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Old 09-10-2008, 01:32 PM
 
Location: Stewartsville, NJ
7,577 posts, read 22,557,157 times
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I just got a quote of 5 7/8th for a 30 yr. fixed! Not bad.. Time to buy kids or refi. if you missed the last round of rates under 6%. Nice guy out of LV Tahiti
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Old 09-10-2008, 01:37 PM
 
1,552 posts, read 4,622,341 times
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Unfortunately, low rates are only available to those with excellent credit scores and a hefty down payment (by modern standards, anyway):

"In the wake of the government's takeover of Fannie Mae and Freddie Mac last weekend, the 30-year fixed rate has dropped from 6.26% last Friday to 5.79%. But only buyers with a credit score of 740 of above - and a 20% down payment - can qualify for such a low rate."

The score will still be king - Sep. 10, 2008

What happened to the days when they just gave loans out to anyone with a pulse? Oh, yeah, wait ... never mind ...

:-)
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Old 09-10-2008, 01:37 PM
 
Location: NJ
12,283 posts, read 35,602,732 times
Reputation: 5331
Quote:
Originally Posted by wileynj View Post
I just got a quote of 5 7/8th for a 30 yr. fixed! Not bad.. Time to buy kids or refi. if you missed the last round of rates under 6%. Nice guy out of LV Tahiti
that's good - how many pts? my CU is 6.375% 0 points and they're usually pretty competitive.

i'm waiting for below 5% personally. my face is turning blue.
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Old 09-10-2008, 01:49 PM
 
1,180 posts, read 2,912,407 times
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Time to buy kids or refi.

What are kids going for these days? I have several I might be interested in unloading.
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Old 09-10-2008, 01:51 PM
 
Location: Stewartsville, NJ
7,577 posts, read 22,557,157 times
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Quote:
Originally Posted by tahiti View Post
that's good - how many pts? my CU is 6.375% 0 points and they're usually pretty competitive.

i'm waiting for below 5% personally. my face is turning blue.
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
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Old 09-10-2008, 01:52 PM
 
Location: Stewartsville, NJ
7,577 posts, read 22,557,157 times
Reputation: 1260
Quote:
Originally Posted by exit82 View Post
Time to buy kids or refi.

What are kids going for these days? I have several I might be interested in unloading.
LMAO! Kids are pretty cheap these days... $1.25 for a healthy kid...$0.75 for a not so healthy one : )
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Old 09-10-2008, 02:03 PM
 
Location: NJ
279 posts, read 1,345,604 times
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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
you did very well. we just closed yesterday with a rate of 6.25% from bank of america for a 30 year fixed. my credit rating came in a 788 and i put down 54% of the purchase price. this is with no points and no origination fees and no appraisal fees. I thought 6.25 was good but you did way better. perhaps it was becuz i locked in my rate last month when the rates were still high. i guess i can always refinance later on if the rates keep dropping.
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Old 09-10-2008, 02:18 PM
 
Location: Stewartsville, NJ
7,577 posts, read 22,557,157 times
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Quote:
Originally Posted by tooshort View Post
you did very well. we just closed yesterday with a rate of 6.25% from bank of america for a 30 year fixed. my credit rating came in a 788 and i put down 54% of the purchase price. this is with no points and no origination fees and no appraisal fees. I thought 6.25 was good but you did way better. perhaps it was becuz i locked in my rate last month when the rates were still high. i guess i can always refinance later on if the rates keep dropping.
I have another guy who's at 5.625 for 30 yr fixed - no points, etc. but I'm happy with the one I'm working with now. I guess it pays to pay your bills on time
I currently have 6.25% on the house I own now... that was a jumbo no doc rate I received 5 yrs ago.
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Old 09-10-2008, 02:25 PM
 
Location: NJ
12,283 posts, read 35,602,732 times
Reputation: 5331
Quote:
Originally Posted by wileynj View Post
I have another guy who's at 5.625 for 30 yr fixed - no points, etc. but I'm happy with the one I'm working with now. I guess it pays to pay your bills on time
I currently have 6.25% on the house I own now... that was a jumbo no doc rate I received 5 yrs ago.
hmmm, curious. 5.625% would give me a lower payment than I have now at 5.125% (because of the principal I've already paid down). I'm currently into year 4 of a 10 yr adjustable so my need isn't urgent, but something I should look into. My SIL works for Cendant and apparently I can get a .5% discount on any loan..thanks for bringing this up!
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Old 09-10-2008, 08:47 PM
 
Location: Central NJ
1,041 posts, read 3,155,855 times
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What kind of quotes are folks getting, do you think, with scores in the mid 650's? I'm guessing that it has got to be better than our last quote of 6.5%... well... I guess we'll find out soon. We start the mortgage process tomorrow.
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