Icannot believe that in my 12 year carrer that I am quoting 4% on a 30-year mortgage. UNBELIEVABLE !!!!!! Dont like fees. Take a 4.5% with no fees. ASK me how. I might save you enough money to purchase the new Turbo
4% iNTEREST ON A 30-YEAR MORTGAGE
- Thread starter Powderhound
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Icannot believe that in my 12 year carrer that I am quoting 4% on a 30-year mortgage. UNBELIEVABLE !!!!!! Dont like fees. Take a 4.5% with no fees. ASK me how. I might save you enough money to purchase the new Turbo
tell me how
Yep I just pulled a 3.78% on a 15 year! UN-Freaking believable. BTW, my with no costs more than appraisal and title. PLUS, my wife is doing the title ins. since thats what she does and I will get back 60% of that cost! SWEEEET
True but that is also based on 80% LTV correct? With the decrease in the value of my house I don't have 20% equity any longer and therefore am screwed on this as an option unless I want to throw a bunch of cash at it which I will not in case the mkt tanks again....cash is king.
No if your credit score is above a 720 then this is good up to 95% LTV on a conventional loan.
Conventional loans are 95% LTV
FHA are 97.5% LTV.
Also, in the long run, you are better off paying the closing costs vs. paying for the extra 50 basis points.....
Also, if you live in a small town, see if you qualify for a USDA loan, some of those do 100% LTV.
FHA are 97.5% LTV.
Also, in the long run, you are better off paying the closing costs vs. paying for the extra 50 basis points.....
Also, if you live in a small town, see if you qualify for a USDA loan, some of those do 100% LTV.
I worked for Wells for 7 years he is full of crap... Their is no difference in pricing with fannie mae from 80% to 95%. Call him and let him know he has one chance to do this right, or you will go somewhere else. It is too tight right now to let you walk. He will work with you... If not shop around ..call your local credit union.. they will love to help you is he won't.
I closed on my new house July 1st for 6.875% and was happier than heck. Looking to refinance my rental property now.
K
KAW76
Member
Mortgages
There are several factors that go into how you qualify for what rate or closing cost structure. For example
1. loan to value/combined loan to value
2. Mid credit score, out of the three you take the middle score and if you are married you take the lower of the two.
3. Property Type, single family, Condo, Duplex, manufactured Etc?
4. Occupancy type, owner occupied, 2nd home, investment?
5. Style of loan, Purchase, Rate and term Refinance, or cash-out?
The best thing to do IMHO, is to speak to a "mortgage banker" who has access to several options for you and can shop your scenario around. Also there are programs out there for refinancing a home where once you had the 20% equity factor you may qualify under "conventional terms". the loan has to be Fannie or Freddie owned and there is a easy way of checking this. I could go on but I am boring myself! Good luck.
There are several factors that go into how you qualify for what rate or closing cost structure. For example
1. loan to value/combined loan to value
2. Mid credit score, out of the three you take the middle score and if you are married you take the lower of the two.
3. Property Type, single family, Condo, Duplex, manufactured Etc?
4. Occupancy type, owner occupied, 2nd home, investment?
5. Style of loan, Purchase, Rate and term Refinance, or cash-out?
The best thing to do IMHO, is to speak to a "mortgage banker" who has access to several options for you and can shop your scenario around. Also there are programs out there for refinancing a home where once you had the 20% equity factor you may qualify under "conventional terms". the loan has to be Fannie or Freddie owned and there is a easy way of checking this. I could go on but I am boring myself! Good luck.
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Its under 4 now even on a 30. Heck rates quoted to me last Friday were 3.37 for a 15 year.
In another year I'm going to be doing some serious house hunting...I hope these rates will hold out that long.
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