jmiller320
Ultimate Member
Go for the best deal you can get. Your mortgage will probably be sold before the ink dries.
FIFYGive it a few more months and buy after the market has {corrected}.
This. And though I'd sort of say hold and wait unless you have to have a house, mortgage rates are only going to go up.FIFY
Until unemployment starts creeping back up, we have virtually nothing to worry about. Despite hiring slow downs, unemployment continues to creep lower. I suspect the stock market and preliminary company layoffs are just panic reactions.
A 10-15% dip in housing prices over the next year represents a correction, not a crash, in my opinion. The market for homes and virtually everything else has been over-inflated for some time now.
A few idiots may lose their ass that paid way over asking for their homes, but as long as they have the income and employment to support it, it will not be a repeat of 2008.
My opinion is worth what you paid for it.
That is who I used for my refi a couple of years ago. Painless, fairly low fees and the rate was better than absolutely everyone around by about 1/8% (and about 1/4% more than most). I won't mention the rate because it is silly looking at current rates.Interesting that you ask. Seems the people that just signed a contract to purchase our home used “Rocket” mortgage. No brick and mortar stores and they got a conventional 30 year at 5 1/4%.
I've used both Tower and PenFed, and found PenFed's process to be more flexible, with fewer administrative headaches. But not enough of a difference that I'd pass up a lower interest rate or origination fee/points.I just used Tower Credit Union. Not too bad but some things that I didn't like. The first was that before you even get done filling out the online application, they have already run a hard check against your credit. Also, because I had first applied for a "pre-approved" amount, since I didn't find a house before it expired, I had to reapply causing another hard check. Such a pain.
There is always the possibility of refinancing. After the sale goes through, it is impossible to get the seller to refund money once house prices drop significantly. Personally, I would prefer to buy at the bottom of the market at whatever the mortgage rate happens to be, and then look to refi over the time frame I am in the house. Just how I feel about the matter.This. And though I'd sort of say hold and wait unless you have to have a house, mortgage rates are only going to go up.
A 10% reduction in house price is more than offset by a mortgage rate increase from 5% to 6% in terms of total cost of ownership over a 30 year loan. It wouldn't surprise me if mortgage rates push 8% (or more) before inflation is under control...
I'll try to keep this brief.Interesting that you ask. Seems the people that just signed a contract to purchase our home used “Rocket” mortgage. No brick and mortar stores and they got a conventional 30 year at 5 1/4%.