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Is a good enough interest rate/APR to lock in?

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Anonymous
Not applicable

Is a good enough interest rate/APR to lock in?

Hi all,

 

My wife and I are currently under contract on a house Smiley Very Happy  and the interest rate I was given as of today is 2.95% with APR 3.7%, is this a good enough rate to lock in?  Please share your thoughts?

 

 

Message 1 of 25
24 REPLIES 24
User273165
Regular Contributor

Re: Is a good enough interest rate/APR to lock in?

I got locked in at 3.25% and was happy with that, I would be ecstatic at 2.95%...

 

congrats

Message 2 of 25
ceejx
Established Contributor

Re: Is a good enough interest rate/APR to lock in?


@AJC1987 wrote:

I got locked in at 3.25% and was happy with that, I would be ecstatic at 2.95%...

 

congrats


I got locked in a few days ago at 3.3% &  3.65 APR which I'm happy with...

Message 3 of 25
DrJim
Frequent Contributor

Re: Is a good enough interest rate/APR to lock in?

Rates have been dropping.  I closed the beginning of June with a 3.75% and I was in heaven.  2.95%?  Heck yeah!



Starting Score: TU 672 EQ 654 10/20/09
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Message 4 of 25
Sunshine85
Frequent Contributor

Re: Is a good enough interest rate/APR to lock in?


@Anonymous wrote:

Hi all,

 

My wife and I are currently under contract on a house Smiley Very Happy  and the interest rate I was given as of today is 2.95% with APR 3.7%, is this a good enough rate to lock in?  Please share your thoughts?

 

 


That's a great rate. What is the term (e.g. 15 yrs, 20, etc)?

Message 5 of 25
Anonymous
Not applicable

Re: Is a good enough interest rate/APR to lock in?

Thanks everyone!  I feel alot better about locking it in now  .. It's a 30 yr fixed loan

Message 6 of 25
MrChairman
Established Contributor

Re: Is a good enough interest rate/APR to lock in?

Geo, I am interested to know how you got a 2.95% when the lowest rate advertised is 3.34% currently. Did you buy points? Could you also let us know your credit score and DTI ratio. And if your putting any money down. I'm attempting to go VA and got quoted 3.25%


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Message 7 of 25
webhopper
Moderator Emeritus

Re: Is a good enough interest rate/APR to lock in?


@Anonymous wrote:

Thanks everyone!  I feel alot better about locking it in now  .. It's a 30 yr fixed loan


That is a great rate on a 30 yr fixed... does that include points that you pay?

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

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Message 8 of 25
Anonymous
Not applicable

Re: Is a good enough interest rate/APR to lock in?

This is a zero point loan and it's a PHFA- FHA Pennsylvania based program :-)
Message 9 of 25
Epcot
Valued Contributor

Re: Is a good enough interest rate/APR to lock in?

Wow.. great rate!

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 849 EX 835 TU 841
Message 10 of 25
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