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Is this a good mortgage rate?
Posted on 2/18/14 at 3:05 pm
Posted on 2/18/14 at 3:05 pm
So I finally went to Chase and got qualified for my 1st home loan. Had to wait to get 1.5 years of self employment tax returns. I got offered 4.5% for a 30 year. Looking to purchase in the 150-200k range.
773 middle score (what they're using), 801 high score
I have 20% down. Should I keep looking? Should I go to a mortgage broker to avoid getting my credit pulled over and over? Looking to purchase in Lafourche, maybe Terrebonne.
773 middle score (what they're using), 801 high score
I have 20% down. Should I keep looking? Should I go to a mortgage broker to avoid getting my credit pulled over and over? Looking to purchase in Lafourche, maybe Terrebonne.
This post was edited on 2/18/14 at 3:25 pm
7
Posted on 2/18/14 at 3:07 pm to man117
quote:
Should I go to a mortgage broker to avoid getting my credit pulled over and over?
From my understanding, mortgage loan shopping within a small time are treated as one pull. They know what you are trying to do and don't penalize you for it.
Posted on 2/18/14 at 3:21 pm to man117
quote:
I got offered 4.5%. Looking to purchase in the 150-200k range.
15 years or 30?
Heck, I got 4.5% for 15 years, 3 years ago with an under 700 credit score.
BoA offered to refinance at 3.75% for 30, but I'm not playing their games.
I'd look for something around 4 for 30, less for 15 (and I recommend 15).
Posted on 2/18/14 at 3:21 pm to man117
I got a 4.3% rate on a 30 year last week with similar credit. We also put 20% down. I believe the rate for a 15 year was 3.5%
This post was edited on 2/18/14 at 3:22 pm
Posted on 2/18/14 at 3:22 pm to man117
What part of south la? Abeville building and loan was 4.375 the other day when I talked to them and tri-parish bank was 4.1%
Posted on 2/18/14 at 3:23 pm to Ace Midnight
quote:
15 years or 30?
I'm sorry, 30 year.
Posted on 2/18/14 at 3:24 pm to lsufan35
Lafourche maybe Terrebonne.
Posted on 2/18/14 at 3:27 pm to Teddy Ruxpin
quote:
From my understanding, mortgage loan shopping within a small time are treated as one pull. They know what you are trying to do and don't penalize you for it.
Read something that said 14 day period. I'll keep looking though.
Posted on 2/18/14 at 3:29 pm to Chaplain
quote:
I got a 4.3% rate on a 30 year last week with similar credit. We also put 20% down. I believe the rate for a 15 year was 3.5%
What lender?
Posted on 2/18/14 at 3:30 pm to man117
I live in CENLA. Public Service Mortgage.
I'd recommend you shop around to some local credit unions and smaller community banks.
I'd recommend you shop around to some local credit unions and smaller community banks.
This post was edited on 2/18/14 at 3:32 pm
Posted on 2/18/14 at 3:47 pm to Chaplain
quote:
I'd recommend you shop around to some local credit unions and smaller community banks.
A very good idea, especially in a more rural area.
Posted on 2/18/14 at 5:27 pm to man117
quote:
Read something that said 14 day period. I'll keep looking though.
It's 30 days for mortgages and 14 for auto loans. The inquiries will show on your credit report but will only affect your score as a single inquiry would.
Posted on 2/18/14 at 5:31 pm to Ace Midnight
quote:well its not a game if it would have been a value to you
BoA offered to refinance at 3.75% for 30, but I'm not playing their games
Posted on 2/18/14 at 6:08 pm to Mr.Perfect
Look into Penfed. 4.25% for 30 year.
Posted on 2/18/14 at 9:20 pm to fatboydave
quote:
Look into Penfed.
I did this about one year ago and got a 3.25 for 30.
Don't forget that if the rate is low enough, a 15 may be worse than a 30. That was the case when I was doing this in November 2012, not sure whether it is still true.
The issue with the 15 year is that your monthly payment is higher, and if your rate is low enough then once you take out inflation and taxes your extra payment amount has a negative real ROI.
But like I said, I don't know whether this is still true today.
Posted on 2/18/14 at 9:27 pm to man117
My score is lower than yours and I got 4.25 last month with GMFS. You need to shop around.
Posted on 2/19/14 at 9:10 am to LNCHBOX
quote:
My score is lower than yours and I got 4.25 last month with GMFS. You need to shop around.
Yes I do. Got quoted 4.125 this morning from a local place.
Posted on 2/19/14 at 9:55 am to man117
I just refinanced my construction loan to perm for 4.125.We used an internet mortgage co that I would not recommend to anybody.Good rates initally but sucked to deal with.
Posted on 2/19/14 at 10:16 am to man117
shop the rate the rate should be between 4.25-4.375% on a 30yr fixed. i took a look at the rate sheet before i posted. also CHASE sucks at mortgages they take forever dont get sucked into those guys.
Posted on 2/19/14 at 10:42 am to hawkeye007
I locked in 4% for 30 yrs through a credit union in houston a few weeks ago.
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