Great question. It depends. If you are thinking of keeping the condo for a very long time, it may make sense. However, if you are thinking resale value you may want to consider the single family home. Most families prefer to own a single family home because it doesn't come with as many restrictions and rules not to mention association fees. Typically the single family home also offers larger rear yards for children and pets.... more
What if Wells Fargo provided you a quote of 3.85% Wow...that's a hot rate. Then in true Wells Fargo fashion two days before closing they refuse the loan....it fails in the underwriting process. What did that cost you...and the seller....and two agents? And will Wells Fargo be held accountable for leaving you at the alter or making everyone whole? Of course not. ------------ Interest rates are important but there are issues that are MORE important. Don't derail your journey to home ownership by focusing on the wrong issue.------- Remember, verbal means fictitious. GET EVERYTHING IN WRITING..--------- You would be well advised to use the LOCAL lender your REALTOR recommends. Your Realtor will be able to spot the omissions many lenders commit in the worksheet. Those omissions traditionally mask how the mortgage broker is being compensated thus allowing leveraging the final week when you are TRAPPED. Your Realtor knows which lender has the best closure rate for folks in your situation, buying the type of real estate you want. Your Realtor will require the lender to be competitive, come in under budget, on time and without the hysteria.--------------Best of success, ------Annette Lawrence, Broker/Associate Remax Realtec Group, -------- Palm Harbor, FL------ 727.420.4041 ------http://FIrstLookHomes.us.... more
Interest rates have been low and with 17 days to close, I would suggest to lock in your rate right away. A good lender would give you proper direction according to the terms of your contract. Because it does cost to lock it in they want to assure that the transaction will close within the necessary times period. Hope this helps and that you have a successful closing! USDA loans are great and I wish more homebuyers would utilize them.
There are so many factors to be considered....I would talk to a general contractor who knows all the "hidden" costs involved. Call Glen at GRC general contracting. 209-556-8359. He has been doing this for 30 years, I know you can get honest information.... more
Well the reputation of Big Banks is that they can sometimes offer you a sweetheart of a deal, but their ability to close loans in the necessary time frame and smoothly with no red tape leaves a lot to be desired. I worked a few years for those guys (it rhymed with Bank of Schmamerica) and I can tell you it was real bad.
Now I work for a direct mortgage lender. Not a broker, so we don't have to jump through their hoops. We write and service all our own loans.
I can tell you that the closing process is smooth, and from the feedback I get from my clients our rates and fees are really competitive.
There is no need to run your credit for anyone to provide a quote, but be aware that a quote is only as good as the information it's based on. So if you tell a lender your middle credit score is a 640 and it's 639 then this could make a difference.
At the end of the day, it's not so much the interest rate as it is the ability to deliver the rate and fees promised and to get you to closing on time. A 2% interest rate would be awesome, but it you don't actually wind up getting that rate or god forbid you lose out on the home you want because they can't get you closed then what does it matter how low the rate is?
Generally you should intereview a couple lenders to see what they can offer and also what their expertise is. Your Realtor is a great source for a referral, because they get paid only when the deal closes and you can be sure they're not in the habit of referring lenders who don't deliver on closing promises.
I help tons of folks purchase homes through USDA. So I would appreciate the opportunity to speak with you regarding your needs.
Feel free to call me or email me.
Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 | Fax (248) 945-4842 | Direct (248) 728-0078
If your not currently working with a Realtor, you may want to consider select one to work with. But don't select just any agent. Check for credentials, designations and testimonials. Most Realtors
understand these programs and understand the drawbacks and benefits.
Rocky G.H. Hawrysz
Prudential California Realty
(209) 444-6610 - Office
(209) 915-6209 - Mobile
Rates are very good now and as long as you have good credit and equity you should be able to take advantage of the current situation. Its worth a call. Let me know if you need me to refer a good lender!... more