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well, the 4.25% is for owned-occupied 20 years in credit union. (4.7 if is for non-owned occcupied)
I would like to know which bank is giving better interest rates?
Thankyou
Ok, hopefully you have a very good credit rating - that would help you get the best rate. Also at least 20% down.
Check with local mortgage brokers (not banks). Also try bankrate.com for more quotes.
well, the 4.25% is for owned-occupied 20 years in credit union. (4.7 if is for non-owned occcupied)
I would like to know which bank is giving better interest rates?
Thankyou
Penfed has 3.875 no points for 20years. Owner occupied but non is closer to 5% (last time I checked).
I've been working with mortgages many years - it happens every January, the rates drop....
Looking back over the last 10 years, (except for an elections year) every June 15 and November 15th the fed makes adjustments to the economy. The preciding weeks before, media starts reports "The Rates, The Rates"... "The rate are going up"... The day after the rate changes may a 1/4 percent.... lol...
What most people don't understand about how our economy works - the only control the Treasury Secretary has (he does not report to the president). He can tell banks what the overnight holding requirement is, can set the primary lending rate to banks, and can tell banks when to buy and sell treasury bonds. The banks have their own ability to set their our interest rates they charge people....( not the government )
I predict we are going to see low rates till May 2013....
I've been working with mortgages many years - it happens every January, the rates drop....
Looking back over the last 10 years, (except for an elections year) every June 15 and November 15th the fed makes adjustments to the economy. The preciding weeks before, media starts reports "The Rates, The Rates"... "The rate are going up"... The day after the rate changes may a 1/4 percent.... lol...
What most people don't understand about how our economy works - the only control the Treasury Secretary has (he does not report to the president). He can tell banks what the overnight holding requirement is, can set the primary lending rate to banks, and can tell banks when to buy and sell treasury bonds. The banks have their own ability to set their our interest rates they charge people....( not the government )
I predict we are going to see low rates till May 2013....
...
Great information provided. Thank you. Do you think the 6 month Libor rate will vary much from around the current rate the next couple of years? It's almost doubled the past 12 months to .77%.
Great information provided. Thank you. Do you think the 6 month Libor rate will vary much from around the current rate the next couple of years? It's almost doubled the past 12 months to .77%.
Much appreciated.
MrEnergyCzar
The mortgage scandal that almost destroyed us, has damage our economy, to the point the average person does not want to put money towards investments, but rather hold on to it for savings. This morning on CNN, heard that there is 6 Million new homeowners with a thirty day late. Added to the 30 Million homeowner who are facing foreclosure - our economy can stand any rate increases.....
Call me old fashion - when it comes to shopping for interest rates on loans, I prefer the treasury index, which is a much more conservative index. The London exchange rate is much more aggressive in its peaks and falls.
For example - a adjustable mortgage based on the libor, when the rate changes. The change in the installments can result in a payment shock. Compared to a loan based on the treasury index - takes the 12 month average for the change. Noting the index has to be add with the margin for the fully amortized rate.
For the average American - the best type of loan is a thirty year fix rate. The five year MTA's, and the 10yr Pick-a-Pay Option-Arms mortgages were based on the treasury and libor index's. An analogy of what happened five, six, eight years ago - mortgage company were were giving out $100,000 limit credit cards to people working at McDonald's... In an economy where the value goes up each year, these type of loans are good. However at the other end of the spectrum, in an economy where the value is going down, this are the worst loans to be in.
Whats going to be happening in the next couple of years? No one can predict the future. However looking back at history when the depressions and recessions took place. Every four to every eight years - there's a similarity the the presidential elections we have here in the U.S. When Bush Sn was in office the rates were high, Clinton the rates were low, Bush Jr the rates were high, Obama the rates are low, the next president, predict the rates are going to be high... Looking at who the Republicans have running for president, I have a strong feeling Obama is going to be re-elected. I am going to predict the rates remaining low .
My $00.02
Last edited by Modification Specialist; 12-21-2011 at 12:25 PM..
Penfed has 3.875 no points for 20years. Owner occupied but non is closer to 5% (last time I checked).
Yes this is correct, I am in the process of refinancing an investment property (condo that I used to live in before getting married and moving out of the county) and the bank told me my rate will be 4.875 or 4.750 at the lower end.
If I were still living there, my rate would be 4.375 or less.
I am not sure whether I qualify for a lower rate then 4.750 if the rates drop less than 2.5 or 2% next year, though?
The mortgage scandal that almost destroyed us, has damage our economy, to the point the average person does not want to put money towards investments, but rather hold on to it for savings. This morning on CNN, heard that there is 6 Million new homeowners with a thirty day late. Added to the 30 Million homeowner who are facing foreclosure - our economy can stand any rate increases.....
Call me old fashion - when it comes to shopping for interest rates on loans, I prefer the treasury index, which is a much more conservative index. The London exchange rate is much more aggressive in its peaks and falls.
For example - a adjustable mortgage based on the libor, when the rate changes. The change in the installments can result in a payment shock. Compared to a loan based on the treasury index - takes the 12 month average for the change. Noting the index has to be add with the margin for the fully amortized rate.
For the average American - the best type of loan is a thirty year fix rate. The five year MTA's, and the 10yr Pick-a-Pay Option-Arms mortgages were based on the treasury and libor index's. An analogy of what happened five, six, eight years ago - mortgage company were were giving out $100,000 limit credit cards to people working at McDonald's... In an economy where the value goes up each year, these type of loans are good. However at the other end of the spectrum, in an economy where the value is going down, this are the worst loans to be in.
Whats going to be happening in the next couple of years? No one can predict the future. However looking back at history when the depressions and recessions took place. Every four to every eight years - there's a similarity the the presidential elections we have here in the U.S. When Bush Sn was in office the rates were high, Clinton the rates were low, Bush Jr the rates were high, Obama the rates are low, the next president, predict the rates are going to be high... Looking at who the Republicans have running for president, I have a strong feeling Obama is going to be re-elected. I am going to predict the rates remaining low .
My $00.02
That summarizes it very well. I'm glad my mortgage is my only debt, tempted to pay it off but the rate is so low, want savings/reserves for what may be coming. Its interesting linking the rates to presidents. Each day there seems to be a new front runner anything can happen....
I just settled today on a primary residence. Our rate was 4%, 30 years, no points.
Quote:
Originally Posted by whatsnext11
We did a FHA and it was through BB&T I live in Central Florida
Congrats, on the new home owners... In the next few months start watching the spring sales for a new lawnmower.....
A very strong suggestion I'd make to both of you,divide one payment into 12ths, adding into your normal payment. That equals an extras 13th payment for the year.
* What happens is you shorten your term to 23.5yrs and establish more equity faster.
* You lower your net effective rate 2% lower.
* You're reported as being more responsible and your credit score goes very high!!
FHA loans are good to what they were designed for - people with credit issues, or the less of a down payment. If the payments are made on time, the next step after is to refinance into a conventional loan (dropping the PMI, and possibly a lower interest rate). The main point what I do not like about FHA loans, they are the least forgiving if you get into trouble and go late on the payments.
Good Luck....
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Libor estimates?
