is 5% apr with 0/0 pts for 30 yr fixed available to folks with excellent credit?

Asked by Homebuyer, Clovis, CA Wed Jan 30, 2008

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Sylvia Barry,…, Agent, Marin, CA
Thu Jan 31, 2008
Good idea, Andy - I just emailed Jim Walker and see if he'd answer this question for you.

1 vote
Jim Walker, Agent, Carmichael, CA
Thu Jan 31, 2008

I have an email from a very large builder. They offer a 30 year fixed rate at 4.875% ( 4.88% APR )
Whats the catch? Well it is available when you buy one of that builders new homes, this weekend.
The builder pays all the closing costs too; which is why the APR is virtually the same as the note rate.

Available? Yes. Common: No.

A survey of national averages indicate an average of about 5.5% note rate and an average APR of about 5.8% APR
(,, Bloomberg and others).- for a 30 year fixed rate loan.

My loan officer can beat the national average on any given day for high credit score owner occupant buyers. In order to obtain the 5% APR with her or most any lender today, you would need to have the seller make a contribution to the loan fees, as the builder that I mentioned is doing. Resale sellers have the option to this if they want to compete with new home builders.
0 votes
Eric Bryant, , Long Beach, CA
Thu Jan 31, 2008
I would personally lock into a 5% no pts loan in a hot second… As far as Harlan ranch goes its hard to say without comping the area. But doesn’t sound bad either. Nice to get a great deal on a new home.
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0 votes
Andy Nazaroff, Agent, Fresno, CA
Thu Jan 31, 2008
I haven't seen this available for purchases - the rates are around 5.5% as of yesterday. Try calling Jeff Merrill for an accurate quote. Here's his webpage:…
0 votes
Sylvia Barry,…, Agent, Marin, CA
Thu Jan 31, 2008
Hi Homebuyer:

The best way to find out is to contact a few reputable mortgage brokers - your Realtor might be able to recommand one to you.

There are many changes in real estate lending practices now and the rules tightened a lot since August but new products continue to come out on a daily basis.

Your mortgage broker will be able to sit down with you and discuss various options with you. They have the most up to date information.

0 votes
Liz Stevens, , Berkeley, CA
Thu Jan 31, 2008
that rate is outstanding. grab it. Liz
0 votes
Pam Winterba…, Agent, Danville, VA
Wed Jan 30, 2008
I would sign up for that loan.
0 votes
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