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I locked in 2.875 today (also in TX) for 30 yr fixed. APR was 2.9ish. I could have locked at 2.75/2.787 a few days ago but I shot myself in the foot comparison shopping.
Was it for an investment property or regular mortgage ?
I locked a 1st time buyer with 3% down (97%) today at 2.875%. Rates are great.
I am curious to ask the OP, will you have to sign a statement saying at some point you agree to occupy this property as your primary residence?
A credit union will lose their nonprofit status if they provide non primary resident loans for longer than 15 years. The only work-around is a statement of intent to occupy the property. in the future.
I locked a 1st time buyer with 3% down (97%) today at 2.875%. Rates are great.
I am curious to ask the OP, will you have to sign a statement saying at some point you agree to occupy this property as your primary residence?
A credit union will lose their nonprofit status if they provide non primary resident loans for longer than 15 years. The only work-around is a statement of intent to occupy the property. in the future.
They never instilled the idea of me having to occupy it. Wouldn't that be for 3% down ? Im putting 25% down.
They only asked my intent of my current mortgage and home and I already told them im staying.
Great rate! I have been thinking about buying a rental for some time now. I read that most places charge you a higher rate if it's not your primary residence. I read that it can but up to 7 or 8 percent and they require 30-40 percent down. Obviously the first part of this isn't true since you got a great rate. Did you have to put a lot of cash up front? Did you go through a conventional mortgage broker?
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