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Posted on 5/18/16 at 8:03 pm to vettegc
Threads like this make me feel like I got anally pounded on my house almost exactly a year ago.
770 credit score, 4.8% conventional. Being financially stupid is a bitch.
770 credit score, 4.8% conventional. Being financially stupid is a bitch.
Posted on 5/18/16 at 8:14 pm to DownshiftAndFloorIt
Stupid question but do the same rates apply for new construction loans?
Posted on 5/18/16 at 11:43 pm to DownshiftAndFloorIt
quote:
almost exactly a year ago.
770 credit score, 4.8% conventional.
Exactly a year ago I bought at 4% no points. I wonder why the .8% difference for you?
I'm looking to buy another property right now and am hoping to stay under 4%.
Posted on 5/19/16 at 5:49 am to Sho Nuff
I was 8 months out of college. That's the only thing I can figure. My credit score was good but I didn't have much credit.
Posted on 5/19/16 at 6:27 am to sonoma8
quote:
Stupid question but do the same rates apply for new construction loans?
spec home yes
construction to perm no. Construction part that is
This post was edited on 5/19/16 at 9:01 am
Posted on 5/19/16 at 9:05 am to sonoma8
quote:
sonoma8
quote:
Stupid question but do the same rates apply for new construction loans?
Ours was new construction. But it wasn't construction-to-perm financing. Builder package or spec in other words.
Posted on 5/19/16 at 9:08 am to Paul Allen
quote:
Paul Allen
quote:
1013 AD or BC?
Had to be AD as the Notary wore Jerusalem Cruisers and we had to use a blue chisel for our names for the entire closing.
Posted on 5/19/16 at 10:56 am to DownshiftAndFloorIt
Probably refinancing in the near future. Current loan is about 5%, which we got 6 years ago. About time to get something under 4%.
Posted on 5/19/16 at 11:23 am to Boh
I would. Go save yourself some money. Especially if you are planning to own the property for more than the next year or two.
Posted on 5/19/16 at 8:18 pm to vettegc
My score fluctuates between 760 and 800 and I was just pre-approved for 3.5%
Posted on 5/20/16 at 6:28 am to jbond
Locked in at 3.625 on a 30 year loan. Close in a few weeks.
Posted on 5/20/16 at 9:57 am to sonoma8
construction loans are a little different with the bank I work for. We do a one time close and most customers are taking the 5/1 arm at 2.875% to build the home and then once the house is completed we modify that to the current 30yr fixed rate.
Posted on 5/20/16 at 10:15 am to hawkeye007
quote:
construction loans are a little different with the bank I work for. We do a one time close and most customers are taking the 5/1 arm at 2.875% to build the home and then once the house is completed we modify that to the current 30yr fixed rate.
Whats the cost to the consumer for 5/1 vs standard 12 month build product?
Whats the profit for broker vs typical 12 month construction loan?
Seems weird as mst build outs don't take 12 months, so a 5/1 is just overkill.
Posted on 5/20/16 at 1:21 pm to ItNeverRains
when doing 1 time close products we always give the customer the option to stay in the construction loan. IE I have customers that use the 10/1 arm at 3.375% to build the house then stay in that loan once the house is complete. so on a 30yr am they are getting a 3.375% rate for 10yrs. the cost to the consumer is the construction fee which normally runs around $2700. its a flat fee.
Posted on 5/20/16 at 11:13 pm to hawkeye007
You must work for Whitney. That is what I did. 5/1 arm 1st, and now converting to a 30 year. I can't say I really understand. I am still doing a second closing and have some (it seems some duplicated) closing cost associated with it? In retrospect, I am not sure that this was the better route.
I was initially under the impression that it was in fact a one time closing, and I paid everything up front. I didn't realize I would be bringing several thousand dollars to convert to a 30 year.
I was initially under the impression that it was in fact a one time closing, and I paid everything up front. I didn't realize I would be bringing several thousand dollars to convert to a 30 year.
Posted on 5/24/16 at 1:42 pm to vettegc
Locked in at 3.25%, close in a few weeks.
Edit:
Using VA Home Loan.
Edit:
Using VA Home Loan.
This post was edited on 5/24/16 at 1:44 pm
Posted on 5/24/16 at 1:48 pm to vettegc
what your bringing to closing is your title insurance and your escrows. and yes that can add up to several thousands of dollars very quickly. and yes I work for whitney.
Posted on 5/25/16 at 7:05 am to noles25
Man that's low.
I got 4.0 on my house, will be 2 years ago in October. I'm guessing it's not worth refi right now? We plan to stay long term but idk that it would make enough difference?
I got 4.0 on my house, will be 2 years ago in October. I'm guessing it's not worth refi right now? We plan to stay long term but idk that it would make enough difference?
Posted on 5/25/16 at 9:10 am to NOLAGT
4% is a good rate. I wouldn't worry about refinancing unless you have PMI and can get rid of it, or a 15 yr. loan at 3% would fit into your budget.
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