This is first and foremost a big fat thank you to all the lenders who provided advance notice of their rate increases.
It makes life a ton less stressful when you know what to expect and have a bit of time to take last-minute applications.
As of this minute, there are a handful of lenders left around 3.69% for 5-year fixed 30-day quick closes and 3.79% for 120-day closes. This is for top-notch credit only and restrictions do apply. Contact your mortgage planner for complete information.
The odds are good these deals will disappear tonight or tomorrow night.
Due to soaring application volumes, lenders are quoting up to 7 business day turnaround times on approvals. Remember to allow enough time to arrange financing if you’re negotiating a purchase agreement in the next week.
Purchases are taking top priority for most underwriters. Then come switches and refinances. Pre-approvals are being decisioned last in many cases, unless they are automated.
Is a 5-year fixed the way to go? The Variable rate is also very good right now, and with an expected modest increase over the next year, perhaps a 1-year variable would be wise to consider as it would help one save to put down when re-mortgaging next year. Any thoughts?
Thanks!
1 year variables are more expensive than the 5 year variety.
I would get a 5 year variable with good prepayment options. Then you can save on the rate and plunk down more cash whenever you have it.
1 year variables are more expensive than the 5 year variety.
I would get a 5 year variable with good prepayment options. Then you can save on the rate and plunk down more cash whenever you have it.
1 year variables are more expensive than the 5 year variety.
I would get a 5 year variable with good prepayment options. Then you can save on the rate and plunk down more cash whenever you have it.