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Message
re: Current Mortgage rates vs what the lenders are offering...
Posted on 9/11/14 at 3:05 pm to TigerTatorTots
Posted on 9/11/14 at 3:05 pm to TigerTatorTots
if you need some good answers or numbers run shoot me an email edhawk75@gmail.com
1
Posted on 9/11/14 at 4:00 pm to hawkeye007
I'll save your email just in case
Posted on 9/12/14 at 6:19 am to TigerTatorTots
Nobody here is mentioning that if you're willing to put down 20%, put down a little bit more and you can buy down your rate. If you're are spending that much cash at the closing table, spend a few hundo or a thousand or two more to lower your rate as much as possible.
Seriously, ask your Loan Officer or Mortgage broker what the cost of the maximum discount or buy down on your rate is. If you really wanna see them squirm, ask them what the YSP is on your rate is. If they don't know, I'd say they're a fairly shitty loan officer...
Seriously, ask your Loan Officer or Mortgage broker what the cost of the maximum discount or buy down on your rate is. If you really wanna see them squirm, ask them what the YSP is on your rate is. If they don't know, I'd say they're a fairly shitty loan officer...
This post was edited on 9/12/14 at 6:20 am
Posted on 9/12/14 at 9:06 am to TigerTatorTots
We closed July 21 on our home and for 20 years got 3.875, conventional loan, local bank. 30 year was 4.175. Locked in about 2 or 3 weeks before.
Posted on 9/12/14 at 10:45 am to GFunk
working for a bank i dont have to worry about my YSP like brokers and lenders do.
Posted on 9/12/14 at 11:28 am to catfish 62
The problem with doing the added interest rate to remove PMI is that you can't self escrow. At least that was what happened to me in June. Got 3.35% on a 15 yr. I wanted to self escrow
Posted on 9/14/14 at 5:53 pm to GFunk
quote:
Nobody here is mentioning that if you're willing to put down 20%, put down a little bit more and you can buy down your rate. If you're are spending that much cash at the closing table, spend a few hundo or a thousand or two more to lower your rate as much as possible.
Seriously, ask your Loan Officer or Mortgage broker what the cost of the maximum discount or buy down on your rate is. If you really wanna see them squirm, ask them what the YSP is on your rate is. If they don't know, I'd say they're a fairly shitty loan officer...
Can you elaborate on what all this means? You can buy down your rate?
I'm in a unique circumstance where I used to make a ton of money in oil and gas at a very young age as a chemical engineer on international man camp-style job sites. I've recently moved somewhere and don't make anywhere near as much as I used to. However, I have almost $200K saved up.
What's the best way to put this to work on a home purchase? I'm thinking I'll probably purchase in 6 months - one year.
TIA!
Posted on 9/15/14 at 9:18 am to FootballNostradamus
You can buy down your rates but its normally not a good idea. It will cost you 1% of your loan amount to move a rate by .25%. with 200k in the bank i would put 20% down on the house you want and put the rest of the money in the market making some money.
Posted on 9/15/14 at 12:16 pm to hawkeye007
I would be talking to a financial advisor. 200 grand at a young age could set you for life in retirement. Put 20% down on a house and then figure out the best way to use that money to support your future plans.
Posted on 9/15/14 at 6:58 pm to bobaftt1212
Yea I've spoken with multiple people about how best to use it, I'd just never heard of buying down a rate.
Thanks!
Thanks!
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