Mortgage Rates

[an]

[quote=carlsbadworker]
However, I don’t think “it is extremely foolish to want a no cost or no fee loan, gambling that rates will go lower.” It really depends on individual situation (e.g. how much cash you have on hand, what job security youhave, what is your overall financial plan, etc).
[/quote]
I think I’ll side w/ HLS on this one. If you don’t have a few grand to buy down rates, then you’re probably extending a little too much to buy the house. If you are not sure of your job security, then you shouldn’t be buying a house. Point is, If you can’t afford to pay a few grand up front to get you a better rate, you should rethink the house you’re buying. It might be too much for you. Pay a few thousands up front will save you tens of thousands over the life of the loan.

[(former)FormerSanDiegan]

[quote=asianautica][quote=carlsbadworker]
However, I don’t think “it is extremely foolish to want a no cost or no fee loan, gambling that rates will go lower.” It really depends on individual situation (e.g. how much cash you have on hand, what job security youhave, what is your overall financial plan, etc).
[/quote]
I think I’ll side w/ HLS on this one. If you don’t have a few grand to buy down rates, then you’re probably extending a little too much to buy the house. If you are not sure of your job security, then you shouldn’t be buying a house. Point is, If you can’t afford to pay a few grand up front to get you a better rate, you should rethink the house you’re buying. It might be too much for you. Pay a few thousands up front will save you tens of thousands over the life of the loan.[/quote]

Just because someone has a few thousand or a few tens of thousands does not mean they should spend it to lower the rate. It depends on how long they plan to stay in the property and the amount of time it takes to recoup those costs.

One might be willing to pay a higher rate and save their cash if it takes more than 3 or 4 years to break even on the costs one is paying.

The informed consumer should be offered a range of rates and costs and find the best rate/cost balance for their particular situation. This rarely happens.

[(former)FormerSanDiegan]

[quote=asianautica][quote=carlsbadworker]
However, I don’t think “it is extremely foolish to want a no cost or no fee loan, gambling that rates will go lower.” It really depends on individual situation (e.g. how much cash you have on hand, what job security youhave, what is your overall financial plan, etc).
[/quote]
I think I’ll side w/ HLS on this one. If you don’t have a few grand to buy down rates, then you’re probably extending a little too much to buy the house. If you are not sure of your job security, then you shouldn’t be buying a house. Point is, If you can’t afford to pay a few grand up front to get you a better rate, you should rethink the house you’re buying. It might be too much for you. Pay a few thousands up front will save you tens of thousands over the life of the loan.[/quote]

Just because someone has a few thousand or a few tens of thousands does not mean they should spend it to lower the rate. It depends on how long they plan to stay in the property and the amount of time it takes to recoup those costs.

One might be willing to pay a higher rate and save their cash if it takes more than 3 or 4 years to break even on the costs one is paying.

The informed consumer should be offered a range of rates and costs and find the best rate/cost balance for their particular situation. This rarely happens.

[(former)FormerSanDiegan]

[quote=asianautica][quote=carlsbadworker]
However, I don’t think “it is extremely foolish to want a no cost or no fee loan, gambling that rates will go lower.” It really depends on individual situation (e.g. how much cash you have on hand, what job security youhave, what is your overall financial plan, etc).
[/quote]
I think I’ll side w/ HLS on this one. If you don’t have a few grand to buy down rates, then you’re probably extending a little too much to buy the house. If you are not sure of your job security, then you shouldn’t be buying a house. Point is, If you can’t afford to pay a few grand up front to get you a better rate, you should rethink the house you’re buying. It might be too much for you. Pay a few thousands up front will save you tens of thousands over the life of the loan.[/quote]

Just because someone has a few thousand or a few tens of thousands does not mean they should spend it to lower the rate. It depends on how long they plan to stay in the property and the amount of time it takes to recoup those costs.

One might be willing to pay a higher rate and save their cash if it takes more than 3 or 4 years to break even on the costs one is paying.

The informed consumer should be offered a range of rates and costs and find the best rate/cost balance for their particular situation. This rarely happens.

