30 year fixed mortgage rates down to 4.25% today

[DrumNFeather]

Question: I will finally meet the First time homebuyer critieria in July (2-year criteria). Does this mean I could still benefit from it or is it for those who have entered a contract in April and are looking to close before Sept.???


I am holding out hope that I can take advantage...

I would think you would, but I'm not exactly sure what those criteria are.

[dabrockster]

I would think you would, but I'm not exactly sure what those criteria are.

Just verified that it is only for those who have a signed contract prior to April 30, and will close by Sept. This is mainly for those who are building to give them enough time to finish the home..

I have a feeling they may bring this back at the end of the year and retro it back to May...

[DrumNFeather]

Just verified that it is only for those who have a signed contract prior to April 30, and will close by Sept. This is mainly for those who are building to give them enough time to finish the home..

I have a feeling they may bring this back at the end of the year and retro it back to May...

Yeah, we've been under contract for a long time now and are looking at the end of this month to close at the earliest.

I hope for your sake they do retro it back though.

[dabrockster]

Yeah, we've been under contract for a long time now and are looking at the end of this month to close at the earliest.

I hope for your sake they do retro it back though.

I think they will, but that is not going to stop me for taking advantage of the great rate I am getting..

That pretty much is why we got back involved. That and we found a stellar foreclosure house in EXACTLY the location we have been looking..

Fingers-crossed we get it. We won't know until Tuesday after 12 PM (UGH). Sadly there are 4 other offers possibly coming in as well. This is a Home Path home and from my understanding it is only available to owner occupied so investors are not allowed to submit an offer.. They are accepting Highest and best offers until Noon Tuesday..

Just goes to show how sweet a deal this house is...

[DrumNFeather]

I think they will, but that is not going to stop me for taking advantage of the great rate I am getting..

That pretty much is why we got back involved. That and we found a stellar foreclosure house in EXACTLY the location we have been looking..

Fingers-crossed we get it. We won't know until Tuesday after 12 PM (UGH). Sadly there are 4 other offers possibly coming in as well. This is a Home Path home and from my understanding it is only available to owner occupied so investors are not allowed to submit an offer.. They are accepting Highest and best offers until Noon Tuesday..

Just goes to show how sweet a deal this house is...

Are you having to offer well over the asking price then?

[dabrockster]

Are you having to offer well over the asking price then?

I gave them what they asked. That is my highest and best. It is roughly $30,000 between to $40,000 below auditor and the houses in the area..

[ERCougar]

I gave them what they asked. That is my highest and best. It is roughly $30,000 between to $40,000 below auditor and the houses in the area..

You won't get it then.

I'd go higher. Trust me.

[dabrockster]

You won't get it then.

I'd go higher. Trust me.

I'm not willing to go higher,.. And if I don't get it I don't....

[ERCougar]

I'm not willing to go higher,.. And if I don't get it I don't....

Then you're probably right where you should be.

I just wouldn't give up a house that you like, that's easily going to hold its value, in the area you want, for the sake of a few thousand dollars, particularly when your comps are 30K higher. A house is not an investment, it's a place to live.

Just some friendly advice. Take it for what it's worth, given that I haven't seen the house, the neighborhood, your family, the asking price, etc, etc.

[dabrockster]

Then you're probably right where you should be.

I just wouldn't give up a house that you like, that's easily going to hold its value, in the area you want, for the sake of a few thousand dollars, particularly when your comps are 30K higher. A house is not an investment, it's a place to live.

Just some friendly advice. Take it for what it's worth, given that I haven't seen the house, the neighborhood, your family, the asking price, etc, etc.

Thanks.. The realtor who has the listing knows us and we actually purchased form them in 2004. As of right now things seem to be OK with our offer. We may move up but but my financial flexibility is what gives me and my family happiness as well, and I really do not want to go any further then this. I may go up a few more. We are willing to take the house in August so that may be more appealing against the other offers..

