Profile picture for Pickly

My brother got 5.125% on $244000. His scrore is 685. Is this a good rate. He lives in Indiana.

  • July 31 2009 - Louisville
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Answers (12)

With FHA is doesn't matter if he is a 620 or 685. It's a great rate.
  • September 11 2009
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Profile picture for tgrego
Hope everything closed alright?
If not give me a call or email. Rates have just dropped again.

Kind regards,
Tony
  • September 11 2009
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Profile picture for COLONIAL CREDIT CORP
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.
  • August 06 2009
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Yes it's a great rate if he didn't charge any points.
  • August 04 2009
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Profile picture for Ray Stevens
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.
  • August 01 2009
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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!

 
  • July 31 2009
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He should be able to get 5% easily today.  Don't let anyone pressure you into locking at a higher rate than that.
  • July 31 2009
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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
  • July 31 2009
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Profile picture for Pickly
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
  • July 31 2009
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111% loan to value


Speaking of great rates Shakoor.  How do you plan on delivering this quote?

  • July 31 2009
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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
  • July 31 2009
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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?
  • July 31 2009
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