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I am in the process of trying to buy a house - I should be 2 weeks from closing. BUT, I am getting quoted at 6.75%!! Yesterday I was told it was 7%!!
Has anyone any suggestions? I'm a first time buyer and really what I should have done is locked in earlier, but I did not know that mortgage brokers could take a cut from you out of the interest rate, which I fear may be being done here.
Any suggestions??
P.S if I went with my credit union, they would want a $3,000 loan application fee!!!
Last edited by Gessa; 10-16-2008 at 03:39 PM..
Reason: p.s
I am in the process of trying to buy a house - I should be 2 weeks from closing. BUT, I am getting quoted at 6.75%!! Yesterday I was told it was 7%!!
Has anyone any suggestions? I'm a first time buyer and really what I should have done is locked in earlier, but I did not know that mortgage brokers could take a cut from you out of the interest rate, which I fear may be being done here.
Any suggestions??
P.S if I went with my credit union, they would want a $3,000 loan application fee!!!
I am in the process of trying to buy a house - I should be 2 weeks from closing. BUT, I am getting quoted at 6.75%!! Yesterday I was told it was 7%!!
Has anyone any suggestions? I'm a first time buyer and really what I should have done is locked in earlier, but I did not know that mortgage brokers could take a cut from you out of the interest rate, which I fear may be being done here.
Any suggestions??
P.S if I went with my credit union, they would want a $3,000 loan application fee!!!
Man. 2 weeks from closing and you do not have your loan straightened. Who is your bank. Are you locked in? I do not know that , in this economy you are going to be able to setup and close a loan in 2 weeks. How is your credit and down payment?
I can give you my mortgage guy's info if you need. He's great and will see what he can do to help. Rates did shoot up quite a bit the other day, but they could be down tomorrow. Your credit score isn't that big an influence with FHA. DM me if you want his info.
We closed in June with an FHA mortgage - interest rate 6.5%. I don't know if you can get a conventional mtg with only 3% down these days. The higher interest rate is perhaps the price to pay if you can't put a lot down (like us).
Hi my name is Maya and I was trying to look for some specific info. when I stumbled onto this topic. I am a Mortgage Broker and I'll be happy to answer any questions you might have.
Rates just went up this week a lot. If you are so close to closing, I assume you have selected a lender and are processing. See if they have an option to cap a rate (so it can't go up) and see if they come down. The 10 year bond was up Friday so I'd expect to see some decreases on Monday. Good luck.
CnnMoney: Mortgage Rates Post Increase
October 16, 2008: 07:56 AM EST Mortgage rates posted the biggest one week increase since April 1987, soaring as credit fears reached a fever pitch. In addition, yields on benchmark 10-year Treasury notes climbed as investors worried about the additional supply of government debt resulting from billions of dollars in various rescue packages. Mortgage rates move in relation to Treasury yields, but at a spread -- or markup -- over the risk-free government debt. The intensifying credit crunch and the government guarantees on bank debt drove up the spread between mortgage bonds and benchmark Treasuries.
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FHA Questions
