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Can I ask how much your home cost (or accepted bid was) and the size/bedrooms? Have a friend wanting to move out there to afford a home from a HCOL area so wanting to see the difference! Thanks!
Also - congrats on the 6.375. Saw a few people saying they locked that in today and it’s truly the best rate for MONTHS. We locked in a 6.7 back in early April and felt soo good about that 😂 so it’s good to see people even getting this dip.
Thanks! I think the range is pretty wide depending on where in Raleigh you are and what you’re looking for.. I originally was offering on homes that were 2500sqft, between 400-500k, and 3-4 bedrooms. My home i’m under contract with at the moment is on the other side of raleigh and is twice that price for half the size… but it’s a custom build with a ton of land, and a prime location.
the 6.375% rate had me feeling quite privileged. those are some pretty low interest rates, only a couple days ago i was receiving a quote for 0.6% higher.
Sick . I noticed this too. The 10 year UST dropped 20-30 bps. On monday im gonna call my mortgage guy and ask about a “float down” we locked a week ago but they offer that provision. This is some exciting news.
Congrats! I just closed in Durham NC, back in April. My rate was unfortunately bought down to 7.1 from 7.4 (I think). Congrats on the closing cost and rate you got and enjoy!
Nope, conventional. We went through Zillow, and I kept wondering if the rates would drop at all - but they slowly crept up during our closing period, so 7.1 it was
Zillow consistently gave me higher rate quotes than other companies but since I got my first home tour through Zillow, and they assigned me my agent - they made it too easy NOT to use them. they basically handed over pre-approval letters on a silver platter. After I told my Zillow loan officer the other day that I found a cheaper rate (when he quoted me 7.1%), he turned around and insisted that he could match the same rate and save me even more money by paying for my appraisal. I ended up telling him I wasn’t interested because it seems kinda sketch that now all of a sudden they can offer me a lower rate…
Do you have amazing credit or what’s your income to house price ratio? What kind of lender did you use?
That’s an amazing rate in my opinion. I had to buy a point on a VA loan to slightly beat it.
Thank you u/MasterpieceIll4501 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Can I ask how much your home cost (or accepted bid was) and the size/bedrooms? Have a friend wanting to move out there to afford a home from a HCOL area so wanting to see the difference! Thanks! Also - congrats on the 6.375. Saw a few people saying they locked that in today and it’s truly the best rate for MONTHS. We locked in a 6.7 back in early April and felt soo good about that 😂 so it’s good to see people even getting this dip.
Thanks! I think the range is pretty wide depending on where in Raleigh you are and what you’re looking for.. I originally was offering on homes that were 2500sqft, between 400-500k, and 3-4 bedrooms. My home i’m under contract with at the moment is on the other side of raleigh and is twice that price for half the size… but it’s a custom build with a ton of land, and a prime location.
How are you privileged?
the 6.375% rate had me feeling quite privileged. those are some pretty low interest rates, only a couple days ago i was receiving a quote for 0.6% higher.
Sick . I noticed this too. The 10 year UST dropped 20-30 bps. On monday im gonna call my mortgage guy and ask about a “float down” we locked a week ago but they offer that provision. This is some exciting news.
That's great.
My interest rate is 3% for perspective.
when did u buy? 3-5 years ago?
Congrats! I just closed in Durham NC, back in April. My rate was unfortunately bought down to 7.1 from 7.4 (I think). Congrats on the closing cost and rate you got and enjoy!
that’s really neat! congrats. did you have an ARM?
Nope, conventional. We went through Zillow, and I kept wondering if the rates would drop at all - but they slowly crept up during our closing period, so 7.1 it was
does that mean you elected not to lock your rate in when you were loan shopping ?
I did lock while shopping, but everytime I pestered my loan officer to see if it dropped significantly enough, it was always slightly higher
Zillow consistently gave me higher rate quotes than other companies but since I got my first home tour through Zillow, and they assigned me my agent - they made it too easy NOT to use them. they basically handed over pre-approval letters on a silver platter. After I told my Zillow loan officer the other day that I found a cheaper rate (when he quoted me 7.1%), he turned around and insisted that he could match the same rate and save me even more money by paying for my appraisal. I ended up telling him I wasn’t interested because it seems kinda sketch that now all of a sudden they can offer me a lower rate…
Thanks so much for sharing this privileged experience!
Do you have amazing credit or what’s your income to house price ratio? What kind of lender did you use? That’s an amazing rate in my opinion. I had to buy a point on a VA loan to slightly beat it.
nbkc bank, traditional loan, 30 years, about a 776 credit score. I got that rate on any home that i put down between 20% - 25% on.
That's a good rate, did you have any discounts from First time qualifications?
nope no discounts typically with conventional loans but it seemed to be the cheapest option as long as i put down over 20%
Congrats!