fixed (VA)
Interest rate 2.875 %
APR 2.967 %
Loan origination fee $1,500
Appraisal fee $450
Lender credit ($167)
Total Estimated Fees $1,783
Just curious if places like trulia's "erates" mortage companies are legit. Should i get upset over 3.25 to 2.875 rate? I lurk here alot, and this is kind of bothering me. :| Navyfed and penfed was 3.0 rates but wanted like 2k in points. I feel this is too good to be true. ^
Plus, there were probably all kinds of restrictions and requirements on that e-rates mortgage that you would not have met. You know, the old "if it sounds too good to be true..."
Jeez if you doing this now, wait til you start getting the 2 offers a day to refinance. My recommendation is let someone else open your mail for the next year.
I just bought a home (close on 14th) already got everything done, appraisals, inspections, all ready to close. I locked in a rate of 3.25% @ 3.318apr from usaa 30 year fixed va loan. On trulia.com, found a mortage tab and put my info in, and shows. I paid 750 origination fee, but that doesnt matter much.
Trulia's mortage company called Erates quote
Loan purpose Purchase
Loan product 30 year fixed (VA)
Interest rate 2.875 %
APR 2.967 %
Loan origination fee $1,500
Appraisal fee $450
Lender credit ($167)
Total Estimated Fees $1,783
Just curious if places like trulia's "erates" mortage companies are legit. Should i get upset over 3.25 to 2.875 rate? I lurk here alot, and this is kind of bothering me. :| Navyfed and penfed was 3.0 rates but wanted like 2k in points. I feel this is too good to be true. ^
It's human nature to want to pay less than market value, and especially to want the lowest rate. First, even if e-rates was nationally acclaimed, best reputation, ever.......you do not have enough time to get your loan ready to close in time - you would be in default. It can take up to 10 days to transfer the appraisal to the new company. That's before you even get out of the gate. The other issue with a bottom-feeder, there's no pId loan officer. Your ship has no captain. The minnows row as best they can, but the will be lucky to make a 30 closing, but certainly not a two week closing.
Look straight ahead, don't second guess yourself. (Did you also wonder if you really should have bought that house right after signing the contract??? Normal, too). There will always be a better price home and there will always be better rates. You are well ahead of most of the country on the latter.
Some of those rates you might not even qualify for so I would not sweat what you got. As long as you are happy with the home and you got a competitive rate be happy.
Stop overthinking everything. I always crack up when I read things like this where people lose sleep over the most tiniest little details that at the end of the day doesn't amount to anything.
We bought our house using wells fargo last year and locked a rate of 4% but the closing went super fast, about 29 days.
We just did a "no cost" refi and got a rate of 3.5% using an online broker but so far we are on day like 58..
Don't worry about your rate, I was in a panic watching the 10 year yield when I first bought my house worrying the rates would go up 1/8th. You have a great rate.. if rates drop down to 2% next year it wont matter either way as you can just refi.
Thank you everyone, I read a lot of erviews on erates anyway, sounds like majority of them don't get to even close or have a lot of issues. Promise low rates, then have tons of hidden fees and rates. USAA I use for everything so I am going to stick with it (no choice) I am happy after reading the reviews here and some other research. Fact is, usaa got my home frm seen to buy in a little over a week. I cannot complain. Customer service was great and hopefully there will be same service throughout servicing the loan.
Thank you so much everyone, my house purchase went well. 3.25 @ 30 years va loan, no points. I even received a $3000 credit at end of the closing. So happy! I havn't made a payment yet, but I am not upset now, and seeing interest rates rising I am glad I locked in when I did. Appreciate everything people.
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