Full disclosure: I'm the furthest thing from an expert. Just a first-time buyer. But thought I'd share my experience with others. I spent the last few days soliciting and negotiating on offers for a Conventional 97 mortgage from 15 different vendors (big banks, the big online mortgage players, local credit unions, etc.) . I asked the lenders with the best offers to send me updates on the estimates today. Every single one of them was pulling better numbers today. Yesterday, the best most of them were getting me was 3.25-3.5% interest. Today, several of them were able to get me as low as 2.75% interest. That's still with the same 3% down and without me paying for any points -- in fact, they were able to get increased lender credits. My all-in estimated cash for closing is averaging $7k today (less my already paid earnest deposit).
That's on a $360k loan.
My income is above $100k
Credit is 760
Anyway, just thought I'd pass that along. I'm probably not the only person who's sitting on a few estimates. If you are, you might want to check in with your lenders to get a refresh on today's numbers! Wishing everyone good luck!
