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Is 4.25% good?

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New Contributor

Is 4.25% good?

we just locked in our interest rate today.  was wondering is 4.25% good. tjis is our first house so we really dont know much about rates.


Starting Score: 485
Current Score: 657
Goal Score: 730


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Message 1 of 10
9 REPLIES 9
New Contributor

Re: Is 4.25% good?

yes


Starting Score: EQ 589 TU 626
Current Score: EQ 610 TU 681 EX PULLED BY LENDER 623
Goal Score: EQ 650 TU 690


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Message 2 of 10
Valued Contributor

Re: Is 4.25% good?

Historically it is a rock bottom rate (assuming a 30 year loan).  Might it go lower, sure, but no one can forecast the future.  You'll probably look back in a few years and say 'what a great deal we got on the loan rate'.

Message 3 of 10
Contributor

Re: Is 4.25% good?

My rate was 4.75...go figure, now you have me thinking!

Message 4 of 10
Established Contributor

Re: Is 4.25% good?

To answer if it is a good rate depends on a number of other items. 4.25 seems lower than the "normal" published rates at the moment. So to address your question one would have to know if it is a 30 year, 20 year, 15 year, adjustable rate mortgage. How many points are you paying. The more points you pay the lower your rate.

 

For a 30 year mortgage 0 or 1 point 4.25 would be very low.

 

 

 

 

TU 810: EQ 813: EX 814 (9/16/09--Loan officer pull)

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Message 5 of 10
Contributor

Re: Is 4.25% good?

I don't understand why you get the rate so low with "Current Score: 657"
IF you didn't pay any point with that rate in 30y fixed your rate was very darm good.  I was locked the same rate as your but with my scores are 817 820 798.  And now I don't know I can close it in 45 days.

Message 6 of 10
Regular Contributor

Re: Is 4.25% good?

I locked in at a 4.25% and my middle score is 668. Super stoked about that!

Starting Score: TU 612 EQ 580
Current Score: TU 685 EQ 663 EX 668 (LO Pulled 8-9-10)
Goal Score: TU 700 EQ 700


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Message 7 of 10
Established Member

Re: Is 4.25% good?

i suppose it depends on the bank and your LO really... We just locked in at 4.50% with credit score of 626. Maybe to the person questioning the scores and such, maybe your LO just is a pain in the butt? lol (not to mean that in a rude way...) like most of the things I read about on here about getting the mortgage loan, turned out not to be true for us at all. Like whether or not we should pay things and whether or not they hurt the score, about what type of loan and how FHA's are getting picky etc. We havent run into any problems other than digging up papers and begging Wells Fargo to give us copies of deposited checks lol

 

I suppose it just depends and it is different for every person and every Bank and Mortgage guy you are working with.

Message 8 of 10
Frequent Contributor

Re: Is 4.25% good?

I wish I had that rate, i locked in at 4.75 last april and I would save over 100.00 a month if i had a 4.25

Message 9 of 10
Contributor

Re: Is 4.25% good?

 


@steelfan wrote:

I wish I had that rate, i locked in at 4.75 last april and I would save over 100.00 a month if i had a 4.25


+1 ... I locked in at 4.75% too Smiley Sad  bummmmmmer!

 


2/2/09 (Newbie): EQ: 636 -- EX: 609 -- TU: 635
8/9/10 (Current): EQ: 724 -- EX: 728 (FAKO) -- TU: 717
Message 10 of 10
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