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Old 12-18-2007, 09:34 AM
 
Location: Virginia
239 posts, read 853,530 times
Reputation: 73

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The house I am planing to buy will be ready by Feb 1st. I am thinking whether to lock the rate or not. Will interest rates gow down or go up. is it better time to lock it?
I got a quote for 30 yr fixed, 6.275% with 1% discount point on 45 day lockin. This is the best rate i got.I need your advice/suggestions.

Thank you
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Old 12-18-2007, 10:20 AM
 
4,961 posts, read 12,543,561 times
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Quote:
Originally Posted by darkblue View Post
The house I am planing to buy will be ready by Feb 1st. I am thinking whether to lock the rate or not. Will interest rates gow down or go up. is it better time to lock it?
I got a quote for 30 yr fixed, 6.275% with 1% discount point on 45 day lockin. This is the best rate i got.I need your advice/suggestions.

Thank you

How much is your loan amount?
1 point total (origination and/or discount)?
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Old 12-18-2007, 11:39 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,615,186 times
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credit score...purchase price...and loan amount is important!
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Old 12-18-2007, 12:27 PM
 
Location: Virginia
239 posts, read 853,530 times
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loan amount 305K .5% down.Credit score is good. 668 middle score.

interest rate is 5.625% , i mistyped it in first post

Last edited by darkblue; 12-18-2007 at 12:28 PM.. Reason: mistyping of rate
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Old 12-18-2007, 12:30 PM
 
Location: Virginia
239 posts, read 853,530 times
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Loan discount 1% costs about $2575.Loan origination is seperate 1% $2575
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Old 12-18-2007, 12:32 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,615,186 times
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you should get 6% with 1 origination fee..and that's it.

are you paying PMI separately? or is the lending paying it?

Quote:
Originally Posted by darkblue View Post
Loan discount 1% costs about $2575.Loan origination is seperate 1% $2575
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Old 12-18-2007, 01:27 PM
 
Location: Virginia
239 posts, read 853,530 times
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Quote:
Originally Posted by banker0679 View Post
you should get 6% with 1 origination fee..and that's it.

are you paying PMI separately? or is the lending paying it?

No PMI. I dont see any PMI on GFE.
He gave me one more option. Rate at 5.875% with no discount points. It comes up to $2209 /month mortgage.

So two options available for me.
Will the rate go down tomorrow? or in few days.
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Old 12-18-2007, 01:30 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,615,186 times
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doesnt make sense....you either pick 6.25% and pay 2points...or 5.875% with no points.

that's a no brainer.

make sure you get a 'lock confirmation'.

I would lock in now because Fannie Mae is charging higher costs for borrowers with less than a 680 credit score.
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Old 12-18-2007, 02:44 PM
 
Location: Tucson
42,835 posts, read 81,531,927 times
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Quote:
Originally Posted by banker0679 View Post
I would lock in now because Fannie Mae is charging higher costs for borrowers with less than a 680 credit score.
Does this apply only to lower credit scores? I thought they were gonna do it across the board, but starting in March. Of course, it looks like lenders already priced it in...
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Old 12-18-2007, 02:49 PM
 
Location: Virginia
239 posts, read 853,530 times
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Quote:
Originally Posted by banker0679 View Post
doesnt make sense....you either pick 6.25% and pay 2points...or 5.875% with no points.

that's a no brainer.

make sure you get a 'lock confirmation'.

I would lock in now because Fannie Mae is charging higher costs for borrowers with less than a 680 credit score.

Its not 6.25%. Its 5.625% (i mistyped in first post)with 1% discount and 1% origination fee and
5.875% with no points and 1% origination fee
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