Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: dave rose who wrote (6659)	11/9/2002 9:58:21 PM
From: John Chen	Respond to of 306849

dave,re:"6 1/4% now". NOW! You've been had. It's been under 6 (say: 5 7/8) for awhile. You must be living in a HOT market. Don't pay anything more than 5 3/4 for 30 years and max 1% for point. Then each situation is different, those advertised rate maybe just 'ad'.

To: dave rose who wrote (6659)	11/9/2002 11:33:28 PM
From: manny t	Respond to of 306849

From bankrate.com,shows 5.73% average for 30 year fixed. Check the rates in your area: bankrate.com Manny T.

To: dave rose who wrote (6659)	11/10/2002 6:09:55 PM
From: Tradelite	Read Replies (1) \| Respond to of 306849

Dave, when you see mortgage rates quoted, many of the quotes do not include any discount points (a point is one percent of the loan amount) that must be paid by the buyer to achieve the low rate quoted. If your rate seems higher than "market" rate, it could be that you asked the loan officer to give you a rate that would not include paying those one or two discount points out of your pocket up front. Instead, they could be rolled into your interest rate over the life of the loan. There's nothing wrong with that. You just need to understand where the costs are hidden when comparing rates. The lowest rate isn't always the cheapest rate, when taking out a long-term loan. It's also useful to remember that rates you see posted on the internet over the weekend might not be the rate available when the market opens next week. Believe it or not, mortgage rates may look different from lender to lender, but the current (meaning right now) price of most money available out there to borrow is the price of money no matter where you go----it's just offered in different ways by different lenders. There is no free lunch. It's also useful to remember that not all borrowers get quoted the same rate at the same moment by the same lender--depends on their credit situation and maybe even other factors.