If you are looking for your first home you may want to look into First time buyer resources - there are some additional hep with down payment possible. But that may also vary for each state.
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I think it would be helpful to us to know at least city, state and price range to start with because it’s different is you are looking for something in Vegas in 300k range vs in Greenwich for 900k😂
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It sounds to me you’ve already done your research and are a well informed buyer.
Good luck.
Give CIT a look. When I refinanced in SoCal, I locked at 2.4% while every one else was hovering 2.875% on a 30-year fixed during the lows of 2021.
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Thank you, I wish I could say I was well-informed but still learning! I appreciate everyone’s suggestions
Will do! Thanks!
Beyond putting in the time to check as many sources as your patience can muster, the main skill you need is the ability normalize offers so you can compare them accurately.
In order to do this you will also need to estimate how long you expect to keep the mortgage open (before selling the home, refinancing or otherwise paying it off). If you are shopping for 30-year mortgages, don’t use the total interest cost over 30 years if you only plan to stay for 6-7.
(IRL the average length of a mortgage turns out to be ~9 years, which is among the reasons that mortgage rates track closer to the 10-year Treasure rate than the more visible and discussed Fed overnight rate).
And make sure you’re comparing only finance-related costs. Things like recording fees, transfer taxes, amounts paid into escrow, etc., aren’t a function of the cost of financing itself.
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This quote is something many do not think about. I paid an astronomical amount (not to mention warranty and insurance). But I knew that going in. Others do not do the work and expect everyone else to look out for their best interests. Nope, they are looking out for theirs.
My agent is going to have a fabulous Christmas from my sale alone.
(If they budget correctly, the next 2-3)
That is the key for any transaction
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I am not sure how I am so often misunderstood on this site, lol
To be clear, I meant an unfair transaction - i.e., one party taking advantage of the other. I have done countless deals in my lifetime but have always reasonably looked out for the other party’s interests. Everyone can do it; the majority choose not to.
Out of curiosity, what kinds of rates are people seeing right now?
Conventional 30 year is in the low 6’s, they’re up about a ~.500% in the last couple weeks, which is pretty normal in the low volume last 2 weeks of December. I’d expect them back below 6% pretty quickly after the new year.
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Nothing more depressing at the bar than the mortgage brokers not buying rounds this NYE. Got a couple that went from like 10k-20k a week to 1/10 of that. Reminds me of the guys who were 06-07 “contractor rich”
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Same except with crypto bros not buying the Champagne rounds in Miami beach anymore
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Lol It’s a feast or famine business, no doubt about that.
Just got an email from better mortgage that sounds pretty good in this market - I’ve used them several times and always had good experience -
“We’ve just launched a whole new program for our customers to buy and refinance with confidence:
If rates drop in the next three years, we’ll cover all the costs of your next refinance.*
The Better Buying Guarantee consists of up to $3,500 in lender paid credits, which shall be provided by Better Mortgage and used by the customer to offset the Covered Fees (defined below) assessed at the first time the Mortgage Loan is refinanced with Better Mortgage, which must take place during the time period which is six (6) months after the close of the Mortgage Loan and within three (3) years of the close of the Mortgage Loan (the “Refinance Period”). “Covered Fees” include: Lender’s Title Insurance Policy Fees; Owner’s Title Insurance Policy Fees; Appraisal Fees (includes second appraisal fee, appraisal re-inspection fee and appraisal recertification fee, if applicable); Flood Certification Fees; Credit Report Fees; and Other Settlement Fees (includes notary fees, settlement fees, recording services fees, transfer taxes and government fees, deed preparation, courier messenger fees, and endorsements). Discount points are excluded.
Any lender will do that for you
Not sure I’ve seen that - though I don’t think I’ve ever refi’d with the same lender