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Valued Member
Geo174
Posts: 36
Registered: ‎03-23-2010

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

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‎11-16-2012 10:08 AM

Hi all,

 

My wife and I are currently under contract on a house :smileyvery-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?

 

 

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Regular Contributor
AJC1987
Posts: 128
Registered: ‎03-29-2009

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

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‎11-16-2012 10:21 AM

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

 

congrats

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seigex
Posts: 425
Registered: ‎05-16-2012

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

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‎11-16-2012 10:45 AM

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...

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DrJim
Posts: 232
Registered: ‎10-26-2009

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

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‎11-16-2012 11:23 AM

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

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Sunshine85
Posts: 221
Registered: ‎01-14-2012

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

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‎11-16-2012 11:31 AM

Geo174 wrote:

Hi all,

 

My wife and I are currently under contract on a house :smileyvery-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)?

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Valued Member
Geo174
Posts: 36
Registered: ‎03-23-2010

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

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‎11-16-2012 11:43 AM

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

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MrChairman
Posts: 296
Registered: ‎02-07-2010

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

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‎11-16-2012 11:58 AM

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%

Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
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webhopper
Posts: 6,793
Registered: ‎09-16-2011

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

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‎11-16-2012 12:01 PM

Geo174 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?

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Valued Member
Geo174
Posts: 36
Registered: ‎03-23-2010

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

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‎11-16-2012 12:14 PM

This is a zero point loan and it's a PHFA- FHA Pennsylvania based program :-)
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Epcot
Posts: 2,592
Registered: ‎10-10-2012

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

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‎11-16-2012 12:18 PM

Wow.. great rate!
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Current Score: EQ 777 EX 767 TU 771
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