Mortgage Rates Question

[jcr]

Exactly.

Enjoy your new home.

No kidding, great time to buy a new house if you can.

 

[CF74]

Anything under 6% is spectacular and a privilege. Take the 4.875% and if rates somehow fall to 2.5% or 3% you can always refinance the loan but I've never seen the rates drop that low. I was a realtor in San Antonio for 12 years...

 

[Bigdog]

I just refinanced and got a 4.5%. The lender thought the rates were going to go down even more but they actually went up. If he would have locked in when I thought he told me he would, I would have gotten a 4.25% rate. You could always float your rate until you close but you would have to pay for it. If the rates go down you get the best rate rate. It is just something to think about.

 

[DCgirl13]

Thanks Theo.

My lender stated on the phone that the Government had spent about a 1/3 of 1.5 trillion set aside to buy up bad mortgages. He said that he felt that the government would start spending alot more of the 2/3 remaining, to make the Interest Rates go down. But as you said, not sure if one wants to count on that.

The difference in payment for 4.5% and 4.875% is about $35, so im fine with that.

What I am really worried about is that it wont be 4.875% tomorrow, but something like 5.5% .

Even 5.5% is good. You could be like me and owe $100,000 more than my house is worth even though we put down $70,000. AND our interest rate is 6.75% and they probably won't lower it because of the value. I need to make time to call and talk to someone.

 

[Yeagermeister]

Congrats Mike and welcome to the world of home ownership where every thing that breaks comes out of your pocket to fix.

I want to do the opposite. I want out of my house and back in to an apartment. I'm sick and tired of paying for everything that breaks. I shouldn't have bought a 20 yr old house.

 

[Maikeru-sama]

Got some good news today. Today my loan officer told me he floated my interest rate when he locked it in on Thursday for 1 day. He said they called the 1 day option and locked me in at 5% instead of 5.25%.

Also, I just got back from having the inspection done. The inspector felt that the house was in excellent condition and there was nothing that would prevent him from buying the house (it was built in 2005). Outside, he found a crack in the brick near the top of the wall located on the right side of the house. He strongly stated that he didn't think this had anything to do with foundation issues but didn't know why the crack was there.

As a precaution, we are going to try and schedule two independent foundation experts to come out and get their opinion. My Real Estate Agent has already warned me that they are going make sure they find something and go for the hard sale.

We are having the seller look at some minor issues and I dont think there is a foundation issue, so we are moving right along.

Oh Yeager, I definately understand what you are talking about. That is why I am building up a war chest before I move-in in September.

Reminds me of Senator Clay Davis on The Wire taking the stand. Specifically what he said at 1:43 on this you video :laugh2: .

 

[Yeagermeister]

I hear ya man. Sorry but I had to remove the video. It was ok until the end when Bond drops an f bomb.