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06-26-2014, 06:00 PM
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Junkyard Dog
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Join Date: Sep 2010
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Mortgage Rates
Got a new job a couple of months ago and sold my house (in just 4 days!). Decided to build my next house.
Anyone buy a house recently? What mortgage rate did you get? Looking at 30 year fixed (non-FHA).
I'm seeing rates at 4.125% w/ no origination/point fees.
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06-27-2014, 01:18 AM
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Ford Pickup
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Re: Mortgage Rates
I think that is about as good as it gets right now. I bought my house a little over a year ago and got 3.3 but I haven't seen anything under 4 for some time now.
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06-27-2014, 01:31 AM
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Blowing cash on my truck
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Re: Mortgage Rates
If you are building do you need to get a construction mortgage and then after construction get a conventional to pay off the construction?
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06-27-2014, 05:00 AM
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Re: Mortgage Rates
Quote:
Originally Posted by DanTheMan16
If you are building do you need to get a construction mortgage and then after construction get a conventional to pay off the construction?
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That's how I've always seen it done.
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06-27-2014, 05:23 PM
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Junkyard Dog
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I'm building it through a builder so they are fronting all the cost and I just signed a simple house buying contract. Only thing I did was put down $4000.
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06-27-2014, 06:33 PM
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Re: Mortgage Rates
Gotcha
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06-27-2014, 06:42 PM
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I'm kind of a big deal
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Join Date: Nov 2009
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That is a good rate for right now.
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06-27-2014, 07:26 PM
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Ford Ranger Driver
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I've also been saving up to put a down payment on a house, I've slowly been building up my credit since I was 18, now I'm 20 and I have a stable job. So hopefully they'll give me a mortgage.
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06-27-2014, 07:56 PM
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Junkyard Dog
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Quote:
Originally Posted by MadridRanger1994
I've also been saving up to put a down payment on a house, I've slowly been building up my credit since I was 18, now I'm 20 and I have a stable job. So hopefully they'll give me a mortgage.
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I would get on credit karma and credit sesame and find out what your credit score. It's free and it's how I check mine. Pretty accurate. 620 is the minimum I've heard that lenders will allow.
When I got my house I only had a year of established credit so I went FHA. You only have to have 3.5% down, but you have to pay a lot of money upfront such as origination fees and mortgage insurance premium. New FHA rules state that mortgage insurance stays with the loan pretty much the life of the loan. You can refinance to a conventional to get rid of it.
USDA is a 100% financed loan similar to FHA.
Conventional would be your best bet if you have the credit and the down payment to cover.
Some conventional loans are out there where you can get a slightly higher rate (.125% above the base rate) and that gives you negative points to pay. Which cancels a lot of the closing costs.
Rule of thumb for lenders is that your pita can't be more than 28% of your monthly income. Pita being the principle, interest, taxes, and insurance. Your total monthly debt can't be more than 36% of your monthly income. They just go by the minimum payment for each credit card you have ( like 15 bucks). So if your monthly income is 1000, your mortgage payment can't be more than 280 bucks and your debt can't be more than 360. So you could have 80 dollars in minimum payments.
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06-27-2014, 08:21 PM
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Re: Mortgage Rates
I read that, pita, as pain in the ass. PITI is what you are referring to.
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06-27-2014, 08:33 PM
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Junkyard Dog
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Quote:
Originally Posted by Ordinary Biker
I read that, pita, as pain in the ass. PITI is what you are referring to.
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Yeah, auto correct got me.
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06-28-2014, 12:23 AM
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Ford Ranger Driver
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Quote:
Originally Posted by sheltonfilms
I would get on credit karma and credit sesame and find out what your credit score. It's free and it's how I check mine. Pretty accurate. 620 is the minimum I've heard that lenders will allow. When I got my house I only had a year of established credit so I went FHA. You only have to have 3.5% down, but you have to pay a lot of money upfront such as origination fees and mortgage insurance premium. New FHA rules state that mortgage insurance stays with the loan pretty much the life of the loan. You can refinance to a conventional to get rid of it. USDA is a 100% financed loan similar to FHA. Conventional would be your best bet if you have the credit and the down payment to cover. Some conventional loans are out there where you can get a slightly higher rate (.125% above the base rate) and that gives you negative points to pay. Which cancels a lot of the closing costs. Rule of thumb for lenders is that your pita can't be more than 28% of your monthly income. Pita being the principle, interest, taxes, and insurance. Your total monthly debt can't be more than 36% of your monthly income. They just go by the minimum payment for each credit card you have ( like 15 bucks). So if your monthly income is 1000, your mortgage payment can't be more than 280 bucks and your debt can't be more than 360. So you could have 80 dollars in minimum payments.
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Hey thanks for the info man! That's definitely something I'll look into, I already have a year of established credit with on time payments every time. Experian says my score is 729 but I know I have to check fico as well
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07-08-2014, 01:03 PM
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Ford Ranger Driver
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Re: Mortgage Rates
Quote:
Originally Posted by sheltonfilms
........Your total monthly debt can't be more than 36% of your monthly income. They just go by the minimum payment for each credit card you have ( like 15 bucks).........
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My how times have changed, I thought banks tightened up the purse strings after 2008 but I see once again that I'm wrong. It used to be, and for very good reason still should be that, they look at the max debt a person can support based on all income, then from that they deducted all loan balances, credit cards, car payments, your toyahauler + the toys, all that stuff, and the remaining amount was the amount that you theoretically could borrow for a mortgage. Theoretically because, you did need a good credit score and sometimes the house had to "make the grade". Looks like banks, in their infinite wisdom to make money by charging people interest, are reverting back to the ways leading up to summer 2008. :-/
**My house buying tip for you.....always, alWAYS ALWAYS put down 20%. If you can't do this, then watch your house value and the balance on your mortgage; when your mortgage balance drops to 80% of the house value, get on the phone and tell them to stop billing you for PMI. PMI = one of the greatest consumer rip offs of all times.
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Last edited by cowboybilly9mile; 07-08-2014 at 01:06 PM.
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07-09-2014, 05:44 PM
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Junkyard Dog
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Join Date: Sep 2010
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Quote:
Originally Posted by cowboybilly9mile
**My house buying tip for you.....always, alWAYS ALWAYS put down 20%. If you can't do this, then watch your house value and the balance on your mortgage; when your mortgage balance drops to 80% of the house value, get on the phone and tell them to stop billing you for PMI. PMI = one of the greatest consumer rip offs of all times.
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Unless its FHA. It is almost impossible to get rid of mortgage insurance for ones originating lately.
Luckily I've got 20% saved for this house. Evidently that is a rarity now as more people are going the 3.5% FHA or 0% USDA loan route.
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07-09-2014, 05:49 PM
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Ford Ranger Owner
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Join Date: Apr 2014
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Re: Mortgage Rates
Quote:
Originally Posted by sheltonfilms
Unless its FHA. It is almost impossible to get rid of mortgage insurance for ones originating lately.
Luckily I've got 20% saved for this house. Evidently that is a rarity now as more people are going the 3.5% FHA or 0% USDA loan route.
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Mortgage insurance on FHA loans is way more than conventional and it never goes away. They just made this change sometime last year.
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