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with yesterday's rate you should get no higher than 5% with 1 point and your score has to be 720+, and need to be a 120k loan amount
Quote:
Originally Posted by sbanawan
Ok. So compare the 800 lines. But with this "rates change all the time" canard I keep hearing, how on earth can I know who to lock with? I just wish that I could get a straight answer on the question:
I've got 20% down and I'd like a 30 year fixed mortgage. What rate can you give me and what will a point buy down?
Should I wait until 30 days so I can decide on the spot and reduce the possibility of a rate fluctuation?
sbanawan,
Not sure if you saw my post before you wrote yours... but, my answer stands the same;
Carefully interview & select a financial professional (not a company or a "rate") you are confident you can trust. Use the same methods you would use to find a good accountant for managing large family assets, or a good lawyer for the same concerns, or a good surgeon if you had critical medical issues to have managed.
Trying to choose your funding source by the superficial numbers before the fact is a recipe for disaster... today a quarter million dollars or greater is the common MINIMUM amount at stake in most real estate mortgage transactions, and the proper structuring of such matters over time significantly.
sbanawan,
Not sure if you saw my post before you wrote yours... but, my answer stands the same;
Carefully interview & select a financial professional (not a company or a "rate") you are confident you can trust. Use the same methods you would use to find a good accountant for managing large family assets, or a good lawyer for the same concerns, or a good surgeon if you had critical medical issues to have managed.
Trying to choose your funding source by the superficial numbers before the fact is a recipe for disaster... today a quarter million dollars or greater is the common MINIMUM amount at stake in most real estate mortgage transactions, and the proper structuring of such matters over time significantly.
Luck!
Dave Donhoff
Leverage Planner
What sort of things are you suggesting I look for? I mean, I've spoken to several agents and none of them strike me as sheisters. When it comes down to it, whether I like the guy whose offering me 5.125% versus 4.875% guy I don't like as much... I'd be crazy to go with the 5 1/8% guy - it would cost me thousands over the life of the loan. My deal is simple - 30 year fixed with 20% down. It shouldn't be so complicated I'll get confused. Right?
What sort of things are you suggesting I look for? I mean, I've spoken to several agents and none of them strike me as sheisters. When it comes down to it, whether I like the guy whose offering me 5.125% versus 4.875% guy I don't like as much... I'd be crazy to go with the 5 1/8% guy - it would cost me thousands over the life of the loan. My deal is simple - 30 year fixed with 20% down. It shouldn't be so complicated I'll get confused. Right?
you can always change it to 5.125 with no points....
let's hope the rates drop Monday
Aghh. I wish I would have posted earlier!
Anyway, what do you think'll happen on Monday? I was thinking that we could get a lower rate by waiting until the 30 day window.
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