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they are almost at all time record lows, just curious do you guys think they can/will get any lower, or will they begin to rise?
we're buying a new home, have to go through the builder's preferred lender to get the $10K incentive which pays all closing costs, I was able to lock in 4.25% 30 year fixed, however its costing me $1200 to lock that rate for 6 months until we close on the new house, so basically I am paying a $200/month insurance policy, that is why I was asking about future rates, I am just wondering if I am wasting $1200.
we're buying a new home, have to go through the builder's preferred lender to get the $10K incentive which pays all closing costs, I was able to lock in 4.25% 30 year fixed, however its costing me $1200 to lock that rate for 6 months until we close on the new house, so basically I am paying a $200/month insurance policy, that is why I was asking about future rates, I am just wondering if I am wasting $1200.
Does that money go towards closing costs at all? Is it like paying a point? On another note, 4.25% is an awesome rate and I doubt you will ever see that again. It's worth the 1200$. You also get the 8K back from the stimulus. Good luck.
What's this ? You trying to mingle with the common folk ? Everyone here knows you are paying cash for your multi-million dollar home.
yup, I can use whatever is necessary for closing costs and buying points, so I am buying 1/2 point to get 4.25%, and the rest will pay all closing costs, so I will be able to use the full $10k. Also, I got them to knock off $45k on the base price and include ALL appliances (upgraded, not cheap crap), front & back yard landscaping and privacy fence!
I just refinanced my house for 4.25% no points. ING
I initially had 5.5% with ING Direct. They offered me 4.25% for a one time fee of $750 total cost no other fees.
i disagree w/ points unless you plan to stay in the house for a time. it can take 7-9 years to break even, on what you paid upfront to get the "savings" on rate, versus just paying the higher rate. With all the incentives they are throwing at you, it seems like a good deal. But you could try to bargain them a bit harder
flex those muscles as it were!
i disagree w/ points unless you plan to stay in the house for a time. it can take 7-9 years to break even
So when are you moving in? Is it close to where you are now?
$200/month is a heck of a lot of savings.
200K, 4.25%, 30yrs is $984/month.
200K, 4.75, 30yrs is 1043/month
that's Prince saving $59 a month for the .5 point he bought. 59 * 12 is $700/yr. He can divide how much he paid for the half point by 700 to get how many years to break even. Remember, if you roll that point and closing costs into the loan, you're financing more and paying more which sort of wipes out some of your "savings".