Thursday, July 21, 2011
Intrest rates?
I am very worried about all this in the news about the budget getting fixed by 8/2 or intrest rates will go through the roof knowing my luck they will jump from 4.37 to 9.0 and I will be sqrewed for next 30 yrs the government better work it out I pay to much in taxes already wish I could lock my rate in now but can't !
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We understand...we are working on finalizing all of the ridiculous paperwork that NVR is requiring us to provide proof and letters on certain things before we can lock in on a rate. For example, we both have credit scores 750+; however, one of us had three 30 days on our credit report in 2004 and we needed to provide a letter to explain why…seriously, that was 7 years ago. As soon as we get the ok, we will lock in and we pray that it is still under 5%. Good luck!!!!
ReplyDelete***HUGS****
ReplyDeletePraying they fix it soon!
We thought this one was a little over the top as well ... one of us had a bank account that was closed in 10/01/2007 (prior to us getting married) and the bank has purged the records. This was a checking account that never really had more than $100 in it at a time. NVR wants the last statement, front/back. The bank is telling us they don't have copies to give us. Really!!!!!! What happened to the electronic age on keeping records electronically. So the bank is going to contact NVR to work things out. All we want to do is get a mortgage rate locked in before they increase. What gives!!!!
ReplyDeletewow that is crazy! I hope everything works out for you HW!
ReplyDeleteYes, i really hope they dotn jump too fast for all our my eneighbors who havent locked in yet. GL guys!
My wife and I are in the same boat. We won't be able to lock in a rate for a few months yet. We are probably still many weeks away from breaking ground, perhaps months.
ReplyDeleteThat being said, I am not too concerned about the issue with the debt ceiling. Most politicians (a majority in both the House and the Senate) are fully aware of the utter calamity that will result if the country defaults, and I don't think there are enough of these Tea Party types in the House of Representatives to prevent some sort of deal being done.
I agree with SCJ, but the real solution is to throw ALL of them out of the house and senate, ban them from being elected for 5 years and start over fresh...too many idiots in there that only care about being re-elected. When we bought our first house in 1984 I would have loved to have had a 9% mortgage...we had 13.5%...I became an expert at refinancing and even then we still had a 9% mortgage when we sold it 11 years later.
ReplyDeleteGood golly Mrs. Molly! WOW! I can't even phathom what 13.5% or a 9% interest rate is on a house! Unfortunaletly a few of my family members has to do the same thing and refinance just to get to 8-10% smh! Yes BD, lets throw them all out and start over! :) I concur!
ReplyDelete@ SCJ, usually in the fall and winter months rates and prices usually drop so hopefully that will be the case for you guys too!
We are in the same boat too. We are just within a 60 day window, but if there are any delays at all, we would lose the rate. I also think that the debt ceiling will be raised at the last minute, but the uncertainty is bad for the market, and for mortgages! After the last crappy jobs report, rates went down a fraction. I think we might wait until after the next crappy jobs report (aug 8?) and lock in when rates take a minor dip. Noey did a nice post a while back about interest rates; and there are a lot of web sites out there to help too.
ReplyDeleteNvr ( if your loan is through them ) let's you lock in early but for a price a 1/4 point for a extended 90day lock in period which would cost me about 1500 for our loan. So we could lock in now which is early because we just broke ground for that 1/4 point or wait until drywall is up (60 days befor closing) but take a chance rates go up with the debt ceiling. I'm leaning towards waiting to lock in when drywall goes up and government gets there shi$ straight !
ReplyDeleteWOW ...See I was told by our NVR rep that we CAN NOT lock in prior to 60 days AT ALL! We even offered to pay a fee or take a point or whatever. Hmmm might be giving her a call back!
ReplyDelete100% I can send you the e-mail the Nvr loan officer sent me if you need it I would call them we are building in P.A with a FHA loan maybe it depends on state on type of loan etc but worth checking out!
ReplyDelete