[statman]

Can I make a totally unsolicited comment here? It's not directed at you or at any other person on the board involved with mortgages, banking, investments, etc. It's just a thought that I've had for a while, and I want to share it. Again, though, this isn't aimed at anyone in specific, it's just me waxing philosophical in a general way.

I hate the use of the term "product" in the mortgage/investment/banking world, and part of me wonders how much of the financial mess we've seen recently has been caused by the fact that far too many people have been fooled into thinking that these really are "products." They're not products, though. It's not a mortgage product, it's someone's house. A real person's home, someone who's worked and saved to buy a home. It's not an investment product, it's some person's retirement, someone who worked and saved for 40 years to be able to retire at a reasonable age and enjoy the final years of their life. It's not a banking product, it's someone's paycheck, it's used to buy food for their family and put a roof over their head. Calling these things "products" takes away from what they really are, and who they really affect, and what they mean to the people trying to obtain them.

That's all I wanted to say.

Sorry Tim, but the problems were caused by "product" not direct mortgages. If the "products" would have never existed, the bubble would have never existed. Crazy mortgages happened because no one ever had to see the effects of them on a loan-by-loan basis. Crazy loans got bundled into "products" and the risk of them somehow "disappeared."

viewing them as homes and not products doesn't explain the problem or the actual situation. Sometimes simple is wrong...

[cougjunkie]

I think they will, but that is not going to stop me for taking advantage of the great rate I am getting..

That pretty much is why we got back involved. That and we found a stellar foreclosure house in EXACTLY the location we have been looking..

Fingers-crossed we get it. We won't know until Tuesday after 12 PM (UGH). Sadly there are 4 other offers possibly coming in as well. This is a Home Path home and from my understanding it is only available to owner occupied so investors are not allowed to submit an offer.. They are accepting Highest and best offers until Noon Tuesday..

Just goes to show how sweet a deal this house is...

Dabrockster I do not work for Wells Fargo but Homepath is an awesome product. They do not allow investors but they do allow second homes so be careful of someone who claims to "not be an investor" swooping in with a better deal if you are truly getting it well below market value.

4.5% FHA is awesome, your lender is doing you right for sure. However if you have 5% down you can go Homepath, the rate is a little higher but they do not have MI and you do not have to pay for an appraisal. So even with the higher rate you will have a much lower payment.

Sorry it took me so long ot get back to this thread. Oh and ignore everythng statman is saying.

[statman]

ignore everythng statman is saying.

"Everything" like what, exactly?

[dabrockster]

I think they will, but that is not going to stop me for taking advantage of the great rate I am getting..

That pretty much is why we got back involved. That and we found a stellar foreclosure house in EXACTLY the location we have been looking..

Fingers-crossed we get it. We won't know until Tuesday after 12 PM (UGH). Sadly there are 4 other offers possibly coming in as well. This is a Home Path home and from my understanding it is only available to owner occupied so investors are not allowed to submit an offer.. They are accepting Highest and best offers until Noon Tuesday..

Just goes to show how sweet a deal this house is...

WE GOT THE HOUSE!!!!!


Just got the call from my realtor that they accepted our offer.. Man that was a long time for us to be in limbo but it was worth it.. I am so stoked. I love this house. Neds soem minor cosmetic updates which will be easy, but the yard is sweet and my son was so in love with the house.

He's going to be so excited.. I had to prepare him in case we didn't get it and he was upset at the idea of not having this huge backyard and play area..

[mUUser]

Soliciting advice: Refinance or not?...

Have 9 yrs remaining on 10 yr loan. Mo payment is $3,200. Not a jumbo and am greater than 20% equity. Current rate is 4.75%

New terms are 3.75% (APR is 3.874%) for 10 years. No points. Mo payment estimated at $2,755. Would like to stay another 10 years, but who knows...could be 2 years, 5 years, 10 years or 40 years.