[(former)FormerSanDiegan]

[quote=asianautica][quote=carlsbadworker]
However, I don’t think “it is extremely foolish to want a no cost or no fee loan, gambling that rates will go lower.” It really depends on individual situation (e.g. how much cash you have on hand, what job security youhave, what is your overall financial plan, etc).
[/quote]
I think I’ll side w/ HLS on this one. If you don’t have a few grand to buy down rates, then you’re probably extending a little too much to buy the house. If you are not sure of your job security, then you shouldn’t be buying a house. Point is, If you can’t afford to pay a few grand up front to get you a better rate, you should rethink the house you’re buying. It might be too much for you. Pay a few thousands up front will save you tens of thousands over the life of the loan.[/quote]

Just because someone has a few thousand or a few tens of thousands does not mean they should spend it to lower the rate. It depends on how long they plan to stay in the property and the amount of time it takes to recoup those costs.

One might be willing to pay a higher rate and save their cash if it takes more than 3 or 4 years to break even on the costs one is paying.

The informed consumer should be offered a range of rates and costs and find the best rate/cost balance for their particular situation. This rarely happens.

[(former)FormerSanDiegan]

[quote=asianautica][quote=carlsbadworker]
However, I don’t think “it is extremely foolish to want a no cost or no fee loan, gambling that rates will go lower.” It really depends on individual situation (e.g. how much cash you have on hand, what job security youhave, what is your overall financial plan, etc).
[/quote]
I think I’ll side w/ HLS on this one. If you don’t have a few grand to buy down rates, then you’re probably extending a little too much to buy the house. If you are not sure of your job security, then you shouldn’t be buying a house. Point is, If you can’t afford to pay a few grand up front to get you a better rate, you should rethink the house you’re buying. It might be too much for you. Pay a few thousands up front will save you tens of thousands over the life of the loan.[/quote]

Just because someone has a few thousand or a few tens of thousands does not mean they should spend it to lower the rate. It depends on how long they plan to stay in the property and the amount of time it takes to recoup those costs.

One might be willing to pay a higher rate and save their cash if it takes more than 3 or 4 years to break even on the costs one is paying.

The informed consumer should be offered a range of rates and costs and find the best rate/cost balance for their particular situation. This rarely happens.

[an]

[quote=FormerSanDiegan]
Just because someone has a few thousand or a few tens of thousands does not mean they should spend it to lower the rate. It depends on how long they plan to stay in the property and the amount of time it takes to recoup those costs.

One might be willing to pay a higher rate and save their cash if it takes more than 3 or 4 years to break even on the costs one is paying.

The informed consumer should be offered a range of rates and costs and find the best rate/cost balance for their particular situation. This rarely happens.
[/quote]
Obviously if you plan to flip the house, it’s not worth to buy points. But if you plan to stay there at least 7-10+ years, then buying points would make a big difference. If you noticed, I was refuting the points of not everyone can afford the points or job security.

If you ask for options, they’ll give it to you. If you didn’t make the effort to ask for options, then you shouldn’t blame the loan person for not telling you. They probably make the best guess they can base on the information you give them.

[an]

[quote=FormerSanDiegan]
Just because someone has a few thousand or a few tens of thousands does not mean they should spend it to lower the rate. It depends on how long they plan to stay in the property and the amount of time it takes to recoup those costs.

One might be willing to pay a higher rate and save their cash if it takes more than 3 or 4 years to break even on the costs one is paying.

The informed consumer should be offered a range of rates and costs and find the best rate/cost balance for their particular situation. This rarely happens.
[/quote]
Obviously if you plan to flip the house, it’s not worth to buy points. But if you plan to stay there at least 7-10+ years, then buying points would make a big difference. If you noticed, I was refuting the points of not everyone can afford the points or job security.

If you ask for options, they’ll give it to you. If you didn’t make the effort to ask for options, then you shouldn’t blame the loan person for not telling you. They probably make the best guess they can base on the information you give them.

[an]

[quote=FormerSanDiegan]
Just because someone has a few thousand or a few tens of thousands does not mean they should spend it to lower the rate. It depends on how long they plan to stay in the property and the amount of time it takes to recoup those costs.

One might be willing to pay a higher rate and save their cash if it takes more than 3 or 4 years to break even on the costs one is paying.

The informed consumer should be offered a range of rates and costs and find the best rate/cost balance for their particular situation. This rarely happens.
[/quote]
Obviously if you plan to flip the house, it’s not worth to buy points. But if you plan to stay there at least 7-10+ years, then buying points would make a big difference. If you noticed, I was refuting the points of not everyone can afford the points or job security.

If you ask for options, they’ll give it to you. If you didn’t make the effort to ask for options, then you shouldn’t blame the loan person for not telling you. They probably make the best guess they can base on the information you give them.

