Mortgage rates at all time low

[yh125d]

Thats it. I'm saving for a down payment. I'm gonna buy a house before rates and the market go back up.

 

[Via]

I just read an explanantion on points, and I don't think thats it.

Maybe the people I've talked to are trying to steer me into a less favorable loan.

I should probably go local and talk to someone face to face.

 

[Ryland]

I am tempted to try to refi my 20 year note that I refi'd the last time the rates hit historic lows down to a 15 year note.

 

[HardcoreRobot]

gonna try and get a no-fee refi at 4%. will save 700 bucks a month. a house just sold in our neighborhood which should let our appraise at just enough to give us 20% equity to avoid PMI too.

 

[spidey07]

gonna try and get a no-fee refi at 4%. will save 700 bucks a month. a house just sold in our neighborhood which should let our appraise at just enough to give us 20% equity to avoid PMI too.

Winning!

 

[Capt Caveman]

Interesting. Do you guys know who is advertising the lowest rate currently?

http://www.bankrate.com/

Looking at maybe refinancing to a 15 or 20 year mortgage myself.

Edit - 30 year no points/fees are 4.125%

 

[PingSpike]

I just read an explanantion on points, and I don't think thats it.

Maybe the people I've talked to are trying to steer me into a less favorable loan.

I should probably go local and talk to someone face to face.

No idea, your numbers sound right. Maybe they're mishearing the loan amount some how? If they're trying to steer you into a bad loan, they are really steering you hard because that is a big difference.

They might be including an escrow of taxes and insurance like spidey said and it might be an estimate? (Unless they asked you what your property taxes and insurance cost)

 

[Vic Vega]

If you have cash and good credit now is the time to buy. If you have no cash and maxed out credit, sucks to be you. I hope that big screen TV, new living room set and $30k car are worth it, because they are costing you a huge opportunity.

 

[PingSpike]

If you have cash and good credit now is the time to buy. If you have no cash and maxed out credit, sucks to be you. I hope that big screen TV, new living room set and $30k car are worth it, because they are costing you a huge opportunity.

Isn't the time to buy like a month ago then? I mean, rates could go up tomorrow (probably wont but who the fuck knows) while you're out searching for a house.

And anyway, rates were actually similar to this last Oct or something IIRC.

 

[edro]

gonna try and get a no-fee refi at 4%. will save 700 bucks a month. a house just sold in our neighborhood which should let our appraise at just enough to give us 20% equity to avoid PMI too.

We did the same thing last year.
Refi + re-appraise = big savings + no PMI
We paid back the refi costs in 8 months.

 

[purbeast0]

lol nm

and our credit union has a first time buyer loan that can be 100% financed w/no PMI. we have some cash saved but it may not be worth it to put anything down if we can get no PMI anyways, and keep it incase of an emergency.

EDIT - MY BAD I WAS TOTALLY OFF ON MY INITIAL NUMBERS!!!!

 

[Svnla]

Interesting. I have a thread about want to buy my first house = http://forums.anandtech.com/showthread.php?t=2185252

Ya'll are welcome to chim in.

I went with a mortgage broker that was recommended to me. The big banks won't work with you at all from my experience and were always rude.

Do your mortgage broker work for people from other states?

Anyone have good mortgage companies that they can recommend? I see so far companies with low rates are web companies such as AmeriSave, AimLoan, First Internet Bank.

 

[edro]

damn from 4.35 to 4.15 would be a $500/mo savings

That doesn't sound right...

Edit: Oh... do you mean going from your current rate to 4.35 to 4.15?

 

[Fausto]

damn from 4.35 to 4.15 would be a $500/mo savings on a mortgate at the price range my wife and i are looking at. we may have to seroiusly start looking now, that is a big savings.

and our credit union has a first time buyer loan that can be 100% financed w/no PMI. we have some cash saved but it may not be worth it to put anything down if we can get no PMI anyways, and keep it incase of an emergency.

Wat?

 

[Vic Vega]

Isn't the time to buy like a month ago then? I mean, rates could go up tomorrow (probably wont but who the fuck knows) while you're out searching for a house.

And anyway, rates were actually similar to this last Oct or something IIRC.

Rates will go up at some point. When you look at rates historically, 5% and under is low and a good time to buy. Will rates get to 18% again like in the 1980s? At some point, probably. No one knows for sure.

 

[PingSpike]

damn from 4.35 to 4.15 would be a $500/mo savings on a mortgate at the price range my wife and i are looking at. we may have to seroiusly start looking now, that is a big savings.

and our credit union has a first time buyer loan that can be 100% financed w/no PMI. we have some cash saved but it may not be worth it to put anything down if we can get no PMI anyways, and keep it incase of an emergency.

Jesus Christ, what you buying a 5 million dollar house or something?

And usually the no PMI loans have a higher interest rate don't they?

 

[Vic Vega]

PMI is required by the lender if you are borrowing more than 80% of the purchase price. I don't know if that effects the rate, it could, it could not. In the last few years though it's almost impossible to get a loan for more than 80% of the purchase price. Lenders have become extremely conservative. The days of zero down are gone.

 

[HardcoreRobot]

Interesting. I have a thread about want to buy my first house = http://forums.anandtech.com/showthread.php?t=2185252

Ya'll are welcome to chim in.



Do your mortgage broker work for people from other states?

Anyone have good mortgage companies that they can recommend? I see so far companies with low rates are web companies such as AmeriSave, AimLoan, First Internet Bank.

im gonna investigate some of the offers listed by google.com/advisor

if i remember ill report back with impressions

 

[edro]

In the last few years though it's almost impossible to get a loan for more than 80% of the purchase price.

Wrong. Don't perpetuate the myth.

We bought a house last year with 10% down, using a conventional loan.

 

[purbeast0]

yah i had fucked up the interest rate in the mortgage calculator w/my initial $500/mo calculation hah my bad!

 

[Vic Vega]

Wrong. Don't perpetuate the myth.

We bought a house last year with 10% down, using a conventional loan.

I said it was almost impossible, not impossible. The reason it's almost impossible is because most folks right now have terrible credit and on top of that lenders have become very conservative.

Glad you were able to get one.

 

[Fausto]

My CU has 10 year loans at 3.25% with no points. Would I be an idiot to just do this and possibly pay my house off? We keep thinking we'll move, but it keeps not happening. :hmm:

 

[Aharami]

i need to refi. How would I even go about finding a mortgage broker in NJ?

 

[Fausto]

I said it was almost impossible, not impossible. The reason it's almost impossible is because most folks right now have terrible credit and on top of that lenders have become very conservative.

Glad you were able to get one.

Related: I have excellent credit and my CU said 5% down from me would be fine.

 

[spidey07]

My CU has 10 year loans at 3.25% with no points. Would I be an idiot to just do this and possibly pay my house off? We keep thinking we'll move, but it keeps not happening. :hmm:

With rates this low taking a 30 year and investing the difference in the payments would yield much higher net worth/wealth.