Posted on: 12th Mar, 2009 02:37 pm
My husband and i (1st time home buyers) are getting an fha 203k loan and were offered 5.5% with .75 points or 6.125% without. Have the money to go for 5.5% and our credit is good. Should we go for it or wait? Are there lower rates out there?
Hi bonb,
I think the rates that have been offered to you are quite good. As you have mentioned that you can pay .75 points in order to get lower rates, I think you should go for it. The rates keep on changing on a weekly basis. With the present market situation, it is difficult to say whether the rates would go down further or not. In such a situation, I would suggest you to go ahead and lock the rate.
Thanks
I think the rates that have been offered to you are quite good. As you have mentioned that you can pay .75 points in order to get lower rates, I think you should go for it. The rates keep on changing on a weekly basis. With the present market situation, it is difficult to say whether the rates would go down further or not. In such a situation, I would suggest you to go ahead and lock the rate.
Thanks
Pretty good rate, but watch them closely. As James mentioned they changed daily, and I have seen others today offering 5.25% with no points on FHA.
Sometimes it pays to shop around, but if you feel comforatable with your Loan Officer and the job that he will do for you, my recommendation would be to go for it.
Best of luck!
Sometimes it pays to shop around, but if you feel comforatable with your Loan Officer and the job that he will do for you, my recommendation would be to go for it.
Best of luck!
you ought to be able to obtain a rate anywhere from 5% on up, but you're just about always going to have to pay a point or a fraction thereof. for a 203k loan, that rate you've been quoted is pretty reasonable.
as noted, rates change continuously, and even more than once a day on occasion; so it's virtually impossible to keep tabs as much as you'd like. you can pester a loan officer every day, but that's not going to win you any favor. you may be fortunate enough to work with someone who will monitor things on your behalf, letting you know when rates improve or if it looks like a worsening is coming.
as noted, rates change continuously, and even more than once a day on occasion; so it's virtually impossible to keep tabs as much as you'd like. you can pester a loan officer every day, but that's not going to win you any favor. you may be fortunate enough to work with someone who will monitor things on your behalf, letting you know when rates improve or if it looks like a worsening is coming.
If you have not already locked, rates have dipped LOW. I would check with your current broker/lender to see if they have had any improvement.
big dip yesterday morning, then a "correction" of .25 or so in the afternoon.
duncan is not the only inventor of the yo-yo.
duncan is not the only inventor of the yo-yo.
I can help. Email me!
MSmith@PrecisionFundingUSA.com
M
I am on line now!
MSmith@PrecisionFundingUSA.com
M
I am on line now!
please ignore that.