Interest Rates on Homes

Discussion in 'Social Club 2011' started by blevely, Jun 5, 2009.

  1. blevely

    blevely White Board Man

    Jul 15, 2004
    Here and There
    Say a fella has gotten pre-approved on a home loan and is looking for a home, should said fella already know the interest rate he will be getting?

    I tried to find out my interest rate and the guy tells me there isn't one yet, but at the moment it is 5.5.

    Will I not get a rate locked in until I go to purchase?


    I asked my mortgage broker too but he is busy and hasn't gotten back with me yet.


    Thanks
     
  2. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    Sounds about right, the apr will depend on the house, size, age, overall cost..etc..etc..etc..
     

  3. blevely

    blevely White Board Man

    Jul 15, 2004
    Here and There
    So if I were to buy this week, I could expect to get the 5.5?
     
  4. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    Depending on the house itsself.. sure..

    they tell you an avg-- then it could go up / down a shimmy depending on the exact house.
     
  5. blevely

    blevely White Board Man

    Jul 15, 2004
    Here and There
    :eek:: that makes a big difference in what I am looking at now
     
  6. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
  7. Big L

    Big L Trapper Groupie

    Aug 8, 2008
    Bonne Terre
    When I put the offer on my house I got it locked in at 5.5,from then to the time I closed a friend of mine got locked in at 5,and a guy I work with refinanced his loan at 4.75.:thinking:,I might have been able to redo my loan paper but decided 5.5 was pretty good.
     
  8. Reflex

    Reflex Well-Known Member

    Oct 11, 2007
    Sullivan, MO
    [rquote=1287910&tid=90069&author=blevely]So if I were to buy this week, I could expect to get the 5.5?[/rquote]


    Most likely. When we bought our house, our lending agent would not lock in the interest rate until we were 110% sure that we would be getting it. That way we woudn't get stuck with a higher interest rate if it droped. We did pretty good I think. Originally the bank said we would get about a 7% and now came out with a straight 6%.
     
  9. pinwheel

    pinwheel Jenny's Lackey

    Jun 17, 2006
    middle of nowhere
    When we applied for the loan for the farm house, I was told between 5.2 & 5.5. Ended up 5.3. Not sure what influenced the rate though.
     
  10. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    [rquote=1287920&tid=90069&author=pinwheel]When we applied for the loan for the farm house, I was told between 5.2 & 5.5. Ended up 5.3. Not sure what influenced the rate though.[/rquote]

    the market can change daily :cheers:
     
  11. PoisonSnake

    PoisonSnake Well-Known Member

    Dec 16, 2004
    Australia
    [rquote=1287921&tid=90069&author=Rebel][rquote=1287920&tid=90069&author=pinwheel]When we applied for the loan for the farm house, I was told between 5.2 & 5.5. Ended up 5.3. Not sure what influenced the rate though.[/rquote]

    the market can change daily :cheers:[/rquote]

    Hourly. I was trying to keep my eye on getting 4.5% on a 15 year fixed. At the time I locked, my bank told me that the rates had only come to 4.5% twice. Once in December and once in January... and, only for an hour or so each time. The reason for it was so that the market would not be overwhelmed with a ton of refis. I locked at 4.75 and after that it did reach 4.625. But, my bank required a full quarter point drop before I could relock. I guess I could have gone elsewhere, but I didn't feel like redoing the paperwork.