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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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did anyone lock in a rate for an FHA loan?
if so what rate did you lock in at and did you pay any points?
DH and i are trying to decide if we should shop around some more.
we got a quote from BofA for:
5.5%, no points, 90 day lock
5.375%, 1/2 point ($2000), save $60 a month
5.25%, 1 point ($4000), save $100 a month
either way we will make the $$ back because we plan on living in our home for a long time. it's a matter of how much $$ we will have left over after closing.
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Posted 6/26/09 1:53 PM  |
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kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
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Re: did anyone lock in a rate for an FHA loan?
We locked in at 5.375 after buying a point.
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| Posted 6/26/09 1:54 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: did anyone lock in a rate for an FHA loan?
Looks like Wells Fargo is 5.375 with no points for a FHA loan. Check them out. You can also use quotes from banks and try to get better deals at other banks.
That is how we got 5.5% on a VA loan back in November through Wells Fargo.
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| Posted 6/26/09 4:14 PM |
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yelley
Fortunate
Member since 11/07 3037 total posts
Name:
Danielle
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Re: did anyone lock in a rate for an FHA loan?
We locked in at 5% with a mortgage broker for 45 days with 2 points. But that was back in April.
good luck! I think it's better to pay it up front... especially if you plan on living there a long time
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| Posted 6/26/09 4:42 PM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: did anyone lock in a rate for an FHA loan?
I have a phenomenal mortgage broker if you're interested. I'm not sure what the difference between a regular mortgage and an FHA mortgage is (we're getting a regular mortgage) but we locked in today at 4.875%, buying 1 point (45-day lock) at Wells Fargo.
FM if you want the broker's info.
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| Posted 6/26/09 4:52 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: did anyone lock in a rate for an FHA loan?
We always found that Wells seemed to be lowest for FHA when we were looked. We did a 60-day lock (back in March/April).
We ended up getting 4.75 with a point.
Rates are up a little since then though....sounds like what you found is still pretty good!
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| Posted 6/26/09 10:28 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: did anyone lock in a rate for an FHA loan?
sorry i never replied back to this - we did not want to go with wells fargo, we did not have a good experience with them.
we decided to pay for the full point, even though it's more $$ we have to come up with at closing it makes a big, big difference.
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| Posted 6/29/09 2:46 PM |
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