What is your mortgage rate?

[twobrewers]

I'm currently shopping for a mortgage.

 

So far, I have one lender at 5.5% on a 30 year fixed rate with around $1,200 in closing costs.

 

I figured I would try a little research on Brewerfan.net to see what others have paid in closing costs and obtained as a mortgage rate.

 

(I have an Aunt who paid 12% on her mortgage until she paid off her house. Of course, back in the 70s and 80s rates were much higher)

[dadofandrew]

Closing was around $600, and our rate from 2002 is 6.25%.

[TSack27]

• twobrewers wrote:

---

I'm currently shopping for a mortgage.

 

So far, I have one lender at 5.5% on a 30 year fixed rate with around $1,200 in closing costs.

 

I figured I would try a little research on Brewerfan.net to see what others have paid in closing costs and obtained as a mortgage rate.

 

(I have an Aunt who paid 12% on her mortgage until she paid off her house. Of course, back in the 70s and 80s rates were much higher)

Originally bought the house in 2001 at 6.25% for 30 years and $800 closing from a national chain bank, then refinanced in 2002 at 5.35% for 20 years for $400 through and local community bank.

[hawing]

5.625% on a 15 year mortgage, obtained in 2005. I don't remember the closing costs. We applied some of the proceeds of the sale of our first house toward this purchase, which is how we managed the 15 year rate.

 

I'm glad you started this thread, twobrewers; by checking the online account tonight I noticed that our financial institution seems to not have processed our July payment correctly. I guess we'll be contacting them in the morning.

[mtrebs]

When we bought our house in 2006 we had a 100% loan with a fixed rate of 6.75% with no PMI for 30 years. I believe our total closing costs were around $2200 because of the 100% loan with no PMI.

We refinanced this spring at a fixed 5.00% for 30 years. With our home's appreciation and what we already paid we covered the 20% so there was no need for PMI or a different loan. I don't remember the closing costs this time but they were less than we originally paid in 2006.

[beno78]

Our lender (Landmark Credit Union) is currently 5.375% for 30yr fixed. We "locked" in 6.25 2 years ago. I have seen it as low as 5.0% over the last few months. Closing costs/fees were $600-$1,000 as I recall. I think if it goes down again we will re-fi.

[PlayerHader]

My brother just refinanced and locked in at 4.8%. Seems quite low.

[MHgb]

Refinanced in March/April @ 4.625. 30 year fixed. About $1100 in closing costs. Green Bay, WI. Rate was 4.75% with 1/8% off for opening checking account.

[Fatter than Joey]

4.75%

[MarquesJohnson2000]

We just refi'd last month at 4.875%, closing costs were $1000 or $1100, somewhere in there.

[Chio151]

5.15 locked this February. No closing costs.

[cubfan1126]

0%

 

Downsized and paid off both with proceeds from sale of bigger house.

 

But real estate taxes in this state suck. $8800 for a 3 BR ranch on a big postage stamp size lot.

[wallus]

4.875% FHA loan for 30 years.

[fondybrewfan]

0%

 

Downsized and paid off both with proceeds from sale of bigger house.

 

But real estate taxes in this state suck. $8800 for a 3 BR ranch on a big postage stamp size lot.

I don't mind saying that your monthly cost for RE taxes is more than the Principal, Interest, and RE tax escrow on mine. Granted my home is in a smaller town so the FMV is a bit lower but $8,800 is just mind blowing to me. In my area a house would have to be worth $500,000 minimum for a tax bill that high. That $500,000 in my neighborhood would probably be worth closer to $1 Million in Milwaukee or Chicago.

[eanelson4]

I know my mom just bought a cabin and got her mortgage at 4.5% fixed. Sounds like a steal to me.

[drezdn]

We got 5.375% in April on a 30-year-fixed loan. I can't remember what the closing costs were because the seller covered them, but it was less than $3K

[Team Canada]

We refinanced a couple months ago and just about hit the bottom perfectly. ~4.6% for a 15yr..

[colbyjack]

So far, I have one lender at 5.5% on a 30 year fixed rate with around $1,200 in closing costs.

 

You can do much better. Try Wells Fargo, even if you don't go with them, they're very valuable to use their rates as a guide. You an usually find a place or two that will beat WF's rates (give Accunet a call). Check them out for yourself:

 

https://www.wellsfargo.com/mortgage/rates/

 

And the closing costs of course are negotiable as well, as I'm guessing someone could get you 5% with the same $1,200 closing costs. I gave up 1.125 points to lock in at 4.375% to re-finance in April, when 30-year rates were the same at 15-year ones.

[TracyThom]

We purchased our 1,450 square foot house in 2003 for $219,000. We got our initial home loan at 5.25%. The loan amount was for $180,000. In order to avoid PMI, we took out a Home Equity Line of Credit. Our HELOC rate at purchase was 6%. Now, it is at 8.25%. We cannot refinance our HELOC because of the housing market. The fair market value for our home 2 years ago was $250,000. Now it is $210,000. less than what we built it for.

 

On a side note, don't build with Veridian Homes. We paid waaaaay too much for our small home.

[Blindcheck]

5.125% for a 30 year loan...

[pogokat]

I am the luckiest man on earth...

 

4.25 on a 15 year...twas a good day---just refinanced this in June...

[ecjimg]

A few months ago, I refinanced to a 30yr @5.00. After closing, I returned home to find notice in the mail that my arm rate readjusted to 3.75%. I immediately canceled what I had just signed.

[MJLiverock]

What will you do when your ARM readjusts higher next year and the 30 year is at 6%?