6.25% without buying it down.The interest rates are all over the place now. It was as low as 4.375% a few weeks ago, I just looked and I saw 5.75%. There are probably going to be spikes up and down for a little while, but it's possible it might come down briefly in the next few years. I wouldn't bother paying down the mortgage. You can normally do a no points no closing mortgage refi. The trick with those is that typically the rate is slightly higher. But if you stick with those rates, anytime the rate drops 1/4 point, it's worth refinancing. Typical home ownership is 7-10 years, on a mortgage it's about 3 years as people tend to refi for whatever reason, either lower rates or to take out cash. Also when people sell a home, it's not always planned, just life happens, job changes, growing family, death, divorce, disease, etc. What interest rate did you get? With rates going up these days, it would make sense to lock the rate. Sometimes I read the daily mortgage commentary, if he's suggesting a float for over 60 days, sounds like rates might drop a little in a few months.
Mortgage rate commentary from mortgage quotes experts for November 1, 2022. Our daily online mortgage rate commentary gives you valuable daily mortgage advice.www.moving.com
I would not "buy down" at 6.25 %. Nobody knows the future, and many people much smarter than me think the rates will not be falling anytime soon. But things change, if the fed is under certain pressures, reduction in interest rates is a tool that has been used in the past, and will be in the future.6.25% without buying it down.
Yeah but with taxes and insurance increasing yearly it feels about the sameSome home inspectors are a joke. Good thing you’ll be there. Check over anything and everything you can. The best part of home ownership is the payment never changes. Rent goes up with inflation and your payment doesn’t.
Check around. Bank of America is quoting 5.75%. I used to have a good rep there that used to not charge me any points and quote me slightly lower rates than whatever they had posted. Stopped using them years ago when they couldn't close on time which is why lots of people hate using them. There should be other lenders that are competitive on the rates though, I have 6-8 other lenders that I use and it varies which one buyers end up using as sometimes one bank is competitive and next time they're not. So I always say you should check with at least 3-4 lenders to find the best rate. For high purchase price mortgage brokers are usually good, for lower purchase prices, credit unions and banks tend to have better rates. I see some credit unions and local banks are still in the 5-5.5% range. Shop around and also see what fees they charge by asking for the loan estimate. I had one buyer check with 6 lenders and the 2nd cheapest guy was $200 more than the cheapest and he asked that guy to lower his rate so he dropped it by $400 so he was then $200 cheaper than the cheapest guy. But he probably could have asked the cheapest guy to lower his rate a little more and mention the other 5 guys he was talking with.6.25% without buying it down.
You can always dump them unless they already locked you in with an appraisal fee. But that's pretty much all you pay. No real reason for that high a rate. Appraisal fee is typically in the $300-$500 range and if they haven't gone out and done it, you should be able to cancel the loan without any fees. Or you can just go back and beat them up about the rate unless you already locked it. How many lenders did you shop?Thanks guys. I've actually already made my decision on the lender. Appreciate the info - maybe it can help someone else who's looking to borrow or refi.
If you have good credit you can beat them up........You can always dump them unless they already locked you in with an appraisal fee. But that's pretty much all you pay. No real reason for that high a rate. Appraisal fee is typically in the $300-$500 range and if they haven't gone out and done it, you should be able to cancel the loan without any fees. Or you can just go back and beat them up about the rate unless you already locked it. How many lenders did you shop?
Well about 70% of the people have good credit scores. But even if you don't you can still try to beat them up. They're probably not used to it because back in the subprime days, one reason lenders would hook people were that they were afraid to shop around so the subprime people got hit with the highest rates/fees. I knew someone who learned the mortgage business at countrywide and he used to brag about how much he hit a borrower with bad credit. Would just throw out all these fees and the borrower was just happy to get a loan and didn't care about the fee/rates but there were many other lenders out there and he could have shopped around.If you have good credit you can beat them up........