Mortgage rates?

Anyone know of who has the best mortgage rates? I got my pre approval through capital one and they are giving us a great rate and money towards closing costs(while I know the credit card Is a nightmare I have read good things about the mortgage) I'm just nervous and wonder if I should shop more but also don't want everyone running our credit right now....this house buying endeavor may give me an ulcer!

Re: Mortgage rates?

Im using a mortgage broker. We locked in at 3.25 and are supposed to close next week. Let me know if you want his info. I was honeslty lost beforehand.

Re: Mortgage rates?

Keep in mind that mortgage rates will vary based on the type of loan (FHA v. conventional v. Sonyma v. VA) you are getting, the length of the loan (e.g, 15 v. 30 year), and your personal financial qualifications (e.g., credit score, debt to income ratio, down payment). So it's not one-size-fits-all, and you can't always get a lender's lowest advertised "teaser" rate.

I've heard 3.25% for an FHA loan (one of my customers was quoted that from a mortgage bank). In my experience, credit unions and specialty mortgage banks usually have better rates than large commercial banks (and are usually easier to deal with).

The rate that Capital One is offering you now (or that any lender would) is not necessarily the rate you will get when you are ready to lock (usually within 30 days of closing on a house). Rates fluctuate.

Also, keep in mind that sometimes a lender will offer a VERY low rate, but charge you someplace else (points, loan origination costs, closing fees). Lenders are not loaning money out of the goodness of their heart; they want to make their money somewhere! So just be sure that you look at the total picture and not just the rate offered when making a decision.

And you can definitely shop around -- From what I understand, your credit doesn't take a big hit if a mortgage lender runs it (compared to the hit if you have other types of creditors running it), but you shouldn't have 20 different lenders run you. I would just be selective and get some preliminary info ahead of time. Let me know if you need any mortgage recommendations.

Re: Mortgage rates?

I have a Jumbo, 30 year. My rate is 4.25.

Message edited 8/9/2012 12:13:19 PM.

Mortgage rates?

BFCU has 3.5% for a regular 30 year loan right now.

Re: Mortgage rates?

I just locked in yesterday at 3% for a 15 year fixed!