Post # 1
If you wouldn’t mind sharing your interest rate that would be great- but I’m trying to ballpark what we can afford.
I am going to be meeting with lenders sometime in the next two weeks but wanted to get a ballpark first so I can know realistically what to expect going in.
Post # 3
@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
There’s going to be so many factors… but we have a one year fixed/closed at 2.84%.
Post # 5
Interest rates are super low right now. That’s all I know…also that it depends on your credit score.
Post # 6
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
Can I ask why you’re favoring a condo over a single family home?
Post # 8
- 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
@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
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
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
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
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
We close on our house next Friday. Our interest rate is 3.5% for a 30 year fixed rate mortgage.
Post # 15
Just got one for 30 yr/fixed at 3.625%. Good luck with the home buying! =)