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Western North Carolina The Mountain Region including Asheville
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Old 07-19-2010, 08:26 PM
 
1,379 posts, read 3,910,680 times
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You can get a 30 year fixed loan at 4.25% in Asheville.

Holy crap!!
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Old 07-20-2010, 07:04 AM
 
Location: Weaverville
765 posts, read 2,562,668 times
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That may be the lowest rate right now but you still have to qualify to get one. That's the problem right now for folks looking to refinance a loan. Interesting though that we're not hearing about a lot of defaults on home loans anymore so I guess that's a good thing.
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Old 07-20-2010, 08:24 AM
 
1,379 posts, read 3,910,680 times
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Quote:
Originally Posted by Cofga View Post
That may be the lowest rate right now but you still have to qualify to get one. That's the problem right now for folks looking to refinance a loan. Interesting though that we're not hearing about a lot of defaults on home loans anymore so I guess that's a good thing.
Yeah, there's still a lot of fear out there, and the banks are keeping a pretty tight grip on their dough. Doesn't seem like things will get significantly better for the likes of the housing market until they actually start lending some money.

In the meantime, 4.25%!! Sweet.
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Old 07-20-2010, 08:29 AM
 
Location: NC
4,532 posts, read 8,852,029 times
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I think my first loan in mid 80's was in the 11% range. Now 4.25 is awesome, think I'll go buy some houses while they are on sale

Actually, from what I'm reading on CD, from folks who are complaining about the rigorous application/approval process, they've gone back to how it used to be. Again, in the 80's I had to provide copies of financial docs such as money market acct, CD's, car loan info, copies of paychecks and a host of other stuff. In subsequent yrs it required less paperwork.

Last edited by RaleighLass; 07-20-2010 at 09:35 AM.. Reason: correct rate
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Old 07-20-2010, 09:20 AM
 
Location: Weaverville
765 posts, read 2,562,668 times
Reputation: 404
Yea, they want to make sure you really don't need the loan before they give it to you. The pendulum always swings so we go from a situation where almost anybody can get a loan to where hardly anyone can get one and eventually it will come back to center. Right now with the housing market still lagging lenders want to make sure they don't get stuck with a foreclosure that they can't sell so they tighten up criteria to limit their risk.
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