where can I get the lowest mortgage interest rate and what type should I get on 30 years on $275

PE4693 · Joined: 13 Sep 2008 Posts: 2 1.62 Dollars($)

where can I get the lowest mortgage interest rate and what type should I get on 30 years on $275...Let the community guide you. Post Your detailed question here.

PE4693 · Joined: 13 Sep 2008 Posts: 2 1.62 Dollars($)

where can I get the lowest fixed mortgage interest rate on a 30 year for $275,00?

adonis · Posted: Mon Sep 15, 2008 12:26 am Post subject:

Welcome PE,

You calculate how much to borrow by using the Home Affordability Calculator at http://www.mortgagefit.com/calculators/howmuch-borrow.html . By the way, what's your credit score and debt to income ratio?

gmakerley · Posted: Mon Sep 15, 2008 7:46 am Post subject:

pe, you'll find that fha loans are currently offering the best in rates. at the same time, if there is a bond program in your locale, there is where you'll be treated to the very best of rates. in the event a bond program exists, you can find a list of lenders who participate on that program's website, i am sure.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

A 30 year fixed rate with 0 points today is at 5.625%. This is based on good credit, paying off only one mortgage (rate and term refinance) with no cash out. This is also assuming that you have equity of 20%. There are many variables to consider when quoting rates but even if your senario differs from what is stated here, the rate would not vary by much more than 1/4%.

gmakerley · Posted: Tue Sep 16, 2008 6:46 am Post subject:

i am of the mind that quoting rates is dangerous without knowing the specifics of a borrower's financial status (credit, income, etc.); but as you can see, lisa has no qualms and a lot more temerity than i.

you might be able to get a 5.625% rate with no points somewhere, but i am quite certain that you'll find most lenders offering rates a fair bit higher than that. bankrate.com shows 5.5%, but an apr of over 6% - i'd guess there might be a point somewhere on what they claim is the "best" current rate.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

Hi George,

Well aparently they are looking for something as generic as bankrate with the details that were given. I can only assume (like bankrate) that they have excellent credit, enough equity, and it is a no cash out or purchase transaction. As of yesterday morning, 5.625 did not cost any points and actually paid yield spread.

gmakerley · Posted: Wed Sep 17, 2008 7:02 am Post subject:

lisa, i just reviewed what i said...it looks like it was a little harsh in the tone, but please know that i didn't intend for that to be the case. i was only trying to cite your bravery at quoting a rate.

and, of course, you've got different rates than i do as a broker. i'm a direct lender so only have one set of rates to review (which of course means only one investor to make happy).

also, i'm just hesitant to try to quote rates without having some sort of clue as to what i'm looking at credit score-wise.

gmakerley · Posted: Wed Sep 17, 2008 8:06 am Post subject:

just to piggyback on what we've discussed here in the last couple of days...i am glancing through today's edition of USA Today. In the Money section is a column written by Sandra Block entitled "Low rates on credit, loans are out there." Under the heading of "home mortgages," there is this citation:

"Last week the average rate for a 30-year mortgage fell to 6.15% from 6.55% a week earlier." A little bit later in the article, "But here's what you may need to get the lowest mortgage rates: a 20% down payment, well-documented income and assets and a FICO score...of 720 or higher."

once again, i have no doubt that there are rates as low as 5.5% out there, but i firmly believe that the author of this column is correct and that obtaining such a rate (or even a rate of 6% or so) will not be attainable for a large percentage of the national population.

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