How low can you go?

[UI2003]

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Alright, it's about time for folks to have gotten back at least *some* sort of mortgage offer from lenders. How are ppl doing on their interest rates?

6%?
5.5%?
4% (?!)?

 

[Snoopy]

4.325% on a 3/1 ARM with 0 points from Chase in New York State.

 

[mikecwru]

Originally posted by UI2003
Alright, it's about time for folks to have gotten back at least *some* sort of mortgage offer from lenders. How are ppl doing on their interest rates?

6%?
5.5%?
4% (?!)?

5.5% / 6% on an 80/20 5/1 ARM. No downpayment, no PMI, low closing costs in Ohio. This is a 4 month rate lock (due to our situation) otherwise, the rate would be a lot better.

mike

 

[unregistered]

4.5% on a 5-1 ARM with zero points. I'm doing 10% down and an 80-10-10. not too shabby...!

Bank of America has a program where you can do zero down and pay no PMI. It's called something like the medical/dental mortgage loan program. That's not what I used, though.

The biggest problem I ran into was trying to get a loan while I'm currently unemployed. I had to send copies of my residency work contract... but even getting them to accept that required some doing... best of luck for the rest of you trying to buy a place.!

 

[mpp]

4.875% 7/1 ARM with 0 points and a no-doc loan -- I didn't need to provide employment documentation. I also went with an 80-10-10 with the second 10 a HELOC at 1.5% above prime with the first two months at 3.5%. This is with Countrywide in Minnesota.

 

[UI2003]

Also, which companies are offerring these rates??? 😉 Thanks to all those who have shared so far - your info helps!

 

[smackdaddy]

4 on a 3/1 arm with no points.
but i locked before the war started.

 

[neo]

5% on a 15 year fixed. Maybe i should get an ARM too.... hmm... im just afraid i might stick around the area and then get screwed by an ARM if the rates go up.