Mortgage Broker say my rate is somewhere between 6.5% and 6.37%?
Is that good? 3 years I have GREAT credit
Answers:
Hi
I am putting 5% down on a 500K loan and my credit ranking is excellent. I got 6.5%. I thought the market enhanced I guess it not still good for borrowers- FHA loan ceiling has be almost doubled(from 360K to 720K)- this is only advantage.So we necessitate to take only one loan.
no one can say for sure w/o knowing the details of your situation and loan. Get a 2nd contribute. let's say you have excellent credit (720>), this is an owner colonized home, single family primary residence, the ltv on the loan is less than or equal to 80%, your income more than qualify you, no bk's, assets, no cash out refi, not too small a loan amount. market have been tanking, 10 yr bond going down. you should be able to find 5.5% rightly easily. possible as low as 5.25% for a 30 year fixed rate loan, today. next week will vary. if this is a jumbo loan, fha, fannie mae & freddie mac loan limits are going up, some banks enjoy rolled out the new programs that reflect this variation, which means an approx 1% drop in rates for loans that do not exceed the tentative higher limits.
Heres a nice little tip for you. Submit an application to 2 or 3 big bank. Compare them. They should be in the same ballpark. Whatever the lowest rate is by the bank then you know your broker could get lower and it still shouldn't cost you any discount points. Low globe them. Tell them so and so is getting you this rate and it's only costing you this much. Banks dont have to disclose give up spread premium so be alert.
Oh ya don't rely on good faith estimates they close-fisted zip. What matters is the approval statement. Ask for an updated HUD
it depends on your fico win. if you have good credit you can seize a mortgage rate less than 6 percent no problem. go to bankrate.com and follow the prompts for mortgage rates. or google for some compare mortgage rates net sites. do not go for that high interest rate
No, that's sucky - rates enjoy just dropped. Check this site and plug in your own location to carry the appropriate rates.
http://realestate.yahoo.com/Illinois/Chi…
Related Questions:
Does my mortgage rate run down if interest rates are cut?
Sorry to ask the shocking stupid question! I am coming to the end of my mortgage permanent status ( end of September) and am wandering if the mortgage rates will go down (currently for at 6.99%). Do you feel...
Answers:
Hi
I am putting 5% down on a 500K loan and my credit ranking is excellent. I got 6.5%. I thought the market enhanced I guess it not still good for borrowers- FHA loan ceiling has be almost doubled(from 360K to 720K)- this is only advantage.So we necessitate to take only one loan.
no one can say for sure w/o knowing the details of your situation and loan. Get a 2nd contribute. let's say you have excellent credit (720>), this is an owner colonized home, single family primary residence, the ltv on the loan is less than or equal to 80%, your income more than qualify you, no bk's, assets, no cash out refi, not too small a loan amount. market have been tanking, 10 yr bond going down. you should be able to find 5.5% rightly easily. possible as low as 5.25% for a 30 year fixed rate loan, today. next week will vary. if this is a jumbo loan, fha, fannie mae & freddie mac loan limits are going up, some banks enjoy rolled out the new programs that reflect this variation, which means an approx 1% drop in rates for loans that do not exceed the tentative higher limits.
Heres a nice little tip for you. Submit an application to 2 or 3 big bank. Compare them. They should be in the same ballpark. Whatever the lowest rate is by the bank then you know your broker could get lower and it still shouldn't cost you any discount points. Low globe them. Tell them so and so is getting you this rate and it's only costing you this much. Banks dont have to disclose give up spread premium so be alert.
Oh ya don't rely on good faith estimates they close-fisted zip. What matters is the approval statement. Ask for an updated HUD
it depends on your fico win. if you have good credit you can seize a mortgage rate less than 6 percent no problem. go to bankrate.com and follow the prompts for mortgage rates. or google for some compare mortgage rates net sites. do not go for that high interest rate
No, that's sucky - rates enjoy just dropped. Check this site and plug in your own location to carry the appropriate rates.
http://realestate.yahoo.com/Illinois/Chi…
Related Questions:
Does my mortgage rate run down if interest rates are cut?
Sorry to ask the shocking stupid question! I am coming to the end of my mortgage permanent status ( end of September) and am wandering if the mortgage rates will go down (currently for at 6.99%). Do you feel...