JohnQ Posted June 7, 2007 Share Posted June 7, 2007 Are interest rates climbing or falling nation wide? My lender just raised mine from 6.87% to 7% and I am suppose to be closing in a couple of weeks. Should I look into different financing or will that hurt my credit and possibly increase my rate even more? Link to comment Share on other sites More sharing options...
91mj97tj Posted June 7, 2007 Share Posted June 7, 2007 They are lower than that in Utah. I work for Mountain America Credit Union. You can have usually 2-3 inquires on your credit a year to not affect it also. Depends on what they use. Most mortgage companies require all three bureaus, Experian rep told me 2-3 inquiries will not drop your score. But I would look into a Credit Union for a better rate. We are really good, but are closest location is in Alburque. What kind of mortgage is this a purchase or refi? Interest rates were dropping on homes at least in this market, but they are afraid of inflation within the next year in America so the federal reserve may look to raise them again (SCARY!!) By lower I mean by like a quarter or so. But that is pretty good so you must have good credit. We have promotions like at our credit union on how much you have invested in the Credit union and you can get like discounts of a quarter to a half. Link to comment Share on other sites More sharing options...
Rob S Posted June 8, 2007 Share Posted June 8, 2007 Are interest rates climbing or falling nation wide? My lender just raised mine from 6.87% to 7% and I am suppose to be closing in a couple of weeks. Should I look into different financing or will that hurt my credit and possibly increase my rate even more? Not sure what the average is right now. I do know dealing with wells fargo, they will negotiate a bit. I assume you didnt lock in. Tell them you will go with there company if they offer you the lower rate. Otherwise you will go elsewhere. Worked for wells fargo, I got 5.75 for a 30yr and no points. This was 2yrs ago though, they have since gone up. Give it a try. Checking around shouldnt hurt your credit, unless you actually sign up, then cancel. Link to comment Share on other sites More sharing options...
speed_racer Posted June 8, 2007 Share Posted June 8, 2007 Well, the way it is, here in Florida at least. Is that if someone, lets say here, specifically pulls your credit for a mortgage purpose, 1000 other companies could look at your credit inside 30 days, and it all posts as 1 view... Creditors don't way on the "views" as much as they used to. Sub 7's isnt impossible, depending on your credit, and how many points your broker is charging you. Link to comment Share on other sites More sharing options...
pingpong Posted June 9, 2007 Share Posted June 9, 2007 I refinanced a few yrs ago and went with a Mortgage broker.... basically he found me the cheapest rate possible and charged a set fee. I think his fee was 900 bucks or something... and he found me an intrest rate that was 2 points lower :eek: which was great. Watch out for the brokers who fee you to death, or try and charge you more cause you are not borrowing that much. In my case I was only refinancing what I owed, and moving from a 30yr to a 15yr. One broker I talked said I wasn't borrowing enough... so he would have to charge me extra :eek: I said nope.. and went on to the next broker. Also watch out for the ones who charge 30and up for overnighting papers. UPS and Fed Ex only charge like 12 bucks for it :eek: I also don't know how much you owe compared to appraised value... you can negotiate out of the Mortgage insurance.. which can add 50 to 100 bucks to your payment.. and you don't get nothing for it. Link to comment Share on other sites More sharing options...
speed_racer Posted June 11, 2007 Share Posted June 11, 2007 PMI ( mortgage insurance, as mentioned above) is actually somewhere between $200-300 on most mortgages here in SW Fl... WHich is absolutely ridiculous.. NOt that you asked, but just to give you an understanding, if you owe over 80% of the value of your home to the bank, they often charge PMI, which gives you NOTHING, but is a security for the lender in the event you default. Once the market changes, or you make substantial payments, and your Principal is over 20% less than the current value, then yo ucan ask for a readjustment, probably a new appraisal, and get the PMI dropped. Link to comment Share on other sites More sharing options...
whowey Posted June 21, 2007 Share Posted June 21, 2007 We just refinanced at 5.61% Standard 30-yr fixed rate. We were at 6.5% No points either time. Straight thru Countrywide both times, no brokers, no fees, no bull$#!&. We did have 27% down when we bought the house though. Link to comment Share on other sites More sharing options...
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