looking at 30 year fixed, 0 points
2006-12-23 11:49:54 · 10 answers · asked by wdr31 3 in Business & Finance ➔ Renting & Real Estate
read the article I provided for you below. It will give you good information to answer your own question.
2006-12-23 12:52:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Assuming you have a 80% or lower loan to value, owner occupied single family residence with no cash out and a 720 or higher credit score with qualifying income I would say take it. You can do a slight bit better, but most will get a worse rate. Why ? For a lender to charge no points they will instead price for rebate. Assuming you can get an actual par rate of 5.875% but your lender prices you at 6.25% in most cases the lender will get a point on the back as rebate. To see proof just grab your old HUD 1 closing statement, or your new one if refinancing. Look for POC or YSP down by the bottom, thats the rebate your lender will get for pricing you up. If the lender uses a direct lending in house product they dont have to disclose rebate and will deffinately make some. No good service provider will ever work their tail off to get you a great deal for free. A point up front is cheaper than a no point loan if it causes the lender to price you up. If your buying a home the seller can pay that point and both you and the seller can deduct it from your taxes. On a refinance the point is paid by adding its cost to the loan amount so it isnt the same as out of pocket up front costs. If your situation is not reflective of the above then its a great rate.
2006-12-23 14:35:57 · answer #2 · answered by Kevin H 4 · 0⤊ 0⤋
Given 0 points, it's pretty good, especially for a 30 year fixed. You might be able to get slightly lower, but it might also involve points.
2006-12-23 11:54:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Depends on your credit score. If you have excellent credit (think 720 or above) you can do a bit better. If not, then you will be lucky to get a loan for 6.2%.
2006-12-23 12:22:05 · answer #4 · answered by David 3 · 0⤊ 0⤋
What is your credit score and what is the value of the home .If your credit score is good then i will say it is not such a promising deal ,else it is a good one .
Write in details at kishaloy_bhowmick@yahoo.com and i will provide you the best deal (if i can ) or else i will say you to go with that person itself (if i myelf can't do anything for you and none of my known loan officers can do anything better).
regards,
kish
2006-12-23 15:29:55 · answer #5 · answered by kishaloy_bhowmick 2 · 0⤊ 0⤋
Yes, but rates are supposed to drop again in January.
2006-12-27 09:01:10 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I would take it immediately before I lose that opportunity! The interest now is only continuing going up.
2006-12-23 11:54:11 · answer #7 · answered by SweetBrunette 5 · 0⤊ 0⤋
That is close to good for someone with no credit score at all.
2006-12-23 11:52:55 · answer #8 · answered by m c 5 · 0⤊ 2⤋
Yes, it sounds good to me.
2006-12-24 04:47:24 · answer #9 · answered by Isabella789 4 · 0⤊ 0⤋
yeah, I would definitely take it.
2006-12-23 12:49:43 · answer #10 · answered by Anonymous · 0⤊ 0⤋