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Old 09-10-2008, 08:53 PM
 
59 posts, read 173,872 times
Reputation: 16

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We got out of attorney review today!!!!!! after weeks of shopping for a 7/1 ARM, i locked in on a 30 yr fixed today. Although i didn't have the 740 required for the lower rate, i still got 5.875 which i was happy about. Lender Fees were a low 500. definitely happy about the gov't takeover of frannie!!!
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Old 09-10-2008, 09:26 PM
 
526 posts, read 1,391,705 times
Reputation: 74
enjoy it while it lasts, and if you can take advantage of it. Not too likly interest rates will stay down, not with the fed just itching to raise their rates as soon as they feel the economy can take it.
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Old 09-11-2008, 04:35 AM
 
3,269 posts, read 9,934,811 times
Reputation: 2025
Quote:
Originally Posted by wileynj View Post
no points...no origination fees or appraisal fees! My credit rating was 782... and we'll be putting almost 50% down. Now we just need to sell our place
At that rate I would put down 20% (or whatever gets you to that rate) and keep the rest in the bank)....
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Old 09-11-2008, 04:47 AM
 
Location: OH->FL->NJ
17,004 posts, read 12,589,940 times
Reputation: 8923
>LMAO! Kids are pretty cheap these days... $1.25 for a healthy kid...$0.75 for a not so healthy one : )<

Uh kids are part of the Barbie doll model of cost. The vast bulk of cost comes after the initial purchase!

50% down? Uh. dayum. CAN I HAVE SOME MONEY!???? LOL
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Old 09-11-2008, 05:02 AM
 
82 posts, read 324,763 times
Reputation: 14
IN NJ I was at 5.625% yesterday. Today the rates might go down even more...
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Old 09-11-2008, 05:17 AM
 
Location: Stewartsville, NJ
7,577 posts, read 22,606,032 times
Reputation: 1260
Quote:
Originally Posted by UKOK View Post
At that rate I would put down 20% (or whatever gets you to that rate) and keep the rest in the bank)....
I'm too conservative for that. The whole point is to not get caught with my pants down when the next recession hits! Even after closing, I'll have a good 2 yrs. worth of Mortgage payments left in the bank. I'm a risk taker in life but not when it comes to financial matters...especially your "home"
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Old 09-11-2008, 05:39 AM
 
3,269 posts, read 9,934,811 times
Reputation: 2025
Quote:
Originally Posted by wileynj View Post
I'm too conservative for that. The whole point is to not get caught with my pants down when the next recession hits! Even after closing, I'll have a good 2 yrs. worth of Mortgage payments left in the bank. I'm a risk taker in life but not when it comes to financial matters...especially your "home"

I would argue that it's less of a risk to have your money sitting in a 100% insured cd than it is to have it tied up in bricks where you can't get to it if the shtf. But each to their own. So did you find a house you like? I must have missed it...
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Old 09-11-2008, 05:59 AM
 
Location: Stewartsville, NJ
7,577 posts, read 22,606,032 times
Reputation: 1260
Quote:
Originally Posted by UKOK View Post
I would argue that it's less of a risk to have your money sitting in a 100% insured cd than it is to have it tied up in bricks where you can't get to it if the shtf. But each to their own. So did you find a house you like? I must have missed it...
We did find one we love... new const. that's been on for over 1 yr. and has dropped close to 100K. I'm monitoring it daily . Just need to get mine sold - had 3 showings in the first week so I'm feeling hopeful!
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Old 09-11-2008, 06:20 AM
 
Location: Central NJ
1,041 posts, read 3,163,697 times
Reputation: 373
When I was at the design center for the new construction yesterday, the woman there said that they had 3 offers this week, all due to the fact that the interest rates have begun dropping.
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Old 09-11-2008, 08:18 AM
 
1,110 posts, read 4,371,356 times
Reputation: 438
Interest rates dropping, but minimum requirements to obtain a loan are rising. 740 credit score, 20% down. Still not making anything easier to obtain a loan.
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