First time homebuyer.
2007-01-25 08:59:31 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
This again depends upon the area. 30 year fixed are between 5.25 and 6.00 with no points.
Of course the mortgage banker will tell you that it is a good rate. The market is in the toilet, if your credit is good you can easily get 5 1/4 with no points.
Also the "checking on your credit myth" is a myth, if the loan company wants to deal, they know that you're shopping and will ignore the checks. Loan companies prey on people when times are good for them, don't let them prey on you now, they are begging for your business.
Just pulled this from Countrywide off the web. Just type in "Mortgage Rates" and get informed for yourself. Rates down to 4.25 for a 5 year, 4.65 for a 15. So you have to refinance in 5 years, you'll have probably moved on or lost your job by then. Rates are climbing but will go back down this spring if the market doesn't make a great recovery.
Interest Rates
Avg
Mortgages - 15 Year Fixed 5.61%
Mortgages - 30 Year Fixed 5.85%
Mortgages - 5/1 Year ARM 5.63%
Good luck and don't believe people that live off other peoples money.
2007-01-25 09:06:30 · answer #1 · answered by Anonymous · 0⤊ 2⤋
Yes. The current conventional rates are about 6.00-6.25%. FHA is always close, a little less some days, little more on other days.
It's a good rate for today's market. You aren't being taken advantage of at all. Assuming you're only paying 1% origination fee and no discount points.
2007-01-25 09:07:41 · answer #2 · answered by Anonymous · 0⤊ 1⤋
This rate is close to PAR and is actually very good for you. Check into a program called My Community as well for First Time Homebuyer's.
Only except a 1% Origination Fee and no Junk Fee's.
Questions you can send my your GFE and I will mark it up with a red pen and show you what you can shave off.
2007-01-25 11:25:10 · answer #3 · answered by Openthathouse.com 4 · 0⤊ 1⤋
Please Please do not shop around like Anthony P suggested. The rate is a very good rate in todays market (ok)
Various FHA lenders post rates, and they may be a slight variance on the rate but 6.25 is GOOD.
Are you borrowing up to the 97 percent or Homebuyer 100 program? You will have MI on anything over 80 percent for FHA, VA has no MI.
P/s if you shop around, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home &/or refinancing, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
2007-01-25 09:42:26 · answer #4 · answered by W. E 5 · 0⤊ 3⤋
I have an fha loan at a rate of 5.25...thats from three years ago...Considering interest rate adjustments 6.25 is good if you are not paying any points.
2007-01-25 09:46:41 · answer #5 · answered by miztiffany 3 · 0⤊ 1⤋
5.25 -6.0??!! I must be in a time warp!
6.25% ain't bad.
2007-01-25 10:24:04 · answer #6 · answered by Anonymous · 0⤊ 1⤋
depends on the points. if it is 1 point or less... then it is good
2007-01-25 09:10:15 · answer #7 · answered by Patrick G 4 · 0⤊ 1⤋