[Yankee Quilter]

Is anyone out there, getting ready to close seeing raising rates. We were going to lock in tomorrow but the rates at Community have gone up from 3.5 with no closing costs to 3.75 with a 1/4 points in three weeks. Here in Atlanta they have gone from 3.65 to 3.25! We are concerned about going with another bank as we have heard they don't always close on time .... any thoughts? Thanks

[Geewiz]

Banks adjust rates due to a number of factors: the cost of the money they borrow from the Fed (almost free), the money they make from investments - for the past few weeks good if you're in stocks, but very iffy given the Washington mess, and demand. Demand in the Villages is high. As boomer are able to sell their homes up north and for snowbirds as the economy slowly improves...this has become hot property. Some sell in just a few days if they are priced right. We live in an economy governed by supply and demand...demand is high here and will likely grow. That is reflected in the higher mortgage rates. Think of it this way....if the economy really turns around inflation will increase and anything under 4% will be free money.

[jimbo2012]

Originally Posted by Yankee Quilter

Is anyone out there, getting ready to close seeing raising rates. We were going to lock in tomorrow but the rates at Community have gone up from 3.5 with no closing costs to 3.75 with a 1/4 points in three weeks. Here in Atlanta they have gone from 3.65 to 3.25! We are concerned about going with another bank as we have heard they don't always close on time .... any thoughts? Thanks

We closed on the 2nd, at 3.5%, they tried to bump us up to 3.62, I said I'll go to BB&T, they (Citizens) backed off.

Understand that every 1/8th of a point is only about $10 a month???????

As far as using any other bank, I believe it is unfounded that they may be late, but BB&T will be a bit lower than Citizen by an 1/8th or so.

Just lock in.....

BB&T contact is Juston on rt 466, nice guy.

But I must say Citizens closing other than an issue that was not in their control was very easy, 20 minutes, if you have $$ in their bank already U don't even need a check

[Yankee Quilter]

Originally Posted by jimbo2012

We closed on the 2nd, at 3.5%, they tried to bump us up to 3.62, I said I'll go to BB&T, they (Citizens) backed off.

Understand that every 1/8th of a point is only about $10 a month???????

As far as using any other bank, I believe it is unfounded that they may be late, but BB&T will be a bit lower than Citizen by an 1/8th or so.

Just lock in.....

BB&T contact is Juston on rt 466, nice guy.

But I must say Citizens closing other than an issue that was not in their control was very easy, 20 minutes, if you have $$ in their bank already U don't even need a check

Understood - we actually just talked to our banker (she is e.mailing on Sun!) and she advised that the rates on Fri. are typically higher to protect the weekend ... we were just surprised to see the difference in area. BTW - how was the move?? Can't wait to get down there and see all of the Gillys again! We will be down the end of the month to check out the casa and go to the quilt expo (Me not Joe) hope all is well!

[jimbo2012]

Move went well, under 3 hours all moved in.....still unpacking...

Starting to paint, already removed LR rug, ordering wood floors tomorrow.

We R loving it!!

[Yankee Quilter]

Originally Posted by jimbo2012

Move went well, under 3 hours all moved in.....still unpacking...

Starting to paint, already removed LR rug, ordering wood floors tomorrow.

We R loving it!!

so glad .. worked out time table for the millionth time! Looks like we close 3/1 and be in 3/15. Except a woman looked here today and interested ..... just want to get there even if we rent here! Glad things went well, hard time of year to drive out of NY!