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Anybody know where I can look to find the current rates on USDA Rural Housing loans?
It's simple to find the rates for conventional or FHA loans, but i've been unable to find the USDA rates without talking to my mortgage broker. I'd rather navigate to a web page each day/week/etc than to have to call him to keep up on what the rates are.
Unless your mortgage broker posts rates to a website on a daily basis, you'll only be able to get his/her interest rates directly from your broker. Currently USDA rates are anywhere from 4.5 to 5% depending on if you pay any points or not, loan amount size, state you are buying in, and credit score.
Unless your mortgage broker posts rates to a website on a daily basis, you'll only be able to get his/her interest rates directly from your broker. Currently USDA rates are anywhere from 4.5 to 5% depending on if you pay any points or not, loan amount size, state you are buying in, and credit score.
Is there somewhere I, as a regular citizen and not a mortgage broker, can get those "4.5 to 5%" numbers online? I understand my precise rate will depend on those factors. Conventional and FHA rates will vary based on the same factors, but the nominal rates are easily found online with a simple google search.
For reference, i'm in VA, have 700+ credit, looking for ~$250k, and no points.
You should be about 4.75% from the rate sheets I am looking at. Unfortunately very hard to find USDA interest rates online, the only place I find them is from my bank rate sheet & wholesale lenders. Lenders vary quite a bit with the interest rates offered on USDA as well, for example one lender I am looking at has rates about 5.5% (I think they are on crack).
Mortgage broker said the rate was at 5%. I get that it varies from one to the next. Does the mortgage broker add a small kickback for himself to a rate before he passes it on to the buyer? Or does he quote directly what the bank rate sheet says? .25% could change my monthly payments by about $40/mo.
I have so much to learn. Sorry for all the questions.
The rate sheet has interest rates in .125% increments usually spanning a spread of 1% or more. The lower the rate, the more it costs to get that interest rate, the higher the rate, the less it costs, and eventually there is a point at which above a certain interest rate starts paying a mortgage broker what is called "Yield Spread Premium", which is a rebate (kickback, whatever you want to call it) the lender gives the mortgage broker. It is how a mortgage broker makes money without having to charge origination points. Now there aren't a ton of lenders even doing USDA mortgages these days, so if you like your mortgage broker and they've done a great job so far, in the scope of things .125-.250% in rate isn't a huge disparity and shouldn't be the determining factor on whether you stick with them or not. If you like a lower rate, ask how much it costs in points and have your broker go over when your "break even" point would be (additional cost for the lower rate divided by monthly savings in payment = break even point).
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