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Started By
Message
Is a rate of 3.94% on a 30 year fixed, no points buy down, still possible?
Posted on 8/23/22 at 12:53 pm
Posted on 8/23/22 at 12:53 pm
We are looking to buy and a bank (actual bank, not broker) verbally stated a rate of 3.94% for 30 year fixed on a pre approval letter that just states “up to X amount”
I’m expecting of course when we find a place and go through with the actual mortgage, I’m going to hear, “that was in August, rates have gone up since then” or something similar….which will 100% make me not want to go with that bank. (I will not reward liars/sales pitches)
We do have great credit, it’s a large mortgage(California) where we are putting down 30%, have 2 other homes free & clear (assets), 18 months of liquid reserves, and a DTI below 30%, so I’d expect a lower rate, but wasn’t expecting a rate still in the 3’s.
I just wanted to “pre-affirm” the banker is lying.
I’m expecting of course when we find a place and go through with the actual mortgage, I’m going to hear, “that was in August, rates have gone up since then” or something similar….which will 100% make me not want to go with that bank. (I will not reward liars/sales pitches)
We do have great credit, it’s a large mortgage(California) where we are putting down 30%, have 2 other homes free & clear (assets), 18 months of liquid reserves, and a DTI below 30%, so I’d expect a lower rate, but wasn’t expecting a rate still in the 3’s.
I just wanted to “pre-affirm” the banker is lying.
7
Posted on 8/23/22 at 1:21 pm to Kujo
Most Banks will do a 60-90 day “rate lock”. You just need to close within that window and you are guaranteed that rate. Ask him if they will do that(request 120 day and go down from there) and have them put it in writing.
Posted on 8/23/22 at 1:24 pm to Kujo
I don't see how, even with 30% down.
One way would be to offer to buy a rate lock and see what their response is.
One way would be to offer to buy a rate lock and see what their response is.
Posted on 8/23/22 at 1:53 pm to Kujo
quote:
verbally stated a rate of 3.94% for 30 year fixed on a pre approval letter that just states “up to X amount”
the fine print which ran out of ink on the back says frick you!
Posted on 8/23/22 at 2:11 pm to lighter345
quote:
Most Banks will do a 60-90 day “rate lock”
Okay, thanks. I’ll see what she says.
Posted on 8/23/22 at 2:40 pm to Kujo
Seems pretty hard to rationalize anything sub 4.5% IMO.
Posted on 8/23/22 at 4:07 pm to Kujo
If a bank keeps the loan as a portfolio loan, then they do not have to price off the market. From what other clients have said, they usually make you bank a certain amount of money or have hidden fees. Many banks use the "brokers" to underwrite and process their loans- That fee for service is given to the borrower. Look over your loan estimate to ensure you do not have an additional fees. Depending where you live, you should only pay $1500 max in processing in UW fees
Posted on 8/23/22 at 4:15 pm to Kujo
I find that very hard to believe in our current situation.
Posted on 8/23/22 at 6:28 pm to TeaParty
I would love to see that rate on paper to see how high the fees are. They may not charge them as “points” but you’re paying a lot more in fees.
Posted on 8/23/22 at 8:45 pm to Kujo
No. There is no chance
The 10yr is over 3.0 again
Maybe that was available a week ago
The 10yr is over 3.0 again
Maybe that was available a week ago
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