I've been shopping around for mortgages for about a week and a half and a bank gave 3.87% at 30 year fixed with 0 points and up 850 closing credit.
Should I lock now at this rate or wait for a further dip?
Posted Jul 24, 2019, 2:52 AM UTC
We also got a 3.875 shopped a bit and found 3.75s around as well.
Lender?
NBKC bank through Costco mortgages
Did you atleast shop around to see who gives the best rate? No one knows when or if a dip will come. Can you float to lock?
Yes this was a lowest. 4.25% was the highest and most came in at 3.99%
I have a one time float lock
if that’s the best option and you’re happy with as far how they’ve handled everything so far, I say lock in. It’s risky playing the waiting game to see if the rates will dip
I'm like that 3.875 with a one-time float option at no cost I just don't know where to check current mortgage rates or when to execute my one time float option
IIRC, a few members on here or r/RealEstate posted some links earlier on where to track the rates. I don’t know the entire picture of your situation, but you there are definitely lower rates out there.
Best time would have been late June but seems like a solid deal (hard to say without knowing exact credit or loan situation). There's talk of feds lowering rates but it's risky cause:
If it's the right house and right product, I would lock. Not worth the risk of it going up for a potential 1/8 gain imo.
260K loan credit score in high tier above 800.
Like the other guy said we're all just guessing. At the end of the day, you're going to get more informed data from the lenders you shopped with. If you've spoke with big nationwide lenders as well as local boutiques/banks you should already have a good idea what the rates are at and the respective closing costs.
Spending more than a week comparing is frankly a waste of time and adds stress imo. The cfpb website is generally pretty good too: https://www.consumerfinance.gov/owning-a-home/explore-rates/
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Definitely shop around! We were going to refinance at 3.75 with one lender but their fees were through the roof! Found another with 3.65% and considerably lower fees.
Anyone judging the interest rate as good or bad is only guessing. We don't know your loan amount, property value, credit score among other determining factors.
So your question is reduced to is it a good time to lock. We can tell you where rates are today, and what was available yesterday. Tomorrow is far more difficult. The general market trend is improving, but really impossible to forecast any sort of short term direction.
Rather than try to over analyze the timing, focus on if it provides you a benefit compared to your current loan. If you are reducing your rate and keeping costs reasonable, get it locked in and be glad you were able to improve from your existing terms.
Sorry this is all new to me property is in contract for 267 it's worth 325 in regards to comps and my credit score is in the top tier 800 plus I'm trying to save as much as I can where I can especially in a 30-year .25 points is a 30-year amortization is mucho dinero.
Added with voice recognition and I apologize for my lack of commas
Lock up now you won’t see these rates again anytime soon.
Locked.
Do you already have an agreement for a property? If so, get the loan estimate and use it to shop for a better rate. Include online lenders (Morty, Better, Silverton) who will give you better rates than the banks will in person. Get estimates from them and see which banks will match or beat. Take the lowest rate from a source you trust. A good friend closed yesterday in about 20 days with Bank of America. 30 year fixed, 3.5% no points, 20% down, credit score 790, purchase price 460k. They were offered 3.375% no points from Silverton, but chose BOA because BOA would actually service the loan and not sell it. It’s more work, but how badly do you want a better rate?
Do you know why they'd care if the loan was sold or not? I sure wouldn't pay more for a loan that wouldn't be sold but I'd like to understand the rationale.
Having your loan sold can be a pain if you get a weird lender. We had one of ours sold a few years ago to a lender who didn't offer online pay. Literally had to write a check to them. If you start out with a bank a lot of time you'll get benefits, like no charge on your checking or a free safety deposit box. If they sell your loan you lose those benefits.
Personally, I wouldn't pay the extra either though. Outside of that one lender we've never had an issue when our loans have been sold.
For what it's worth my loan will not be sold per the loan estimate
For what it's worth my loan estimate says that the loan will not be resold
I already have a contract on the property my score is in a high 800 my loan estimate is at 3.75 at 30 year fixed and I live in a major metropolitan area this is a mid-rise condo overlooking the view of the city let me see it says it right on. Because this is a condo it is best if i put down 25%.
I also have a one-time float option for a lower rate I'm unable to find the rates drop lower than 3.75 . the average that I've been quoted from other lenders is about 3.99 with .25 points
So far this is the best rate that I was able to get for my area locally and not sure where else to ship online.
3.87 seems like a good rate to me. I am currently being offered interest rate of 3.875 and a 4.072 apr with 10% down on a 386k loan. I haven't went shopping around because i am using the preferred lender with my builder who is offering 10K in closing cost which i think is great. My loan officer also has me down for pay a discount point too for 2,018 $. I am wondering if I should lock in right now. I think rates might fall, well hope they do. Any input? Closing cost are equal to 5k
Looks like a solid rate and package. Which lender if you don’t mind me asking. Thanks!
It's there a local broker in my Metropolitan City