Thread: Is 6.25% a good mortgage interest rate for my situation?
View Single Post
  #1 (permalink)  
Old 01-10-2007, 07:47 PM
hrbatyfan hrbatyfan is offline
$ Saving Fourth Grader
  
Join Date: Sep 2006
Posts: 31
Points: 489.80
Donate
Default Is 6.25% a good mortgage interest rate for my situation?
Hi,

My mortgage broker today locked in a rate of 6.25% for my 30 year, fixed loan, no points, no money down. He felt it was a good time to lock considering I close in a week and he felt some news in the next few days might drive the rates up some.

I have:
  1. Credit score in the 700s, forget exactly
  2. 1 Visa card, 1.5 years old, never missed a full payment
  3. 1 Amex card, 6 months old, never missed a full payment
  4. $7,500 in an online savings account
  5. ~$1,000 in a checking account for bills, etc
  6. A few other small assets like $300 in a 401k

Based on my situation, do you guys think my rate is good, bad, or ugly?
Reply With Quote