:::RHMT::: Real Home Made Turbo
General Category => General Discussion => Topic started by: g_shok on January 29, 2010, 07:50:10 PM
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What rates are you nogs getting from your banks, I have the feeling I'm getting hustled by one of the bigger banks
and how long do they usually guarantee the rate they give you if the place your buying is new and still under construction?
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idk if mortgage rates vary by state but i heard them advertising 4 3/4 % for FHA loans not too long ago.
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I'm locked in at 6%.
I think somewhere on your paperwork it should say when the interest rate/offer expires. What rate did they offer you?
-Jay
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6.5%, but I'm not even on the mortgage. I think with both of us, we could refinance for 5%, but we want to move within a year or so.
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2.1% on a variable, Can lock in at any time.
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2.1??? fuck i though 4.85 was a deal. thats what i got. thats a steal nigga
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2.1??? fuck i though 4.85 was a deal. thats what i got. thats a steal nigga
If I locked in, I would be about 4.75%
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Ahhh I missed the variable. Good rate at 4.75 though...
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The loan I just go approved for is at 4.6, the state also gave me $5k for a down payment. Being middle-class rules.
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damn i wanna get in on that...
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I think the tax rebate program for 1st time home owners has been extended into 2010 for awhile. jump on it.
I think the state gave us 6k for a down payment as first time home buyers. Middle class is alright..
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the state didn't give you anything. the money came from other people via taxes. at least tell the truth :)
my rate is 6.8 its been a while though... they keep sending me stuff to refinance to 4.85 i think... i should probably do it.
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yeah, probably.
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the state didn't give you anything. the money came from other people via taxes. at least tell the truth :)
No, they just gave it back to me. I must put in more than you if that's how you think.
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I bought my double wide cash!!!!!!!
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the state didn't give you anything. the money came from other people via taxes. at least tell the truth :)
OK, but I pay taxes, so they just gave me some back ;)
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i am getting 5.25% with an FHA loan in FL. it would have been 5% flat if we could have closed a few weeks ago, but we took forever to find a house
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if i remmeber right 5.87 locked fha in MN
you can also "buy down" your rate in some cases, they offered that to me but it was not really worth it to me, i dont plan on keeping the house more then 5yrs or so anyways
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at first they offered me 3.99% for 5 yr fixed with a 12 month guarantee , since my condo isnt ready yet and construction hasn't begun,
but the broker submitted the wrong request and asked for a variable, by the time she sent in another one the fixed rate went up and now im trying to fight it.
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at first they offered me 3.99% for 5 yr fixed with a 12 month guarantee , since my condo isnt ready yet and construction hasn't begun,
but the broker submitted the wrong request and asked for a variable, by the time she sent in another one the fixed rate went up and now im trying to fight it.
5 yr?
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its different in canada, its amortized for 35 yrs but you renegotiate after the 5yrs are up and can switch to another bank if there offering better rates
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its different in canada, its amortized for 35 yrs but you renegotiate after the 5yrs are up and can switch to another bank if there offering better rates
And what if the rates everywhere go up like crazy in those 5 years? Sounds kinda like an adjustable rate mortgage.
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no its fixed for the 5 yrs , even if rates everywhere else go up in those 5 years, at the end of the 5 years you renegitiate the rates based on what they are at that point in time
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no its fixed for the 5 yrs , even if rates everywhere else go up in those 5 years, at the end of the 5 years you renegitiate the rates based on what they are at that point in time
Yea thats what I'm saying, whats to stop them from raising the rates at the 5 year mark?
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thats why u arent commited to staying with the same bank, if you find a better rate somewhere else, you leave, so it would be in their best interest at that point to give you an even better deal then the competition, otherwise they loose you as a customer
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thats why u arent commited to staying with the same bank, if you find a better rate somewhere else, you leave, so it would be in their best interest at that point to give you an even better deal then the competition, otherwise they loose you as a customer
What I'm saying is what if rates go up nationwide over the 5 years. If every bank has rates of 9% in 5 years, your bank isn't going to continue to offer you 3.99%
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thats why u arent commited to staying with the same bank, if you find a better rate somewhere else, you leave, so it would be in their best interest at that point to give you an even better deal then the competition, otherwise they loose you as a customer
What I'm saying is what if rates go up nationwide over the 5 years. If every bank has rates of 9% in 5 years, your bank isn't going to continue to offer you 3.99%
if obongo asks they will
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What I'm saying is what if rates go up nationwide over the 5 years. If every bank has rates of 9% in 5 years, your bank isn't going to continue to offer you 3.99%
Exactly right.
That is the risk associated with it, but its not optional here... if you want a mtg. thats what it is.
The alternative would be to take a 10 year term when the rates are good (still no garauntee they wont go up over 10 years). Or in your 9% prime scenario, take a 5 year close variable at prime- X% (since thats what would be on the table).
The people that have a smokin deal now are the ones that negotiated a mtg. at prime - .... Ive seen some at 1.25 in the last few weeks that are from a few years ago
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talk about getting screwed. that sucks
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5% fixed.