Current Home Loan Interest Rates

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muhtar1938
Posts: 32
Joined: Sat Sep 25, 2010 12:53 pm

Current Home Loan Interest Rates

Post by muhtar1938 » Mon Apr 23, 2012 2:02 pm

Dear Group:

My wife and I are getting ready to buy a home. We will be paying off the mortgage on the one we are living in, because we have found exactly the home we have been looking for. And doing so won't pose an economic hardship. The expenses in terms of home owners' insurance, taxes, etc. won't be a problem financially. We want to get a 30-year fixed mortgage, and we can put 20% down. I've looked on Bankrate.com, but the long list of lenders is confusing in that I have no idea of how to rate them. Do you have any suggestions as to what is the best home-loan rate we can expect and where we might go to secure it? The real estate agency has its suggestion, but I think it is unrealistic not to expect that they will choose a lender most likely to benefit them. Thanks for any help you can provide.

Muhtar

muhtar1938
Posts: 32
Joined: Sat Sep 25, 2010 12:53 pm

Re: Current Home Loan Interest Rates

Post by muhtar1938 » Mon Apr 23, 2012 2:03 pm

Sorry for the duplicate post. Can't figure how I managed to do that. Muhtar

maroon
Posts: 309
Joined: Tue Sep 08, 2009 11:59 pm

Re: Current Home Loan Interest Rates

Post by maroon » Mon Apr 23, 2012 2:15 pm

Try this link, might be helpful: http://www.mtgprofessor.com/ (The Mortgage Professor).

Also, it's possible your employer might have established a discount program/discount network with selected lenders. I refinanced recently and was all set to refinance via an online lender until I was able to take advantage of another lender's discount program (arranged via my employer - all lender's fees waived). I don't see this particular suggestion offered often, so thought I'd mention it.

eyeball
Posts: 15
Joined: Mon Apr 23, 2012 2:19 pm

Re: Current Home Loan Interest Rates

Post by eyeball » Mon Apr 23, 2012 2:25 pm

we close on may 15. home price was 650,000. we're mortgaging 417,000. our rate is 3.875. we used a mortgage broker through our real estate company (howard hanna in pittsburgh). i called a couple other banks to see if i could get a better rate. i was offered 3.775 if i opened up a new checking account (fifth third bank). that was the only other offer we considered but ended up declining since we're happy with our current bank.

muhtar1938
Posts: 32
Joined: Sat Sep 25, 2010 12:53 pm

Re: Current Home Loan Interest Rates

Post by muhtar1938 » Mon Apr 23, 2012 3:42 pm

Thanks "Maroon" and "Eyeball." I'll that website and my employer. I appreciate the information. Best, Muhtar

ilmartello
Posts: 1075
Joined: Sun Nov 06, 2011 6:59 pm

Re: Current Home Loan Interest Rates

Post by ilmartello » Mon Apr 23, 2012 3:51 pm

A good benchmark to look at is the wholesale mortgage rates posted daily on the mtg professor. You won't get the wholesale rate, but something very close to it, like no more than a quarter of a percent higher than the wholesale right , if you are putting 20 percent down, have good credit 760 plus, and also your student loans, auto loans, mortgage payment, property taxes, homeowners insurance come out to less than a third of your monthly gross income. So wholesale is currently 3.53, if you have no points, and pay all your closing costs, your APR should be no higher than 3.75

I would trust any lenders referenced by the mtg prof to provide excellent service.

letsgobobby
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Joined: Fri Sep 18, 2009 1:10 am

Re: Current Home Loan Interest Rates

Post by letsgobobby » Mon Apr 23, 2012 4:03 pm


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Drain
Posts: 1397
Joined: Mon Feb 26, 2007 1:27 pm
Location: Maryland

Re: Current Home Loan Interest Rates

Post by Drain » Mon Apr 23, 2012 4:58 pm

I actually had a pretty good experience with finding a lender through Zillow. I say "actually" because I'm not a great fan of Zillow and I wasn't expecting much--I was just poking around to see what was there. But it's not bad at all. Give it a try.

I AM a fan of the Mortgage Professor.
Darin

muhtar1938
Posts: 32
Joined: Sat Sep 25, 2010 12:53 pm

Re: Current Home Loan Interest Rates

Post by muhtar1938 » Tue Apr 24, 2012 8:17 am

Thanks to everyone who has given me some excellent advice, especially enjoyed the professor's website. I must have given this website to at least 50 people because it is so rich in intelligence and information. Cheers, Muhtar

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fizxman
Posts: 179
Joined: Mon Oct 24, 2011 9:44 am
Location: Harrisburg, PA

Re: Current Home Loan Interest Rates

Post by fizxman » Tue Apr 24, 2012 9:51 am

eyeball wrote:we close on may 15. home price was 650,000. we're mortgaging 417,000. our rate is 3.875. we used a mortgage broker through our real estate company (howard hanna in pittsburgh). i called a couple other banks to see if i could get a better rate. i was offered 3.775 if i opened up a new checking account (fifth third bank). that was the only other offer we considered but ended up declining since we're happy with our current bank.

We close this Friday (April 27th) and our real estate company was also Howard Hanna but in central PA. We looked at them for our mortgage along with my credit union. Howard Hanna gave us 4% while my credit union gave us 3.875% and Howard Hanna wouldn't match it. We would have liked to have kept everything with Howard Hanna (real estate agent, mortgage, title company, insurance) for simplicity but we got better prices elsewhere.

But back to the OP, check out local credit unions. I didn't want to deal with some internet company only via email or phone since this is our first home purchase, I wanted to meet in person with them. And since they gave us a good rate, it worked out well.

robocop
Posts: 181
Joined: Fri Jan 27, 2012 9:44 pm

Re: Current Home Loan Interest Rates

Post by robocop » Tue Apr 24, 2012 6:24 pm

Looks like PenFed is offering a 3.75% (3.876% APR) 30 year fixed with 20% down up to 417,000. Not sure if they are limited geographically, but thought I'd put it out there for your comparison shopping.

Fatwallet likely has good threads about the lowest mortgage rates out there- I'd look there in their finance forum.

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