- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (12)
- Robert Benham, "FHA down to 620 OK!"
- Contributions:776
With FHA is doesn't matter if he is a 620 or 685. It's a great rate.
- Tony Grego, "tgrego"
- Contributions:25
Hope everything closed alright?
If not give me a call or email. Rates have just dropped again.
Kind regards,
Tony
If not give me a call or email. Rates have just dropped again.
Kind regards,
Tony
- COLONIAL CREDIT CORP
- Contributions:12
More information is needed.
If the loan was a 30 yr fixed with no points, yes it is.
If the loan is closed run with it. The difference on $244,000 is only $19 per 1/8th point difference so I would not be looking at refinancing to save a 1/4 point in rate.
If the loan was a 30 yr fixed with no points, yes it is.
If the loan is closed run with it. The difference on $244,000 is only $19 per 1/8th point difference so I would not be looking at refinancing to save a 1/4 point in rate.
- David Nezri, "Direct Lender"
- Contributions:265
Yes it's a great rate if he didn't charge any points.
- Diamond Funding Corp
- Contributions:454
5.125% is a very good rate.
The increase in credit score may get a little bonus from select lenders. Most lenders pay a little rebate bonus when the score goes to 700 or better.
The increase in credit score may get a little bonus from select lenders. Most lenders pay a little rebate bonus when the score goes to 700 or better.
- Sunny Singh, "EastBayFHA"
- Contributions:51
More information needed, yes
But at the same time do we really need more info, 5.125% on a 30 year seems fine...yes he could have gotten 5% or even 4.875% if the agent took the loan to Provident or was correspondant and did it at par... but Kieran is right, why stop the transaction now to risk it for an .125 in rate difference...Most lenders wont let you pre lock anymore, unless you have a lender who is 24 hours turn times, you get the approval and they then allow you to lock without clear to close...then sure go for it, but your looking at another appraisal HVCC style and we all know how much that sucks right now.
It depends on how far into the transaction he is, and how much he is paying. Find this out and then deal directly with the current broker/banker and negotiate your tale off, give him/her a chance to earn the deal...everything is negotiable remember that.
Good Luck!
But at the same time do we really need more info, 5.125% on a 30 year seems fine...yes he could have gotten 5% or even 4.875% if the agent took the loan to Provident or was correspondant and did it at par... but Kieran is right, why stop the transaction now to risk it for an .125 in rate difference...Most lenders wont let you pre lock anymore, unless you have a lender who is 24 hours turn times, you get the approval and they then allow you to lock without clear to close...then sure go for it, but your looking at another appraisal HVCC style and we all know how much that sucks right now.
It depends on how far into the transaction he is, and how much he is paying. Find this out and then deal directly with the current broker/banker and negotiate your tale off, give him/her a chance to earn the deal...everything is negotiable remember that.
Good Luck!
- Nic Netherton, "Colorado Lender"
- Contributions:7219
He should be able to get 5% easily today. Don't let anyone pressure you into locking at a higher rate than that.
I think is a excellent rate. Trust me, do not wait just to recieve 5%, not a major difference in payment. Lock Load and Close
- Pickly
- Contributions:3
This is a new home he is going to buy. Is FHA Loan for 30years fixed. Is a first time homebuyer. The broker said that is the rate even though he give told him he thought his credit score was 620. After the broker run it through his score were in the high 600's and mid score was 685. I dont' think he as any idea if it is lock or not and he did not buy any points. Help !!!.
Great advice will be appreciated
Great advice will be appreciated
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Depends on what you consider a good rate?
Floor rates are down to 4% at some banks, but require discount points.
Please lookup national average mortgage rates.
Best Regards
Floor rates are down to 4% at some banks, but require discount points.
Please lookup national average mortgage rates.
Best Regards
- Sean Ogilvie, "California Mortgage"
- Contributions:173
Sorry, but more information is needed: What is the loan program and term? When did he lock this rate? How much did he pay in points? Was this his primary residence?
My brother got 5.125% on $244000. His scrore is 685. Is this a good rate. He lives in Indiana.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.