What's a good rate to lock in my mortgage?
Answers
371 points
TeachMeMore answered 4 months ago …
We could all offer up our answers and in the end, it wouldn't matter. It all depends on income, credit history, area you live in, etc. So my advice is to check out:
http://bankrate.com/
I swear by it.
3127 points
EthanR answered 4 months ago …
I must respectfully disagree with the link given above. Bankrate.com is seldom accurate to the local markets, and should only be used as an estimate at best. Most often the rates quoted there are lower than what you can really get.
I do, however, agree with the rest of TeachMeMore's answer. Your rate will depend on all of those factors, and to add one more, loan amount. A good rate to lock in= the amount you can afford to comfortably pay without stretching your income to the point where you have difficulty making your payments, or paying other bills and having money left over for investing.
732 points
alanj answered 4 months ago …
Within the last week I saw a TV commercial for Ditech advertising a 6% interest rate on I believe was a 30 year fixed mortgage. I would assume that that would be a best case senario, taking into consideration the previously listed reasons by EthanR and TeachMeMore.
Read more from alanj flag as abuse great answer106 points
solesurvivor answered 4 months ago …
I'm no expert on this but I believe a 30-year fixed rate mortgage is the best bet. I've read that there are different mortgage types that can cause you trouble in the future, and that it's better to have a fixed rate.
The different types of mortgage that can cause you future problems are enumerated in this article:
http://www.mortgages-for-everyone.com/news/how-to-identify-risky-mortgages /
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