Ford Ranger Forum - Forums for Ford Ranger enthusiasts!

Go Back   Ford Ranger Forum - Forums for Ford Ranger enthusiasts! > >
Forgot Password? Join Us!

Welcome to Ford Ranger Forum

Reply
 
Thread Tools Search this Thread

  #1  
Old 06-26-2014, 06:00 PM
sheltonfilms sheltonfilms is offline
Junkyard Dog
 
Join Date: Sep 2010
Posts: 1,906
Default 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.
__________________
Automotive Electronics Engineer
2000 XLT 2.5L A/T
Mods:
Explorer OHC
Explorer Autodim Mirrors w/ Autolamps
Explorer Sport White Face Gauges
Reply With Quote
  #2  
Old 06-27-2014, 01:18 AM
Farmertom390 Farmertom390 is offline
Ford Pickup
 
Join Date: Jun 2014
Posts: 112
Default 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.
Reply With Quote
  #3  
Old 06-27-2014, 01:31 AM
DanTheMan16 DanTheMan16 is offline
Blowing cash on my truck
 
Join Date: Feb 2014
Posts: 257
Send a message via Skype™ to DanTheMan16
Default 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?
__________________
[2003 Ford Escape Limited 4x4 3.0L V6]
- Kenwood TM-281A VHF Radio - ScanGauge II Monitor - 110000 KM
[2003 Ford Ranger XLT Fx4 4.0L V6] - Build Thread
- Pennzoil Platnium Full Syn - .410 Gears - Bilstein 4600's - 1750lb HD springs - ICom 2300H VHF Radio - SCT X4 Tuner - Lasota Racing Tune - Valentine1 RADAR/LIDAR Detector - Smittybilt XRC-2 Comp 9500LB Winch - 245/75/R16 General Grabber A/T2's - Custom front receiver - ScanGauge II - Optima YellowTop - 113000 KM
Reply With Quote
  #4  
Old 06-27-2014, 05:00 AM
Ordinary Biker Ordinary Biker is offline
Banned
 
Join Date: Apr 2013
Posts: 4,207
Default Re: Mortgage Rates

Quote:
Originally Posted by DanTheMan16 View Post
If you are building do you need to get a construction mortgage and then after construction get a conventional to pay off the construction?
That's how I've always seen it done.
Reply With Quote
  #5  
Old 06-27-2014, 05:23 PM
sheltonfilms sheltonfilms is offline
Junkyard Dog
 
Join Date: Sep 2010
Posts: 1,906
Default

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.
__________________
Automotive Electronics Engineer
2000 XLT 2.5L A/T
Mods:
Explorer OHC
Explorer Autodim Mirrors w/ Autolamps
Explorer Sport White Face Gauges
Reply With Quote
  #6  
Old 06-27-2014, 06:33 PM
Ordinary Biker Ordinary Biker is offline
Banned
 
Join Date: Apr 2013
Posts: 4,207
Default Re: Mortgage Rates

Gotcha
Reply With Quote
  #7  
Old 06-27-2014, 06:42 PM
camodown camodown is offline
I'm kind of a big deal
 
Join Date: Nov 2009
Posts: 4,848
Default

That is a good rate for right now.
__________________
Lifted and junk

Double Lifted Rangers
Reply With Quote
  #8  
Old 06-27-2014, 07:26 PM
MadridRanger1994 MadridRanger1994 is offline
Ford Ranger Driver
 
Join Date: May 2012
Posts: 2,054
Default

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.
Reply With Quote
  #9  
Old 06-27-2014, 07:56 PM
sheltonfilms sheltonfilms is offline
Junkyard Dog
 
Join Date: Sep 2010
Posts: 1,906
Default

Quote:
Originally Posted by MadridRanger1994 View Post
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.
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.
__________________
Automotive Electronics Engineer
2000 XLT 2.5L A/T
Mods:
Explorer OHC
Explorer Autodim Mirrors w/ Autolamps
Explorer Sport White Face Gauges
Reply With Quote
  #10  
Old 06-27-2014, 08:21 PM
Ordinary Biker Ordinary Biker is offline
Banned
 
Join Date: Apr 2013
Posts: 4,207
Default Re: Mortgage Rates

I read that, pita, as pain in the ass. PITI is what you are referring to.
Reply With Quote
  #11  
Old 06-27-2014, 08:33 PM
sheltonfilms sheltonfilms is offline
Junkyard Dog
 
Join Date: Sep 2010
Posts: 1,906
Default

Quote:
Originally Posted by Ordinary Biker View Post
I read that, pita, as pain in the ass. PITI is what you are referring to.
Yeah, auto correct got me.
__________________
Automotive Electronics Engineer
2000 XLT 2.5L A/T
Mods:
Explorer OHC
Explorer Autodim Mirrors w/ Autolamps
Explorer Sport White Face Gauges
Reply With Quote
  #12  
Old 06-28-2014, 12:23 AM
MadridRanger1994 MadridRanger1994 is offline
Ford Ranger Driver
 
Join Date: May 2012
Posts: 2,054
Default

Quote:
Originally Posted by sheltonfilms View Post
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.
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
Reply With Quote
  #13  
Old 07-08-2014, 01:03 PM
cowboybilly9mile cowboybilly9mile is offline
Ford Ranger Driver
 
Join Date: Mar 2010
Posts: 4,897
Default Re: Mortgage Rates

Quote:
Originally Posted by sheltonfilms View Post
........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).........
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.
__________________
2004 Ranger FX4 Level II, 5R55E, Sonic Blue Pearl

Proudly JAP/RICE free since March 2000

Last edited by cowboybilly9mile; 07-08-2014 at 01:06 PM.
Reply With Quote
  #14  
Old 07-09-2014, 05:44 PM
sheltonfilms sheltonfilms is offline
Junkyard Dog
 
Join Date: Sep 2010
Posts: 1,906
Default

Quote:
Originally Posted by cowboybilly9mile View Post



**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.
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.
__________________
Automotive Electronics Engineer
2000 XLT 2.5L A/T
Mods:
Explorer OHC
Explorer Autodim Mirrors w/ Autolamps
Explorer Sport White Face Gauges
Reply With Quote
  #15  
Old 07-09-2014, 05:49 PM
Natek Natek is offline
Ford Ranger Owner
 
Join Date: Apr 2014
Posts: 60
Default Re: Mortgage Rates

Quote:
Originally Posted by sheltonfilms View Post
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.
Mortgage insurance on FHA loans is way more than conventional and it never goes away. They just made this change sometime last year.
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
XJ or EB coil spring rates stranger96 Solid Axle Swap 0 02-02-2014 12:21 AM
Nascar Pay Rates.... knightmare1015 Sports 8 09-05-2012 09:20 PM