Interest Rates

Hardline Crawlers - Rock Bouncer Builds, Tech & Off-Road Trail Talk

Help Support Hardline Crawlers:

K

Kel

Well-Known Member
Joined
May 29, 2018
Messages
129
Reaction score
52
Anyone having any luck with the record low interest rates? I’m supposed to be building a house. Bank has been holding me up for a month or so. Interest rates tanked, so now I am in a better spot if the bank will bring me in to sign paperwork.
 
We were planning on building this year, but decided to get 100% out of debt and save up a few more months worth of expenses before biting off a “big” mortgage.

It wouldn’t bother me if the rates would go up a bit and slow down the explosive home building and everything being 25-50% overpriced.
 
Good to know Tyler. I’ve got an excellent score, just didn’t know how people were fairing. I’d like to stick with a 15 year note if I can swing the payment and still put money into savings at a decent clip. Under 3% was my hopes and dreams.
 
Money is so cheap right now. Would be a good time to buy or build. I haven’t looked at the “housing starts” number lately. I would be interested to see what it is.
 
money_pit_yj said:
Money is so cheap right now. Would be a good time to buy or build. I haven’t looked at the “housing starts” number lately. I would be interested to see what it is.
Click to expand...

I’m all for economic expansion, but why won’t the fed let us get to the overdue correction? Are they going to pay people to borrow money at some point to keep the economy hot?

I know a local mortgage guy who locked someone a 2.2% rate this week. Obviously I don’t know the terms; had to be a large loan. Small loans they don’t offer you such low rates. We have a modest house that’s half way paid off and he told us not to bother refinancing unless we are also pulling equity out
 
I’m in the process. Would love to get mine down to 3% as possible.
 
Markrobinson said:
I’m all for economic expansion, but why won’t the fed let us get to the overdue correction? Are they going to pay people to borrow money at some point to keep the economy hot?

I know a local mortgage guy who locked someone a 2.2% rate this week. Obviously I don’t know the terms; had to be a large loan. Small loans they don’t offer you such low rates. We have a modest house that’s half way paid off and he told us not to bother refinancing unless we are also pulling equity out
Click to expand...

Probably...

I was in the same shape a couple years ago, I'm in a 15yr @ 5.5%, was looking into refi and couldn't make up the difference in fees and closing costs to drop to the 3.25% 15 yr. I just put the $3k toward the principal and moved on. Almost done now.

I can't talk the wife into living in a shop house forever, so we'll build a "real house" eventually. I'll probably put it on a 30 yr note and set my auto payments to have it clear in 15 or 20. dunno. May pay aggressive toward principal for first 5-10 years then shift cash flow toward retirement accounts. Need to do some maths.
 
I’ve gotten some real world numbers. The lowest 15 year was 2.6. I’ve heard of 2.75-2.8 pretty regular with a 760+ credit score. Lowest 30 year was @3.20.
 
Kel said:
I’ve gotten some real world numbers. The lowest 15 year was 2.6. I’ve heard of 2.75-2.8 pretty regular with a 760+ credit score. Lowest 30 year was @3.20.
Click to expand...
They seem to be going up, to stop all the refinancing interest. I applied to 2 credit unions, one jumped back over to 4%, and the one I actually bank with is still offering 3.25% no points.
I'm hoping I was able to get locked in.
 
Kel said:
I’ve gotten some real world numbers. The lowest 15 year was 2.6. I’ve heard of 2.75-2.8 pretty regular with a 760+ credit score. Lowest 30 year was @3.20.
Click to expand...

Good to know. I'm planning on going by my credit union this weekend to talk refinancing with a little extra to do some improvements, I HATE my carpet that I said I was going to remove when I bought the house 15 years ago.
 
Banks are struggling to get enough to lend right now. Might go up or at least level out. Get in while the gettings good.
 
I'm not the brightest when it comes to refinancing and such. But I assume there's not much if any benefit to doing it if I plan on moving within a year or 2 is there? I'd think it'd just be paying closing costs for really nothing.
 
Beerj said:
I'm not the brightest when it comes to refinancing and such. But I assume there's not much if any benefit to doing it if I plan on moving within a year or 2 is there? I'd think it'd just be paying closing costs for really nothing.
Click to expand...
Correct.
 
We talked to a bank earlier this week about refinance and turned in paperwork but did not commit to anything. Wife called today and banker told her rates had gone up already
 
And the fed just dropped to 0%. I sign paperwork this coming week and will let you guys know what I end up with.
 
The loan guy in my networking group said that some folks locked in crazy rates last week, but the run on Refi’s cause a shortage of loan money so the rated ticked back up - sometimes through fees and extended closing times that exceeded the lock range (90 day closes on 60 day locks and such).

I am calling him tomorrow to see what this 0% prime rate means for refinancing. Our current loan is 4% on a 265k house we owe 138k on. I told him I didn’t think I could have improved with the fees. He said I could have saved $100/month with the same term if I had jumped in early last week.
 
Damn, I'm low 3 from when I bought this place almost 4yrs ago. I'm going to look into a refi, hadn't even crossed my mind until I saw this thread !
 

Latest posts

Random media

IMG_20140717_205012.jpg
LC 1.JPG
IMG_3519[1].JPG
2015-03-27 16.42.47.jpg
IMG_1181.PNG
0927082105c.jpg
20130729_193427.jpg
image212.jpg
blutoy 034.jpg
Back
Top