Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
If you can refinance in a year, it might not be so bad. Use the credit to cover upfront costs and wait for better rates.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
I just closed yesterday at 4.99% on a 30-year fixed. Your rate seems high compared to what’s out there.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
Locked in at 8.5% for a cash-out refinance. Your rate is better than that, but it still seems high for a purchase loan.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
Builders’ lenders can be hit or miss. You might be overpaying. Consider refinancing and use the credits for closing costs instead of points.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
Is there a prepayment penalty? If not, refinance as soon as possible. Use the credit to cover costs, not the rate.
Nile said:
You should consider using the seller credit for a 2-1 temporary rate buy-down.
I just closed at 4.25% on an FHA loan with 10% down. There are better deals out there—keep searching if you can.