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Mortgage question
Posted on 8/24/15 at 11:20 am
Posted on 8/24/15 at 11:20 am
I don't really know much about this stuff but with all the goings on today I figured I would ask this here:
I am building a house with a builder and will be closing around 10/15/15. I have qualified for a VA Mortgage with zero down for 300,000. Because I collect partial disability the VA funding fees are waived. When we did the pre-qualification a few months ago, I got 3.750 interest rate. With all the activity in the market today, do we expect those to go further down? If so how much further?
I am building a house with a builder and will be closing around 10/15/15. I have qualified for a VA Mortgage with zero down for 300,000. Because I collect partial disability the VA funding fees are waived. When we did the pre-qualification a few months ago, I got 3.750 interest rate. With all the activity in the market today, do we expect those to go further down? If so how much further?
2
Posted on 8/24/15 at 12:03 pm to Mike Honcho
3.75, that's for a 30 year?
I just don't know how much further south rates can go. Banks have to make some money. You could probably find a bit lower rate on a 15 year, and a bit lower rate on an ARM.
I just don't know how much further south rates can go. Banks have to make some money. You could probably find a bit lower rate on a 15 year, and a bit lower rate on an ARM.
Posted on 8/24/15 at 12:24 pm to Mike Honcho
quote:
Mike Honcho
I am at 3.375, closed in June of 2012 when rates were stupid low. I guess it could get back there, but 3.75 is as good as I have seen on a 30 year in a while.
Posted on 8/24/15 at 12:25 pm to LSUFanHouston
quote:
3.75, that's for a 30 year?
yep. That is for a 30 year mortgage. I read somewhere that it might drop down into the 2s. That sounds too good to be true. could that happen?
Posted on 8/24/15 at 12:30 pm to Mike Honcho
quote:
yep. That is for a 30 year mortgage. I read somewhere that it might drop down into the 2s. That sounds too good to be true. could that happen?
Maybe for a 15. Highly unlikely to drop into the 2s for a 30 year loan.
Can't you just refinance your VA loan and get your fees waived again if it did?
Posted on 8/24/15 at 7:24 pm to CidCock
quote:
I am at 3.375, closed in June of 2012 when rates were stupid low. I guess it could get back there, but 3.75 is as good as I have seen on a 30 year in a while.
I am at 3.25% and I got my 3,000 sq ft house in VIRGINIA for $170,000. That was a steal, because today it worth $230,000.
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