Thread: Prime RATE
12-17-2008, 01:46 PM #1
ITs time to buy a new home if your in the market. Prime is at lowest in history. 0 to .25%.
I am looking at loan rates of 3.8 to 4 % right now.
12-17-2008, 02:37 PM #2
how are you getting yours that low? I can only get 5% so far...
12-17-2008, 02:50 PM #3
gosh darn, I am going to go refinance at that kind of rate. This could be a once in lifetime opportunity to get those kind of rates. Wonder how long borrowing money will be this cheap
12-17-2008, 02:50 PM #4
Not all lenders are using the new prime rate. This just went into effect yesterday so it could take a week for lenders to use the new prime rate.
Now is a great time to buy due to the low price of housing due to the market slump and the low mortgage rates. The only problem is you gotta have great credit to get a loan along with a great job plus a decent down payment... say something along the lines of 20%.
12-17-2008, 02:55 PM #5
- Join Date
- Dec 2006
- Crest Hill, IL
If you ain't got 20% or more to give, you ain't getting that low...
12-17-2008, 02:57 PM #6
well crap...im close but i cant quite do 20%
12-17-2008, 03:04 PM #7
Wife and I are lookin at RE-FI as well. I'm torn between lowering my payments, or shortening the loan duration. I've got a teenager soon to be in college (graduates next year), and not a whole lotta cash saved up for her. Plan is to have her do 2 years community college close to home, then transfer to a 4 year college close to home. Advanted of staying in state is less tuition, and housing is paid for by me. Any advice on this? Shorten duration, or take the lower payments? WWUD?
I'm young too…..34 yrs old… I know, started FOOKIN early..
12-17-2008, 03:22 PM #8
I just looked at a couple of my Mortgage sites. Lowest i saw was Wells Fargo at 4.75% but then again like you said it may take a week to get them all caught up...I hope so...
12-17-2008, 03:24 PM #9
- Join Date
- Jul 2006
I just bought a house with perfect credit and 20% down and could only get 6.5%..Only two banks offered credit with a 780 Credit becon..I had a buddy try to buy a car when I bought mine and got denied for a 18,000 loan with a 680 credit score With a co-signer with perfect credit he could only get 14.99% interest rate...They put these great rates out there and it really pisses me off because your not gonna get the rate they quote
12-17-2008, 03:40 PM #10
The days of ninja loans are over.
CNN just did a whole report on this.
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