Financing in Virginia Beach>Question Details

Cb, Home Buyer in Virginia Beach, VA

Why are interest rates still so high, what is mortgage outlook (rates and availability) for Virginia Beach?

Asked by Cb, Virginia Beach, VA Sat Feb 23, 2008

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5
I dont think rates are high but one thng is for sure. It is a terrible time to buy a home in this area with the downturn in the economy. Who wants to buy a home today and haveit not be worth at least the same value tomorrow.
0 votes Thank Flag Link Fri Dec 19, 2008
I had two clients lock in at 4.75 0/0 the other day on conventional loans. VA/FHA at 5. Rates are great! Feel free to contact me if you need a contact numbers to a few lenders.
0 votes Thank Flag Link Fri Dec 19, 2008
how do you figure rates are so high... rates for a conventional loan are hovering around (and in some cases below) five percent! Sounds pretty good to me.
0 votes Thank Flag Link Fri Dec 19, 2008
Alan May, Real Estate Pro in 60201
MVP'08
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Cb, it just depends on your situation and as mentioned credit history, job, etc.
I know that people have locked in rates below 5% locally, but it fluctuates very fast and you need to be committed to act when the opportunity arises.
The mortgage money is there, but the guidelines has tightened up.
Best wishes and I too am watching rates.
0 votes Thank Flag Link Fri Dec 19, 2008
Cb -

I can't speak for the VA Beach area, but interest rates aren't high, as the link below shows. I've found that buyers who have good credit, job history and cash available have no problems getting mortgages right now.
0 votes Thank Flag Link Sat Feb 23, 2008
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