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Old 08-09-2016, 01:26 PM
 
Location: Katy, TX
130 posts, read 135,021 times
Reputation: 49

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I signed a contract on a house last month and locked in at 3.5% interest rate. However, I ended up backing out of the contract because of a major damage I found out about the house.

Fast forward to today and I found another home I want to make an offer on. I contacted the same lender who gave me the 3.5% and asked if she still could give me that rate. She said yes. I checked bankrate today and the current rate is 3.29%. Are the mortgage rates they quote the buyer based on the national rate or local (Houston)? 3.5% is good but I just want to make sure the lender is not offering me higher than what I can get right now.
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Old 08-09-2016, 01:41 PM
 
Location: Non Extradition Country
2,165 posts, read 3,774,287 times
Reputation: 2261
Those 'current rate's' online are usually impossible to get. Use a local broker that you have access to and you will be in good hands. Trying to deal with online BS is not fun. Went through that with Quicken loans a while back. Never again.
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Old 08-09-2016, 01:52 PM
 
1,201 posts, read 1,224,362 times
Reputation: 2244
Do you know your credit score?
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Old 08-09-2016, 02:22 PM
 
Location: Katy, TX
130 posts, read 135,021 times
Reputation: 49
Quote:
Originally Posted by shortel View Post
Do you know your credit score?
Last time I saw which was just last month, credit score was 780. Since I submitted the application for the first home (which I ended up running away from), the lender already knows everything about my financial background that he needs to see. I talked to her earlier and she said everything looked great I won't have a problem getting the amount I applied for and that DTI is very good. So my credit should not be an issue when trying to get a lower rate. I just wanted to know which reliable sources I can check to see whether the rates have gone up or down, and where it's currently at.
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Old 08-09-2016, 02:25 PM
 
Location: Katy, TX
130 posts, read 135,021 times
Reputation: 49
Quote:
Originally Posted by DSL_PWR View Post
Those 'current rate's' online are usually impossible to get. Use a local broker that you have access to and you will be in good hands. Trying to deal with online BS is not fun. Went through that with Quicken loans a while back. Never again.
I see.
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Old 08-09-2016, 02:44 PM
 
Location: Inner-looper
103 posts, read 167,720 times
Reputation: 42
I got 3.5 last month with 800+ credit score; don't forget that APR matters too.
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Old 08-09-2016, 10:08 PM
 
277 posts, read 305,024 times
Reputation: 217
We got 3.3% on a 30 year fixed...closing in two weeks
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