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/u/Optimal_Parsnip2824
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Hello!
Family and I are looking to move from NC to OH. Our current home should fetch us around 450k-500k. Issue is mortgage rates, but learning about buying down the mortgage rate. I am hoping for input and conversation on this process.
Credit score for me/wife is 800ish. Looking T houses in the 400-500k range with around 30% down and the rest going to buying points.. goal is to get the rate down as close to 3% ad possible. From reading, looks like 1% of loan per point.. but how many points can I buy? Is it even possible to get the rate down to 3% from possibly 6-6.5% (Or higher)?
(Prior to move, will be in an apartment for free during the house hunting process, perks of a mother owning rentals).
submitted by /u/Optimal_Parsnip2824
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Looking for advice/answers on discount points
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Family and I are looking to move from NC to OH. Our current home should fetch us around 450k-500k. Issue is mortgage rates, but learning about buying down the mortgage rate. I am hoping for input and conversation on this process.
Credit score for me/wife is 800ish. Looking T houses in the 400-500k range with around 30% down and the rest going to buying points.. goal is to get the rate down as close to 3% ad possible. From reading, looks like 1% of loan per point.. but how many points can I buy? Is it even possible to get the rate down to 3% from possibly 6-6.5% (Or higher)?
(Prior to move, will be in an apartment for free during the house hunting process, perks of a mother owning rentals).
submitted by /u/Optimal_Parsnip2824
[link] [comments]
Looking for advice/answers on discount points
Continue reading...