- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Daily Mortgage Advice Question
Posted on 5/17/24 at 10:18 am
Posted on 5/17/24 at 10:18 am
Wife and I are building a home and looking at a new mortgage. We will sell our current home and have a down payment of about 30%. It will be a jumbo loan for new construction. In comparing rates from a few different lenders, looks like the best 30 year fixed is 7% with no points. We compared a few other options but lenders are advising against points given the size of the loan.
Guessing this seems like our best option since the current prime rate is 8.5%, and looks like next Fed meeting isn't for another month?
For context both our credit scores are in the 820s and no current debt outside of a small car loan and current mortgage (will pay off and have above down payment with sell of current home).
Thanks in advance for the wisdom.
Guessing this seems like our best option since the current prime rate is 8.5%, and looks like next Fed meeting isn't for another month?
For context both our credit scores are in the 820s and no current debt outside of a small car loan and current mortgage (will pay off and have above down payment with sell of current home).
Thanks in advance for the wisdom.
4
Posted on 5/17/24 at 12:22 pm to CajunDoc
quote:
looks like next Fed meeting isn't for another month?
The next Fed meeting is June 11-12. Current speculation is that rates will likely remain unchanged until at least the September meeting, possibly the November meeting (all of that is based on what happens with inflation between now and September).
This post was edited on 5/17/24 at 1:43 pm
Posted on 5/17/24 at 1:41 pm to CajunDoc
If you aren't buying an existing home you have the luxury of waiting. Lenders should be looking to be more competitive very soon with looming rate cuts on the table.
Posted on 5/17/24 at 5:52 pm to dualed
We’re closing on a new construction build we’ve been designing, so timeline is relatively fixed for closing in late July or early august
Posted on 5/17/24 at 8:09 pm to CajunDoc
No student loans for medical school? Looked at your post history and the neighborhood ranges from 1.5-1.8 million currently (not sure if you got in cheaper). 30% is a solid down payment. I wouldn’t buy the rate down now with points, since you can hopefully refinance in a year or two with lower rates. Either you wife is a doctor as well, or you went into a lucrative specialty, considering that price point.
Posted on 5/17/24 at 11:26 pm to Ric Flair
quote:
No student loans for medical school? Looked at your post history and the neighborhood ranges from 1.5-1.8 million currently (not sure if you got in cheaper). 30% is a solid down payment. I wouldn’t buy the rate down now with points, since you can hopefully refinance in a year or two with lower rates. Either you wife is a doctor as well, or you went into a lucrative specialty, considering that price point.
He’s probably doing really well. I couldn’t imagine building a 1.5 million dollar home with 30% down. I wouldn’t be able to sleep at night. That’s at least a $10,000 a month mortgage in Houston
This post was edited on 5/17/24 at 11:34 pm
Posted on 5/18/24 at 4:15 pm to CajunDoc
No rate cuts on the horizon.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News