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New home

Valued Member

New home

I'm in the process of having a new home built and we are scheduled to settle 8/16.  I just locked in a rate of 6.625% for 30 years.  My mid fico is 639 and I have a very low DTI.  Based on your opinions, did I get a good rate?
Message 1 of 7
6 REPLIES
Regular Contributor

Re: New home

Rate sounds pretty good considering the rising rates recently.     Couple questions first though:  How much down payment did you do?    Did you pay any points to lower the rate?    Any previous BK, foreclosure, etc on your credit reports?
 
I am applying for a loan now and will meet with the lender to discuss rates next week.  I'm curious what he tells me then.
Message 2 of 7
Valued Member

Re: New home

We are putting 20% down, 1 point but the builder is paying that.  We have no BK or foreclosures, just some baddies from several years ago.  Everything has been current for about 1 1/2 years now.  Just some bad luck in the past but I'm glad that's all behind me now.
Message 3 of 7
Regular Contributor

Re: New home

Is the builder paying the 1 point to lower the rate as part of an incentive that was offered at your contract signing or were you able to negotiate that with the lender during your loan application?    
 
 
Message 4 of 7
Established Contributor

Re: New home

6.25 is a pretty good rate. Congrats on your new home.Smiley Happy
 
Rob
Message 5 of 7
Member

Re: New home

I think that you got in at a good rate.
Message 6 of 7
Regular Contributor

Re: New home

Rate sounds great! I'm doing a refi though B of A and im getting a 6.875 int rate at .5 points at 95 percent loan to value. My fico are about where yours are at.
 
Congrats on the new house~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
 


debz wrote:
I'm in the process of having a new home built and we are scheduled to settle 8/16.  I just locked in a rate of 6.625% for 30 years.  My mid fico is 639 and I have a very low DTI.  Based on your opinions, did I get a good rate?



Message 7 of 7