Topic: Mortgage rates (Read 3903 times)

g_shok · « **on:** January 29, 2010, 07:50:10 PM »

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?

Corey · « **Reply #1 on:** January 29, 2010, 07:54:01 PM »

idk if mortgage rates vary by state but i heard them advertising 4 3/4 % for FHA loans not too long ago.

ghettoturbo · « **Reply #2 on:** January 29, 2010, 08:00:03 PM »

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

Kenny Rogers · « **Reply #3 on:** January 29, 2010, 09:09:39 PM »

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.

dvst8r · « **Reply #4 on:** January 29, 2010, 10:00:18 PM »

2.1% on a variable, Can lock in at any time.

SiFlyBy · « **Reply #5 on:** January 29, 2010, 10:08:19 PM »

2.1??? fuck i though 4.85 was a deal. thats what i got. thats a steal nigga

dvst8r · « **Reply #6 on:** January 29, 2010, 10:11:40 PM »

Quote from: SiFlyBy on January 29, 2010, 10:08:19 PM

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%

SiFlyBy · « **Reply #7 on:** January 29, 2010, 10:18:22 PM »

Ahhh I missed the variable. Good rate at 4.75 though...

Cray91 · « **Reply #8 on:** January 29, 2010, 10:24:31 PM »

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.

turbohf · « **Reply #9 on:** January 29, 2010, 10:30:20 PM »

damn i wanna get in on that...

SiFlyBy · « **Reply #10 on:** January 29, 2010, 10:42:00 PM »

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..

random-strike · « **Reply #11 on:** January 30, 2010, 01:19:46 AM »

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.

Corey · « **Reply #12 on:** January 30, 2010, 04:07:25 AM »

yeah, probably.

SgtB · « **Reply #13 on:** January 30, 2010, 04:15:20 AM »

Quote from: random-strike on January 30, 2010, 01:19:46 AM

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.

chris · « **Reply #14 on:** January 30, 2010, 05:22:27 AM »

I bought my double wide cash!!!!!!!

SiFlyBy · « **Reply #15 on:** January 30, 2010, 10:32:53 AM »

Quote from: random-strike on January 30, 2010, 01:19:46 AM

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

PhilStubbs · « **Reply #16 on:** January 30, 2010, 10:58:13 AM »

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

7808 · « **Reply #17 on:** January 30, 2010, 11:00:38 AM »

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

g_shok · « **Reply #18 on:** January 30, 2010, 12:17:18 PM »

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.

ghettoturbo · « **Reply #19 on:** January 30, 2010, 12:21:32 PM »

Quote from: g_shok on January 30, 2010, 12:17:18 PM

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?

g_shok · « **Reply #20 on:** January 30, 2010, 12:34:37 PM »

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

ghettoturbo · « **Reply #21 on:** January 30, 2010, 01:04:08 PM »

Quote from: g_shok on January 30, 2010, 12:34:37 PM

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.

g_shok · « **Reply #22 on:** January 30, 2010, 03:07:29 PM »

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

ghettoturbo · « **Reply #23 on:** January 30, 2010, 04:34:18 PM »

Quote from: g_shok on January 30, 2010, 03:07:29 PM

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?

g_shok · « **Reply #24 on:** January 30, 2010, 04:42:12 PM »

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

ghettoturbo · « **Reply #25 on:** January 30, 2010, 05:11:16 PM »

Quote from: g_shok on January 30, 2010, 04:42:12 PM

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%

random-strike · « **Reply #26 on:** January 30, 2010, 05:42:32 PM »

Quote from: ghettoturbo on January 30, 2010, 05:11:16 PM

Quote from: g_shok on January 30, 2010, 04:42:12 PM
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

AstroVannin · « **Reply #27 on:** January 30, 2010, 06:35:26 PM »

Quote from: ghettoturbo on January 30, 2010, 05:11:16 PM

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

random-strike · « **Reply #28 on:** January 30, 2010, 07:26:52 PM »

talk about getting screwed. that sucks

Full Spool · « **Reply #29 on:** January 31, 2010, 12:19:06 AM »

5% fixed.

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Author Topic: Mortgage rates (Read 3903 times)

chris