{ "media_type": "text", "post_content": "Quoted a 30 year mortgage, 5% down for a ~600k home for 4% interest no points.\n\nProfile: 250k salary, 800 credit score\n\nIs this any good??", "post_id": "61ea1ceb96d1960037423088", "reply_count": 33, "vote_count": 3, "bowl_id": "5a5242b78e26290018502ca0", "bowl_name": "The Real Estate Bowl", "feed_type": "bowl" }

Quoted a 30 year mortgage, 5% down for a ~600k home for 4% interest no points. Profile: 250k salary, 800 credit score Is this any good??

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It’s about right. The same guy who was quoting me 2.8% 15 months ago is now quoting me 3.6%. You can shop around and get high 3’s probably. But rates have gone up, low 3’s would be difficult to find.

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Which broker are you using to get 4%? I like to compare what ever rate I get to better mortgage just to get kind of a base comparison. I usually end up using my mortgage broker, they're very good at making everything run smoothly. They charge a 2% origination fee but they sliced like 0.7% off the best interest rate I could find.

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4%? Yikes!

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Wow… 4?!

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Yeah. When I bought my place, I put 5% down and got 3.125%.

Mid 3 is good. 4 is high but you are at 5% down only plus we don’t know your credit or DTI. Those are factors too. Rates have gone up this month by 0.5%. I’m a mortgage officer in CA so I know

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No longer at Deloitte!

If you're buying new construction I'm assuming you're using with the builder's preferred lender in order to take advantage of the builder contributing to your closing costs. If this is the case you're between a rock and a hard place really. You can shop for a lower interest rate with another lender, but you'd lose the builder credits. And that lower rate/lower payments would take YEARS before you'd catch up to those builder credits. The preferred lender doesn't have any incentive to lower your rate because you're a captive audience (builder sending you to them). They charge the higher rate in order to make up the builder credits. Your best option is to go the route you are with the preferred lender, then turn around and refinance if rates hold. You may even be able to get a little more toward closing costs from the lender by asking for a higher interest rate (this will give you more "discount points", which are essentially credits the lender pays toward your closing costs). Paying a higher interest rate for a few months while you go through the refinance process will be worth it in the long run when comparing the cost to those additional lender credits. Just don't give them your true intention on why you want the higher rate. They won't take too kindly to the news that you're asking for more money only to turn around and take the payments away from them after you refi 🙂

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This is exactly what I did (except, I didn't ask for higher rates); I took the $20k preferred lender incentives on my new construction in 2019 for +5% interest, refinanced in 2020 for +3%, and again 11 months later since rates continued dropping for ~2.65% Pay attention to the details of your refi costs though! You can save hundreds if you get the appraisal waived

Everything sounds good. If you could put more down you might get a better interest rate.

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Put down more and you will get a lower rate

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Gotcha, don't see that much value in putting more down. I can afford the payment, the home has already appreciated ~800k and putting more down is significant cash outflow for a home i may stay in for 5-6 years

To add to some comments, its a new construction home and this is what I was quoted by my builders lender for a conventional loan and primary home Don't have much reason to put a bigger down payment in, home has appreciated 20% since I signed my contract. Now just looking to get the best rate with the least amount down.

funny

Yeah only cancel clause is if I'm not responsive so I talk to them weekly haha

I put 5% down with 3% interest with slightly lower credit score. This was also last year, so as others have said the rates might just be going up.

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Sadly rates have gone up like a full 1% in the last month 😭😭

funny

Seems a little high given your profile. Unless rates are really going up that much. What lender?

Yupp haha, I was surprised too

I’d shop lenders. I got 2.875 @ 5% down for 30yr in December. I know rates have gone up but really the % down shouldn’t affect your base rate.

Sounds about right. But let me see if I can get you a better rate if you are interested. I’ll dm you.

Rates are going to keep going up. I would shop it a bit but you may not do too much better.

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