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Started By
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home buying/mortgage rate question
Posted on 1/20/17 at 9:38 am
Posted on 1/20/17 at 9:38 am
Hey all. I purchased my first house recently. It's in the building process now. I have a question for more educated minds. The house is DSLD. They have a deal where if you finance through their people, they cover your closing costs. My closing costs are about $4800.00. The quoted rate I got right now was like 4.25%, but that's not locked in for another couple of weeks.
Do y'all think I should go this route so they cover my closing costs, or I should shop rates around?
Thanks in advance.
Do y'all think I should go this route so they cover my closing costs, or I should shop rates around?
Thanks in advance.
8
Posted on 1/20/17 at 10:08 am to atom1505
I wouldn't make that decision until they can lock in the rate. Who knows what the rate could be later on
Posted on 1/20/17 at 11:21 am to atom1505
4.25% 30 yr. paying all your closing costs is a very good and competitive rate today. Probably don't need to shop around unless they piss you off. I'd be more worried about when/if you could lock that in.
Posted on 1/20/17 at 12:28 pm to atom1505
they are marking up the rate to pay for the closing costs. F that. 30 year loans are under 3 percent.
Posted on 1/20/17 at 12:30 pm to basiletiger
always always shop around. Josh Diaz with Preferred lending Solutions in lafayette is a straight shooter.
Posted on 1/20/17 at 12:52 pm to basiletiger
quote:
30 year loans are under 3 percent
Where?
Posted on 1/20/17 at 1:21 pm to Teddy Ruxpin
quote:
Where?
Fantasyland. They ticked up again today
Posted on 1/20/17 at 3:53 pm to atom1505
I was quoted at 4.25% recently for a conventional loan as a first time home buyer.
Posted on 1/20/17 at 4:56 pm to atom1505
The DSLD doesn't seem like a bad deal compared to today's rates. You have many other factors to consider (how long will you be in the house, how much are closing costs, do you have the cash for closing costs etc.) before it can be determined if it's the best deal.
I'm sure that they want to close with their group for many reasons (additional revenue stream, budgeting of closing proceeds/cash flow) so they would be apt to throw you a decent deal.
I'm sure that they want to close with their group for many reasons (additional revenue stream, budgeting of closing proceeds/cash flow) so they would be apt to throw you a decent deal.
Posted on 1/20/17 at 9:12 pm to atom1505
DSLD is known for bait and switch. You use their finance company and they either jack up the rate or charge points/fees.
Also, did they have you use their title company? More fees coming your way.
Also, did they have you use their title company? More fees coming your way.
Posted on 1/20/17 at 10:57 pm to SomethingLikeA
quote:
Also, did they have you use their title company? More fees coming your way.
Yes they now require you to use both their title company and their lender to get any closing costs. Trust me they are not just giving away free money so they make it up between the 2 parties. And since they know most people have ever to use them because they need the closing costs, all customer service is out the window.
Posted on 1/22/17 at 4:17 pm to npt817
3.375 for 30 years with preferred lending solutions. Shop around.
Posted on 1/22/17 at 4:17 pm to SomethingLikeA
My point exactly.
Posted on 1/23/17 at 9:01 am to basiletiger
quote:
F that. 30 year loans are under 3 percent
Posted on 1/23/17 at 11:52 am to atom1505
I'm a broker here in BR. are you doing a conventional loan, FHA loan or rural development loan.
dsld, dr Horton and level homes, they make you think you are getting a deal but you really are not.
don't lock any rate till you are at a min 45 days from closing date, not completion of the home
dsld, dr Horton and level homes, they make you think you are getting a deal but you really are not.
don't lock any rate till you are at a min 45 days from closing date, not completion of the home
Posted on 1/23/17 at 12:19 pm to basiletiger
quote:
3.375 for 30 years with preferred lending solutions. Shop around.
And you locked this rate in the first 3 weeks of 2017?
Posted on 1/23/17 at 2:25 pm to Golfer
I been shopping around I'm doing conventional 30 yr load haven't seen anything at 3.375.
I'm closer to 4% and I've checked preferred lending Nola Landing etc.
I'm closer to 4% and I've checked preferred lending Nola Landing etc.
Posted on 1/23/17 at 4:13 pm to atom1505
Got locked into my rate today, VA Loan
3.75% 30 year
5500 towards our closing cost
Close around the 24th of feb, estimated completion date
3.75% 30 year
5500 towards our closing cost
Close around the 24th of feb, estimated completion date
This post was edited on 1/24/17 at 8:23 pm
Posted on 1/23/17 at 8:47 pm to SomethingLikeA
Tried telling these guys. The old bait and switch.....
Posted on 1/24/17 at 4:33 am to basiletiger
quote:
3.375 for 30 years with preferred lending solutions. Shop around.
What are your cc's on this loan?
Do you work for this lender?
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