(Closed) I think we are going to buy a condo! How are interest rates?

posted 5 years ago in Home
Post # 3
Member
3969 posts
Honey bee
  • Wedding: September 2014

@accorn:  Interest rates are going to depend on your credit scores… so I’m not sure how much you’ll be able to ball park it… but I think there are some onine calculators that give you an idea based on income, etc. 

Post # 4
Member
9057 posts
Buzzing Beekeeper
  • Wedding: June 2010

There’s going to be so many factors… but we have a one year fixed/closed at 2.84%.

 

Post # 5
Member
9920 posts
Buzzing Beekeeper
  • Wedding: June 2013

Interest rates are super low right now.  That’s all I know…also that it depends on your credit score.

Good luck!

Post # 6
Member
10369 posts
Sugar Beekeeper
  • Wedding: September 2010

We’ve been pre-approved at 3.287 for a 10 yr ARM. BUT condos are typically worst case scenario financing – most banks give their worst rates to condo financing. When you shop around to get pre-approved, make sure that you ask the specifics on condo financing. Some have policies about what % of units must be owner occupied (our bank says it must be 70% or greater). Some banks require up to 30% down on condos, since they are riskier. There can’t be litigation ongoing between the HOA and the developer, the HOA has to have healthy reserves, etc.

Shop lenders online, too – we found the best deals there, not with the big banks.

Post # 7
Member
705 posts
Busy bee
  • Wedding: February 1993

Can I ask why you’re favoring a condo over a single family home?

Post # 8
Member
9174 posts
Buzzing Beekeeper
  • Wedding: August 2013 - Rocky Mountains USA

Interest rates are super duper low right now!  It’s a great time to buy.  Ours were locked in at 4% (in April) but they’ve generally dropped from that, even.

Post # 9
Member
10369 posts
Sugar Beekeeper
  • Wedding: September 2010

@Blanche:  That’s a good point, actually. OP’s location says TX/Louisiana – where single family homes are incredibly cheap. For us, 2 bedroom single family homes start in the $500,000-600,000 range, so we are opting for a condo as a starter home in the $450,000 range. Frustratingly and stupidly expensive.

Post # 10
Member
380 posts
Helper bee
  • Wedding: September 2012

It is def a good time to buy! Goodluck to you.  Condo life was not for me…be sure it has good sound proofing!  The interest rate we got for our house was 15 yr @ 3.325%

Post # 11
Member
1096 posts
Bumble bee
  • Wedding: June 2011

We got a thirty year locked in at 3.75% in February but they have dropped even further. Also, as an incentive for buying an inventory home from a builder they did a one year buydown which basically means they made a small payment when we closed which was disbursed over the first twelve months so our mortgage payment for the first year is cheaper, it’s equivalant to us paying 2.75%.

Post # 12
Member
3041 posts
Sugar bee

I just closed Friday on my place and have 3.5% fixed for 30yrs (with $1700 credit at closing). He offered as low as 3.375%, but I wanted the credit at closing so stuck with the 3.5%.

Post # 13
Member
13102 posts
Honey Beekeeper
  • Wedding: July 2010

There are so many different things that factor into what you will qualify for.

That said, we bought our first home in March and have a 30 year fixed rate at 3.875%.  And it’s my understanding that rates have gotten even lower since then.

Post # 14
Member
2376 posts
Buzzing bee

We close on our house next Friday. Our interest rate is 3.5% for a 30 year fixed rate mortgage.

Post # 15
Member
868 posts
Busy bee
  • Wedding: September 2011

Just got one for 30 yr/fixed at 3.625%.  Good luck with the home buying! =)

Post # 16
Member
1721 posts
Bumble bee
  • Wedding: March 2013

30 year fixed at 3.25%

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