The news has finally hit the mainstream media. Rates are at the lowest levels in history when it comes to mortgage financing. 30 year and 15 year notes are in the 3% range if you are willing to pay for it in the form of points.
***My personal recommendation*** With rates this good take a slightly higher rate and have your lender waive all of your lender fees to lower your loan amount or lower your cash needed at closing. It is not worth it to pay points in our current environment. If you or someone you know is getting a quote with discount/origination points please send them to us and we will give them the deal they should be getting. The breakeven points on buying down your rate are far too long right now.
Of course these low rates are reserved for the top tier of credit borrowers with the lowest risk profile. Risk profile includes debt to income ratio, loan to appraised property value, credit score, etc. If you do not fall into the best credit/lowest risk sceario you will be subject to Loan Level Price Adjustments (LLPA's). Ask your lender if there are any LLPA's in your loan so you can understand the rate being offered to you.
Do you lock the rate or not lock the rate?? If you are being quoted a base rate below 4.125%, I think you're Gary Busey crazy not to lock it up. If your base rate is above 4.125%, there is room for you to float without seeing a big change in your borrowing costs, regardless of market data. Ugh. That means you should be locking every rate Crystal Clear Mortgage is quoting right now!
Adam Simmons
Crystal Clear Mortgage
936-447-LOAN
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment