How Do I Get Today’s Low Interest Rate on My Minneapolis Duplex?

said on March 12th, 2009 categorized under: Financing

the cost of moneyInterest rates for both conventional and FHA mortgages are at 4.875 percent today, which means my phone is ringing with excited buyers.

How can they buy a property and be guaranteed this terrific rate? Well, if you’ve already found a property you like and have an address, you can simply call a qualified loan officer and lock an interest rate.

What if you’re looking for a house but haven’t found one? Many reputable mortgage companies offer 90-day rate locks while you shop.

For example, loan officer Vicki Boeddeker of PHH Home Loans, says for an up front fee of $350, you can lock a rate that is .25 percent above current market rates. Once you’ve found a home and are within 7 to 60 days of closing, you can relock if the current rate is lower.

The $350 fee is then credited back to you at closing.

If you’re thinking of buying a Minneapolis duplex in the next three months, today might be a great time to call your loan officer.

This entry was posted on Thursday, March 12th, 2009 at 11:29 am and is filed under Financing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

  1. Keahi Pelayo said at March 12th, 2009 at 2:33 pm

    Thanks for the insight.
    Aloha,
    Keahi
    PS-I wish we had PHH in Hawaii.

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