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Status:
"Made the Retirement Run in under 12 parsecs!!!"
(set 15 days ago)
Location: Cary, NC
43,160 posts, read 76,751,962 times
Reputation: 45512
Shop! the APR
Shop the APR.
APR is the cost of getting the loan, closing costs, interest rate, etc.
Lower APR is less expensive money.
Higher APR is more expensive money.
Pure and simple.
Shop the APR.
APR is the cost of getting the loan, closing costs, interest rate, etc.
Lower APR is less expensive money.
Higher APR is more expensive money.
Pure and simple.
Then after all that careful research, the closing attorney and title company tell you to "drop trau" and bend over the conference table
30-year fixed will be back close to 6% by fall or year-end . . .
Care to provide some evidence to support your assertion? I have a friend in the business who thinks otherwise.
Quote:
Originally Posted by rwally
"When you shop loans you should shop rates AND closing costs. BoA has a great no-lender-closing-cost loan available now that rocks da house."
The closing costs are factored into a higher interest rate. You're still paying them, they just don't show up on the GFE.
I just finished reviewing my GFE from BoA and I gotta tell ya, you're wrong. I have three competing deals side-by-side and BoA with their no-fee mortgage is flat out the best overall deal. The best overall rate of the three was 1/8 lower then BoA but the ROI is 12 years out. When you factor in the additional benefits derived from banking with them it becomes a no-brainer.
Interest rates have no place to go but up and they may go way up. China holds so much paper that when it makes a move rates will spike toward 9 or even 10%.
I am hoping the same thing will happen this year as it did last year. The rates peaked at the end of July at almost 6.9% and then tailed off and approached 6% at the end of the year. The FED is worried about housing and has acknolwedged this. If rates were to take off it would make things 1000 times worse and the FED won't let the housing market go into a housing depression (unless we are already there). For the first few months everyone expected the FED to cut and they didn't, now they expect the FED to raise and they won't, they will sit tight and HOPEFULLY cut by the fall.
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