[an]

[quote=FormerSanDiegan]
Just because someone has a few thousand or a few tens of thousands does not mean they should spend it to lower the rate. It depends on how long they plan to stay in the property and the amount of time it takes to recoup those costs.

One might be willing to pay a higher rate and save their cash if it takes more than 3 or 4 years to break even on the costs one is paying.

The informed consumer should be offered a range of rates and costs and find the best rate/cost balance for their particular situation. This rarely happens.
[/quote]
Obviously if you plan to flip the house, it’s not worth to buy points. But if you plan to stay there at least 7-10+ years, then buying points would make a big difference. If you noticed, I was refuting the points of not everyone can afford the points or job security.

If you ask for options, they’ll give it to you. If you didn’t make the effort to ask for options, then you shouldn’t blame the loan person for not telling you. They probably make the best guess they can base on the information you give them.

[an]

[quote=FormerSanDiegan]
Just because someone has a few thousand or a few tens of thousands does not mean they should spend it to lower the rate. It depends on how long they plan to stay in the property and the amount of time it takes to recoup those costs.

One might be willing to pay a higher rate and save their cash if it takes more than 3 or 4 years to break even on the costs one is paying.

The informed consumer should be offered a range of rates and costs and find the best rate/cost balance for their particular situation. This rarely happens.
[/quote]
Obviously if you plan to flip the house, it’s not worth to buy points. But if you plan to stay there at least 7-10+ years, then buying points would make a big difference. If you noticed, I was refuting the points of not everyone can afford the points or job security.

If you ask for options, they’ll give it to you. If you didn’t make the effort to ask for options, then you shouldn’t blame the loan person for not telling you. They probably make the best guess they can base on the information you give them.

[donaldduckmoore]

Asianautica,as a customer, one always wants to get the best deal. Lots of homeonwners that are qualified and having capitals are still searching for a good deal and that do not mean that they cannot afford something. I think asianautica needs to differentiate the difference. I am having a 6% right now, and I want to search for something that is signifcantly lower, and I am not in a hurry, something wrong there? Besides, even if you have several grands in your hands, does it mean that you have to spend it anyway if there are choices? That seems the american way of spending coming back already. Furthermore, spending a few thousand bucks may not necessarily save you a lot in the future. You have to be wise to choose. If you pay thousands of dollars just to enough to save you $20 a month. It is not a good investment and why not wait a little longer. Have you done a refi before?

[donaldduckmoore]

Asianautica,as a customer, one always wants to get the best deal. Lots of homeonwners that are qualified and having capitals are still searching for a good deal and that do not mean that they cannot afford something. I think asianautica needs to differentiate the difference. I am having a 6% right now, and I want to search for something that is signifcantly lower, and I am not in a hurry, something wrong there? Besides, even if you have several grands in your hands, does it mean that you have to spend it anyway if there are choices? That seems the american way of spending coming back already. Furthermore, spending a few thousand bucks may not necessarily save you a lot in the future. You have to be wise to choose. If you pay thousands of dollars just to enough to save you $20 a month. It is not a good investment and why not wait a little longer. Have you done a refi before?

[donaldduckmoore]

Asianautica,as a customer, one always wants to get the best deal. Lots of homeonwners that are qualified and having capitals are still searching for a good deal and that do not mean that they cannot afford something. I think asianautica needs to differentiate the difference. I am having a 6% right now, and I want to search for something that is signifcantly lower, and I am not in a hurry, something wrong there? Besides, even if you have several grands in your hands, does it mean that you have to spend it anyway if there are choices? That seems the american way of spending coming back already. Furthermore, spending a few thousand bucks may not necessarily save you a lot in the future. You have to be wise to choose. If you pay thousands of dollars just to enough to save you $20 a month. It is not a good investment and why not wait a little longer. Have you done a refi before?

[donaldduckmoore]

Asianautica,as a customer, one always wants to get the best deal. Lots of homeonwners that are qualified and having capitals are still searching for a good deal and that do not mean that they cannot afford something. I think asianautica needs to differentiate the difference. I am having a 6% right now, and I want to search for something that is signifcantly lower, and I am not in a hurry, something wrong there? Besides, even if you have several grands in your hands, does it mean that you have to spend it anyway if there are choices? That seems the american way of spending coming back already. Furthermore, spending a few thousand bucks may not necessarily save you a lot in the future. You have to be wise to choose. If you pay thousands of dollars just to enough to save you $20 a month. It is not a good investment and why not wait a little longer. Have you done a refi before?

[Author]

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