I'm a first-time home buyer so this process is very new to me. I found a lovely condo in a great location. I'm approved for a loan where I can lock down this rate with zero points, putting 3% down of the purchase price. Also getting $15k in buyers incentives (to be applied to closing costs and reduction in final purchase price). I plan to live here for 15+ years. Thanks!
2007-03-17 23:02:14 · 8 answers · asked by Galen22201 3 in Business & Finance ➔ Renting & Real Estate
Given the particulars of your deal structure I would say yes it is a very good loan and one that reflects a good credit score and grade. Congrats on being financially responsible and your new home purchase. Be cautious of that one item on the closing costs and final price reduction. The sales price or appraisal value whichever is lower will be the value you loan to value is set on. If the final reduction reduces sales price beyond lender allowed seller contributions you might not get it all. I have sold homes since a good fixed rate was almost 20%.
2007-03-18 06:06:03 · answer #1 · answered by Myron 4 · 3⤊ 0⤋
I think Myron gave you a very good answer but he didnt point out that a no points feature and the typical adder to rate for condo loans are what makes the 6.375 rate a good one. Have your agent jump on getting the condo associations resale certificate so the lender can approve the property and lock the rate.
2007-03-18 06:49:12 · answer #2 · answered by Kevin H 4 · 2⤊ 0⤋
Sounds pretty good. But do some more shopping for a better deal that might be out there. If no one can beat it GO FOR IT!! That's what the shopping is for-to make sure you got the best deal for you.
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2007-03-18 04:43:40 · answer #3 · answered by annalisa.fontana 2 · 0⤊ 1⤋
Do you have a floating rate option? If so, lock in the lower rate now and follow with the bank everyday. If it goes down to 6% make that your final rate.
2016-03-29 04:36:05 · answer #4 · answered by Donna 3 · 0⤊ 0⤋
Zero Points! Very good.
2007-03-17 23:21:56 · answer #5 · answered by 1 Wild and Crazy Guy 3 · 0⤊ 0⤋
Wonderful deal make sure its fixed and take it.
2007-03-17 23:04:00 · answer #6 · answered by dreemz07 2 · 0⤊ 0⤋
I would like to ask the same question as the previous person.
2016-08-23 21:27:06 · answer #7 · answered by ferne 4 · 0⤊ 0⤋
YES YES YES YES YESYES YES YES YES YESYES YES YES YES YESYES YES YES YES YES!
2007-03-17 23:09:47 · answer #8 · answered by kjesko 2 · 0⤊ 0⤋