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Started By
Message
Is this a good deal?
Posted on 2/5/09 at 5:16 pm
Posted on 2/5/09 at 5:16 pm
My wife and I make together $69,000. My wife has near perfect credit (one $35 collection from 3 years + a 25k s loan in perfect standing), I have good but not perfect credit . (One open collection from 4 years ago for $100 + one more in dispute from recent for $70 + years of perfect credit card history and high credit limits but very low balances).
We were offered $100,000 in financing at 5.375% for 30 years fixed with 3.5% down. Is that a good deal?
We were offered $100,000 in financing at 5.375% for 30 years fixed with 3.5% down. Is that a good deal?
This post was edited on 2/5/09 at 5:17 pm
2
Posted on 2/5/09 at 5:19 pm to RedFox
quote:
69
69 DUDE!
No clue if that is a good deal or not, I would say that 5.375 sounds a little high for a rate, but there are mortgage gurus here that could tell you.
Posted on 2/5/09 at 5:23 pm to RedFox
I'm not a guru around here but it sounds like a good deal to me. However, what can you get with only 100k?
Posted on 2/5/09 at 5:28 pm to MileHigh
good deal. For that loan amount missing out on a rate by an eigth or so is not that much in terms of total payment. The rates can't go much lower but they CAN go ALOT higher.
5.375 is always a good rate.
5.375 is always a good rate.
Posted on 2/5/09 at 5:35 pm to prplhze2000
its okay. is the broker charging 1% origination. if he is i would tell him you want 5%. Thats the rate i charge with 1% origination.
Posted on 2/5/09 at 5:44 pm to Cdawg
quote:
However, what can you get with only 100k?
More and more as housing prices continue to slide.
Posted on 2/5/09 at 5:45 pm to bignate76
I assumed zero.
Posted on 2/5/09 at 5:46 pm to bignate76
I think he said he was $500. He estimated total closing costs, which includes everything from points to the title search to his fee, etc. etc. to be around 3k.
Posted on 2/6/09 at 7:27 am to RedFox
Do you know yall actual credit scores? If they are 720 or above, you should be able to get 5%. If they are less than 720, then that is not a bad rate as long as they don't have any points involved in the loan. Make sure and ask if there are any points.
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