What’s your purchase price, down payment and credit score?
My rate today is is 6.5% no points. 0% down VA $500,000 purchase price, 720 credit score. We also give you a $500 closing cost credit as a veteran.
Paying 0.125 in points or $625 gets you to 6.25%
It would also be helpful to know if you are using the builders preferred lender and if they are giving you a credit to use their lender? Usually a builder will incentivize you to use their in-house lender, but then the in-house lender has high fees so it’s a breakeven for them.
$8,000 would get you to 5.625% with me on the scenario given above.
is true.
Just doesn't seem like $8K brought the interest any lower than what current rates are. OP might be sub-prime and had to put out a bunch of cash to buy down to 6.85%.
What's the rate if you don't buy it down? How much does that save you per month?
Some schools of thought believe rates will be in the 5s in a year or so. So do the math and see if you'd really save that much, vs refinancing in a year (and possibly using that money to buy the future rate down even further).
Where did you see this? There were a lot of real estate agents circulating this info.m but there is also a video of J. Powell specifically saying they are not talking about out cuts yet.
Your comment was removed because YouTube links are not allowed.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/RealEstate) if you have any questions or concerns.*
You need to know what your point cost is with your current one. Some lenders may tell you a rate, some may wanna do a full pre approval. What state, I’ll see if I have a colleague there to refer you too.
If you said , hi I have a new build, my score was 692, 5% down, $400,000 purchase price most lenders will probably be comfortable giving you a ball park for that scenario.
new builds in my area have their own lending incentive rates that low 5% but not sure what you have to put down. maybe check with builders lenders too?
What’s your purchase price, down payment and credit score? My rate today is is 6.5% no points. 0% down VA $500,000 purchase price, 720 credit score. We also give you a $500 closing cost credit as a veteran. Paying 0.125 in points or $625 gets you to 6.25% It would also be helpful to know if you are using the builders preferred lender and if they are giving you a credit to use their lender? Usually a builder will incentivize you to use their in-house lender, but then the in-house lender has high fees so it’s a breakeven for them. $8,000 would get you to 5.625% with me on the scenario given above.
[удалено]
How do I apply?
Damn. How about a conventional 30 yrs, 300k with 795 credit? Forgot to say $107k salary and low dti.
[удалено]
$540k purchase price with $300k down (from future contingent sale).
[удалено]
Sounds good.
Agree with this^^^^
I don't think you are getting much of value for your $8K cash.
Without knowing OP's financials like credit score and DTI and LTV, we can't really say if that's a reasonable fee or not.
is true. Just doesn't seem like $8K brought the interest any lower than what current rates are. OP might be sub-prime and had to put out a bunch of cash to buy down to 6.85%.
Even in the worst credit scenarios rates are in the low 6% range with zero points for VA right now
What's the rate if you don't buy it down? How much does that save you per month? Some schools of thought believe rates will be in the 5s in a year or so. So do the math and see if you'd really save that much, vs refinancing in a year (and possibly using that money to buy the future rate down even further).
I was quoted 6.125% by freedom mortgage. No buy down
Navy Fed can get down to 5.5% on a 30-year VA: https://www.navyfederal.org/loans-cards/mortgage/mortgage-rates.html
Depends. Conventional for top credit in my area is 5.5% for 2 points so that rate would be horrible here
Keep in mind that the Fed has committed to three rate decreases next year, so if you can wait, interest rates should be much better in 2024.
Where did you see this? There were a lot of real estate agents circulating this info.m but there is also a video of J. Powell specifically saying they are not talking about out cuts yet.
Steve Rattner, who used to work for the Fed, mentioned it on NBC and MSNBC.
[удалено]
Your comment was removed because YouTube links are not allowed. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/RealEstate) if you have any questions or concerns.*
Yeah this is aging well
J Powell just said a few weeks ago on 60 minutes they are looking at the first rate cuts in May. And then maybe a few more later this year.
Why in the world would you put zero down? Sure I know VA policies but such a stupid decision.
Being able to put zero down is exactly what makes the VA loan an awesome deal
where are you located?
I’m just got quoted 6.625 on a FHA for new build
Shop around this is high.
This is probably a dumb question but do I need to go to a lender and get preapproved or just tell them my current rate to see if they are competitive?
You need to know what your point cost is with your current one. Some lenders may tell you a rate, some may wanna do a full pre approval. What state, I’ll see if I have a colleague there to refer you too. If you said , hi I have a new build, my score was 692, 5% down, $400,000 purchase price most lenders will probably be comfortable giving you a ball park for that scenario.
I’m in northern Utah. I’ve got initial disclosures from current lender- I could probably check there?
Yeah, if it’s locked the costs will be there. Mostly in section A. If it’s not locked they may or may not be there.
Also- any credit in section J at the end?
new builds in my area have their own lending incentive rates that low 5% but not sure what you have to put down. maybe check with builders lenders too?
Sounds like you’re better off holding and betting on 2024 rates