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lullabella
LIF Adult
Member since 5/05 2246 total posts
Name:
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Should I lock in?
I am closing on May 11th... the rate today is 4.875 BFCU with no lock fee?
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Posted 4/30/09 3:36 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Should I lock in?
what is it if you bought a point?
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| Posted 4/30/09 4:10 PM |
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lullabella
LIF Adult
Member since 5/05 2246 total posts
Name:
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Re: Should I lock in?
1 point is 4.625%
2 points is 4.5%
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| Posted 4/30/09 4:16 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: Should I lock in?
I would definitely lock in...and IMO I would do the 1 point too
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| Posted 4/30/09 9:39 PM |
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OStewarts
LIF Adult
Member since 11/07 1096 total posts
Name:
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Re: Should I lock in?
I have been watching pretty closely (not every sibgle day though) and I don't think the interest rates have gone any lower than what youre getting. I would lock! If you can afford the point, I would also pay that as well!
Good Luck! 
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| Posted 4/30/09 9:47 PM |
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AimeeE2006
Time flies!
Member since 1/06 5698 total posts
Name:
Aimee
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Re: Should I lock in?
May I ask who you are going with for your mortgage?
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| Posted 4/30/09 11:22 PM |
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StaceyLacey
LIF Infant
Member since 4/08 240 total posts
Name:
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Re: Should I lock in?
I locked in at that rate too. I say lock
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| Posted 5/1/09 9:20 AM |
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Re: Should I lock in?
4.875% with 0 points is a great rate.
As for paying points, you should see how long it will take you to "break even" and compare that to how long you'll be in the house
(Determine the monthly difference in your mortgage payment...Divide that into the cost of the point and see how many months it will take you to recoup that money...then decide if it's worth it)
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| Posted 5/1/09 12:11 PM |
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Shelleybean11
Mommy of 2!
Member since 12/08 11013 total posts
Name:
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Re: Should I lock in?
Do you mind me asking what bank these rates are from?
DH and I are trying to lock in a rate too and were offered 4.875 with 1 point....
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| Posted 5/1/09 2:25 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: Should I lock in?
Posted by Shelleybean11
Do you mind me asking what bank these rates are from?
DH and I are trying to lock in a rate too and were offered 4.875 with 1 point....
it's BFCU (see OP) - that stands for Bethpage Federal Credit Union.
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| Posted 5/1/09 2:32 PM |
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Shelleybean11
Mommy of 2!
Member since 12/08 11013 total posts
Name:
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Re: Should I lock in?
Posted by headoverheels
Posted by Shelleybean11
Do you mind me asking what bank these rates are from?
DH and I are trying to lock in a rate too and were offered 4.875 with 1 point....
it's BFCU (see OP) - that stands for Bethpage Federal Credit Union.
Thank you! I wasn't sure what that stood for.
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| Posted 5/1/09 2:35 PM |
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k-diggity
stay classy.......
Member since 6/08 1332 total posts
Name:
: )
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Re: Should I lock in?
that's a great rate I would lock in
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| Posted 5/1/09 2:57 PM |
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Re: Should I lock in?
check wells fargo
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| Posted 5/1/09 3:00 PM |
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lullabella
LIF Adult
Member since 5/05 2246 total posts
Name:
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Re: Should I lock in?
Thanks! It is Bethpage Federal Credit Union. I am going to lock in with no points.
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| Posted 5/1/09 3:33 PM |
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neenie
Member since 5/05 22351 total posts
Name:
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Re: Should I lock in?
Posted by theburbshereicome
check wells fargo
I agree. I've seen rates better than that, but still within the same general area.
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| Posted 5/2/09 1:37 AM |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Re: Should I lock in?
Posted by FrankiesGirl107
4.875% with 0 points is a great rate.
As for paying points, you should see how long it will take you to "break even" and compare that to how long you'll be in the house
(Determine the monthly difference in your mortgage payment...Divide that into the cost of the point and see how many months it will take you to recoup that money...then decide if it's worth it)
ITA sounds great! Good luck!
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| Posted 5/2/09 8:11 AM |
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Newly1
I love my baby boy!
Member since 6/08 2804 total posts
Name:
H
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Re: Should I lock in?
we locked in at that rate and decided to buy 2 points. BFCU has not gone any lower than that...but we HAVE seen then go up. so we wanted to be sure we got that rate when we locked.
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| Posted 5/2/09 10:23 AM |
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