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re: Buyers Backing Out On Homes Due To New Rates
Posted on 3/31/22 at 12:37 pm to AUFanInSoCal
Posted on 3/31/22 at 12:37 pm to AUFanInSoCal
Rates don’t lock until you are X number of days out from the transaction.
With as fluid as inflation is right now and the inevitable bullshite delaying a closing, I bet you don’t have an idea of a likely rate until a few days before closing.
With as fluid as inflation is right now and the inevitable bullshite delaying a closing, I bet you don’t have an idea of a likely rate until a few days before closing.
3
Posted on 3/31/22 at 12:43 pm to teke184
quote:
Rates don’t lock until you are X number of days out from the transaction.
Nope. You can lock an interest rate pretty much the second you're under contract. They are good for a certain amount of time and you can even pay to extend that window if your closing is delayed a bit.
Posted on 3/31/22 at 1:13 pm to teke184
quote:
Rates don’t lock until you are X number of days out from the transaction.
With as fluid as inflation is right now and the inevitable bullshite delaying a closing, I bet you don’t have an idea of a likely rate until a few days before closing.
My mortgage is thru Third Federal.
They are about 4.5% currently for 30 year.
They offer another 0.5% lower for having a savings account or checking account with them.
They will waive mortgage insurance requirements for only 15% down (instead of typical 20% down).
They will LOCK rates for 6 months currently with approved credit check.
Best of luck to all buying a home. You're still better off buying than renting, Millennials.
Posted on 3/31/22 at 6:08 pm to teke184
Please ! I built my house in 98 and because of terms back then rates were 3.75% up to 271K which would then kick up to 4.65% over . This 5 % rate while not great is lower than Jimmy Carter days up until the 2001 tech crash. The Fed decreased rates to basically 0 and pumped money into system creating a major issue for the next 50 years or more . The problem is as before- The Federal Reserve
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