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therieldeal



Joined: 20 Oct 2010
Posts: 245
Location: Thompson, CT

PostPosted: Fri Oct 21, 2011 10:31 am    Post subject: Mortgage Rates Reply with quote

Just throwing this out there…

Last fall I decided I was tired of blowing $8400 a year on rent, and started looking for a house. Found a good sized fixer-upper cape, locally, and my mortgage including taxes etc. is only marginally more than I was paying for rent. And I have a whole house to myself, my own big back yard… its great! That was at 3.875% interest… I didn’t think it could get much better than that.

http://www.chfa.org/default.aspx

For first time homebuyers, CHFA mortgages are now down to 3.500%!! Unbelievable! If you have even thought about buying, take a look around and see what’s available in your price range right now. If I had gone with a small ranch or something I could have EASILY wound up paying significantly less per month than I was for my little 2 bedroom apartment.

Also if you aren’t sure what your price range is, it’s very easy to get a free pre-qualification at your local bank. You just need some recent paystubs, tax returns, and a couple other things.
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PECo



Joined: 06 Oct 2009
Posts: 4605
Location: Avon, CT

PostPosted: Fri Oct 21, 2011 3:26 pm    Post subject: Reply with quote

Congrats on the house, Jon. And the mortgage, I guess. Wink

My wife, kids and I have lived in Connecticut for six years and we've refinanced our mortgage four times. Yeah, I have a lot of time to do crap like that. Rolling Eyes We started at 5.625 percent and are now at 3.000 percent. I've been able to get three out of the four refinances for free, without any costs or fees. For my family, cheap mortgages have been the silver lining of this crappy economy.

Anyone who has a job and a mortgage should look into refinancing now, while the rates are still low. If you don't, you're probably paying too much.
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hoppy



Joined: 20 May 2007
Posts: 393
Location: congamuck

PostPosted: Fri Oct 21, 2011 4:05 pm    Post subject: Reply with quote

yes now is the time to buy......be careful though. They will approve you for alot more then you may think and that can get you in trouble if you start looking at to much house. Me and the wife could have got into a $450+K house if we wanted to. We made the choice to not be house poor as so many are. We stuck with the $150K house and are so glad we did. Only buy what you can absolutly afford to avoid any issues, bankruptcys, etc. Not good but happening all over the country.
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