Novice

Any recommendation would be appreciated.

gsrblack

I'm waiting for my house to be built here in Arizona and Wells Fargo has a program where they will do a 1 year lock with 1 point down payment up front. That 1 point will be applied towards your mortgage. You have 1 float down to re-lock if it should drop. However, the rates on this program is higher than the rates from 30 or 60 day lock rates. Either way, you're sort of paying for it. I opted not to go for it and have been lucky so far as rates haven't changed or increased too much from a few months ago.

Novice

Thanks. I think Wells Fargo only offers ARMs for one year lock. Correct?

BigPimp

We can do a lock for 360 on all products. What do you need?

mxtt

Wow, you can lock the rate for one year?!

BigPimp

On a new construction.

Novice

Thanks, BP:

I signed a contract to purchase a condo that is under construction (due to be released in mid 2006). What kind of rate do you guys offer for teh 360 day lock?

BigPimp

Depends, there is no one single cookie-cutter rate for everyone. It depends on how much money you are putting down, your credit, assets, debts, type of income. There is an add-on to todays rate with a float down before closing.

Novice

PMed.

BigPimp

Did not get the PM

Novice

Hmmm. My PM thing is not working.

Condo price $460,000
Need to borrow $355,000
FICO score 820
No debt except car payment ($370)
Make $120,000 per year