mortgage rates ...

[rh71]

Well it's done. 6.125% with 0 points for a 30-year fixed rate. At first, we had the option to take 1/8th of a point for 6.125% but I "insisted" and it worked... so 0 points. Written confirmation coming in the mail. Wells Fargo - nice people.

Thanks for giving me a swift kick in the @$$ guys. I feel about 110% more weight off my back now.

 

Just to make me more depressed, can I ask what you guys paid for your places and how big it is and location? I will start:

Brooklyn 1 bedroom condo, bidding $295,000.

Depressing, eh?

 

[rh71]

Originally posted by: dwell
Just to make me more depressed, can I ask what you guys paid for your places and how big it is and location? I will start:

Brooklyn 1 bedroom condo, bidding $295,000.

Depressing, eh?

Extremely depressing. My fiance is in Brooklyn with her family now and our friends all just recently bought places in Brooklyn and Queens. Prices are RIDICULOUS.

Friend1: 2 family / 3 bedroom in Brooklyn - $475k (he could afford it since it was 2 family and his mom sold another place for it)
Friend2: 2 family / 2 bedroom (smaller) in Brooklyn - $370k (rough going... lower down payment)
Friend3: 1 family / 1 bedroom / living room co-op in Queens - ~$125k
Friend4: 1 family / 4 bedroom in Staten Island (little property) - ~$250k
Us: 1 family in Nassau County, LI - $330k (this particular house sold for $194k in 1994)

But you gotta play the game to go on with your life... 🙁

 

[Vic]

Originally posted by: wje

Originally posted by: rh71
!*&^$*!@$ 6.25%

This makes me feel both good and bad. Good = we locked in 2 weeks ago @ 6.00% on a 30-year refinance. Bad = I was hoping that the rate was going to drop lower before our closing in 2 weeks.

Locks are always for better or worse. I cannot stress this enough.
If rates go up, as has happened here, then be glad that you are locked in.
If rates go down, you cannot and will not get a lower rate before closing, you are locked in.
Your loan officer should have explained this to you when you locked in. Locks are not some kind of guarantee that you will not get a higher rate at closing, they are a set agreement between you and the lender on a particular loan pricing, specific to a given time. The only way to get a lower rate after locking is to buy down and then only according to the pricing at the exact time that you locked. Either that or you can switch lenders mid-stream, but that brings in a whole new set of risks and potential costs.

rh71, good for you, man. One of the most overlooked factors in mortgage is that rates in and of themselves really aren't that important. What is much more important is the monthly payment. If you are comfortable and happy with it, then it's a good deal.

 

[HomeBrewerDude]

Come on, man! anything below 7 is a great rate. 6.25% is a historically LOW rate. Be glad you are buying a house now when rates are so low.

the 3/8% that you are sweating is going to be NOTHING in the long run.

remember 2 points.

1) if you are worried about paying interest, just pay off extra principle each month.
2) 15 years from now, your house payment will be a much smaller percentage of you income, making the relative difference between a 6.25% and 5.85% house payment even smaller.


Enjoy your economic freedom .... there are a lot of people who can't even begin to think about buying a house.

 

[CPA]

Originally posted by: dwell
Just to make me more depressed, can I ask what you guys paid for your places and how big it is and location? I will start:

Brooklyn 1 bedroom condo, bidding $295,000.

Depressing, eh?

Houston (suburb actually), 6 bedrooms (7th optional study), 5000sq ft on a cul-de-sac lot, $243,000.

 

[tm37]

I bought about a year ago in Faribault MN.

155K

Payment of 860 a month😀

I have to drive 30 minutes to work but it is worth it for my 3 bedhouse with a finished Basement and acre lot😀

1800 SF Finished.

I was paying 875 in rent in the twin cites (burnsville)

 

Originally posted by: rh71
But you gotta play the game to go on with your life... 🙁

Beats paying rent anyday.

 

[rh71]

Originally posted by: dwell

Originally posted by: rh71
But you gotta play the game to go on with your life... 🙁

Beats paying rent anyday.

Or paying $275k+ for any coop/townhouse on the island. 😉

 

[NogginBoink]

I just locked in at 5.495% a few days ago.

Got the paperwork and I saw that if rates go down further, I can pay to "float down" to the lower rate. It's like 0.05% of the loan amount to buy down to the lower rate.

I'm VERY happy with the rate I got. Stupid dumb luck on my part.