- 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
30 Year Mortgage Rates - What is Reasonable
Posted on 10/27/17 at 9:38 am
Posted on 10/27/17 at 9:38 am
In over my head here as first time home buyer...
House is under contract and everything. Mortgage is in the $250-300k range. Local Texas mortgage company I've been working with quoted me at 4.125% rate with a 4.43% APR. Says they service their own loans for the entire life of the loan so does that fact make up for the high spread? Seems pretty high compared to some of the big banks...If so, can I even shop around at this point in the game or is it too risky. This mortgage company was recommended to me by a friend I trust but the guy at the mortgage company isn't all that detailed in his explanations (not a jerk, just probably doesn't realize what I don't know...).
Thoughts? Thanks for any help fellas.
House is under contract and everything. Mortgage is in the $250-300k range. Local Texas mortgage company I've been working with quoted me at 4.125% rate with a 4.43% APR. Says they service their own loans for the entire life of the loan so does that fact make up for the high spread? Seems pretty high compared to some of the big banks...If so, can I even shop around at this point in the game or is it too risky. This mortgage company was recommended to me by a friend I trust but the guy at the mortgage company isn't all that detailed in his explanations (not a jerk, just probably doesn't realize what I don't know...).
Thoughts? Thanks for any help fellas.
This post was edited on 10/27/17 at 10:10 am
10
Posted on 10/27/17 at 9:46 am to CalcuttaTigah
If you have good credit, you should be getting a better rate.
Posted on 10/27/17 at 9:51 am to CalcuttaTigah
The two questions I have is about your credit score and down payment? If you have good credit and are putting down a decent amount, you should be doing better than 4.125 and probably closer to 3.85-3.90. This was as of a day or two ago.
Now if your credit is just OK and you are putting down 5% or so, that number is fine. Still very historically low but if you can get below 4, I would try.
Now if your credit is just OK and you are putting down 5% or so, that number is fine. Still very historically low but if you can get below 4, I would try.
Posted on 10/27/17 at 10:37 am to CalcuttaTigah
Thats high, 4 or lower if credit is strong
Posted on 10/27/17 at 11:06 am to CalcuttaTigah
Weird question, but are you buying anywhere near Houston? If so you may be able to get a lower rate going Freddie Mac. They have already enacted some of the counties as disaster zone and can help you get a lower interest rate as a first time buyer.
I also work for a Texas Mortgage Bank and can send you a comparison if you'd like, but there is a reason that guy gets business from referrals. I'm sure he does a good job.
I also work for a Texas Mortgage Bank and can send you a comparison if you'd like, but there is a reason that guy gets business from referrals. I'm sure he does a good job.
Posted on 10/27/17 at 12:18 pm to CalcuttaTigah
That’s too high. Should be 3.75ish or better
Posted on 10/27/17 at 10:52 pm to CalcuttaTigah
Depends on the points you are paying. No points, or a credit at 4.125 is pretty reasonable. Rates went up dramatically this week with the payroll and GDP numbers.
Reason the APR spread is so high is because your PMI is included in the APR calculation.
Reason the APR spread is so high is because your PMI is included in the APR calculation.
Posted on 10/30/17 at 9:48 am to CalcuttaTigah
Should be under 4
Posted on 10/30/17 at 8:57 pm to CalcuttaTigah
I locked in 3.75 2 weeks ago
Posted on 10/31/17 at 8:07 am to CalcuttaTigah
It's likely too late man, you need a good 20+ days to close any mortgage so if your offer was accepted already you are way behind the curve.
Given that, the only thing that matters is your interest rate and more importantly your APR which is just your interest rate plus closing costs basically. Shop around, doesn't really matter I've had 5 mortgages and they are all pretty close to the same. Some have better customer service, some have better websites, etc. but at the end of the day the only thing that really matters is your interest rate.
4.1% is still very low. So don't sweat it too much.
Given that, the only thing that matters is your interest rate and more importantly your APR which is just your interest rate plus closing costs basically. Shop around, doesn't really matter I've had 5 mortgages and they are all pretty close to the same. Some have better customer service, some have better websites, etc. but at the end of the day the only thing that really matters is your interest rate.
4.1% is still very low. So don't sweat it too much.
Posted on 10/31/17 at 10:11 am to CalcuttaTigah
4% should be the rate . Rates have moved up for the last couple of weeks. I haven't locked a 3.85% on 30yr in 2 weeks. btw i do this for a living
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News