You must first be logged in to post a new topic.
If you are not registered, please click "Create Account".
| Posted By |
Message |
snowflake08
Love my boys!!!
Member since 8/07 5148 total posts
Name:
Laura
|
mortgage rates???
did you guys shop around?
DH says that since it's based on credit score, all banks will give us basically the same
my dad says we should shop around
how many did you go to??
TIA
|
Posted 8/25/09 8:50 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
jerseychick
LIF Adult
Member since 4/09 3923 total posts
Name:
|
Re: mortgage rates???
We used a mortgage broker, so he did the shopping around for us. Different banks definitely had different rates though (same ballbark, but 1/8 or 1/4 of a % which adds up)
|
| Posted 8/25/09 9:15 PM |
| |
|
snowflake08
Love my boys!!!
Member since 8/07 5148 total posts
Name:
Laura
|
Re: mortgage rates???
Posted by jerseychick
We used a mortgage broker, so he did the shopping around for us. Different banks definitely had different rates though (same ballbark, but 1/8 or 1/4 of a % which adds up)
thanks
|
| Posted 8/25/09 9:26 PM |
| |
|
|
|
Re: mortgage rates???
Different banks will also have different closing costs.
Brokers will also give you different rates - the broker makes more money from the bank when he gets you to accept a higher interest rate than you qualify for.
|
| Posted 8/25/09 9:34 PM |
| |
|
RocPin
Life's Beachy <3
Member since 2/08 6765 total posts
Name:
Heather
|
Re: mortgage rates???
We went to 4 different lenders and chose the best one
|
| Posted 8/25/09 11:07 PM |
| |
|
Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
|
Re: mortgage rates???
our rate is 5.375, no points - we both have really good credit - mine is 747 and my DH's is a little higher....not sure if we could have gotten something lower - we locked when rates were up, that was about 2 or 3 weeks ago....
|
| Posted 8/26/09 9:15 AM |
| |
|
k-diggity
stay classy.......
Member since 6/08 1332 total posts
Name:
: )
|
Re: mortgage rates???
we just re-fied and got a rate of 5.375% - our credit scores were in the low 700s
|
| Posted 8/26/09 9:29 AM |
| |
|
Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
|
Re: mortgage rates???
shop around.
we were quoted (last Sept) anywhere from 6.375 with 1 point (Wells Fargo) to 6.0 with no points (Chase, who we went with). we would have gotten 5.75 with BoA doing a SONYMA loan, but honestly, we needed to close too fast to do all that paperwork.
definitely SHOP AROUND.
I did all of the pre-approvals myself. we didn't use a broker. if you have the time and inclination to do a bit of leg work, it's in your favor.
also, I negotiated the point with Chase, after BoA gave us a better rate (it was originally 6.0 with a point) so you can haggle a bit too.
ETA: my dh's credit score was around 800. we financed the house on his salary only.
Message edited 8/26/2009 10:55:40 AM.
|
| Posted 8/26/09 10:54 AM |
| |
|
neenie
Member since 5/05 22351 total posts
Name:
|
Re: mortgage rates???
We used a broker and got our mortgage through Wells Fargo. They did the shopping around, but primarily worked with Wells for most of their loans. We got a rate or 4.375% No points, 30 yr fixed.... so we didn't feel the need to look beyond that. If i felt like the quote we were getting was too high, then i would have done more leg work myself as well.
|
| Posted 8/26/09 3:22 PM |
| |
|
Alexandra17
Keep It Positive
Member since 4/09 6262 total posts
Name:
Alexandra (ali)
|
Re: mortgage rates???
it can't hurt to shop..seeing as so much as it is based on credit..you will probably end up with going with which ever bank can offer you more incentives.
|
| Posted 8/26/09 9:52 PM |
| |
|
